Despite the Downward Trend in Earnings at Sichuan Expressway (HKG:107) the Stock Lifts 5.9%, Bringing One-year Gains to 43%
Despite the Downward Trend in Earnings at Sichuan Expressway (HKG:107) the Stock Lifts 5.9%, Bringing One-year Gains to 43%
The simplest way to invest in stocks is to buy exchange traded funds. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). For example, the Sichuan Expressway Company Limited (HKG:107) share price is up 36% in the last 1 year, clearly besting the market decline of around 0.2% (not including dividends). So that should have shareholders smiling. Having said that, the longer term returns aren't so impressive, with stock gaining just 24% in three years.
投资股票的最简单方法是购买交易所交易基金。但是,通过选择比普通股更好的股票(作为多元化投资组合的一部分),可以做得更好。例如,四川高速公路股份有限公司(HKG:107)的股价在过去1年中上涨了36%,显然超过了约0.2%(不包括股息)的市场跌幅。因此,这应该让股东们微笑。话虽如此,长期回报并不那么可观,股票在三年内仅上涨了24%。
Since it's been a strong week for Sichuan Expressway shareholders, let's have a look at trend of the longer term fundamentals.
由于这是四川高速公路股东表现强劲的一周,让我们来看看长期基本面的走势。
See our latest analysis for Sichuan Expressway
查看我们对四川高速公路的最新分析
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
虽然市场是一种强大的定价机制,但股价反映了投资者的情绪,而不仅仅是潜在的业务表现。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
Over the last twelve months, Sichuan Expressway actually shrank its EPS by 13%.
在过去的十二个月中,四川高速公路的每股收益实际上减少了13%。
Given the share price gain, we doubt the market is measuring progress with EPS. Therefore, it seems likely that investors are putting more weight on metrics other than EPS, at the moment.
鉴于股价上涨,我们怀疑市场是否在衡量每股收益的进展。因此,目前投资者似乎更看重每股收益以外的指标。
We haven't seen Sichuan Expressway increase dividend payments yet, so the yield probably hasn't helped drive the share higher. Rather, we'd posit that the revenue increase of 20% might be more meaningful. Revenue growth often does precede earnings growth, so some investors might be willing to forgo profits today because they have their eyes fixed firmly on the future.
我们还没有看到四川高速公路增加股息支付,因此收益率可能无助于推动该股的上涨。相反,我们认为20%的收入增长可能更有意义。收入增长通常先于收益增长,因此一些投资者可能愿意放弃今天的利润,因为他们坚定地关注未来。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下图描述了收入和收入随时间推移而发生的变化(点击图片即可显示确切的数值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231124/0-edcdd3e091438377cf6c1f73ff5cfab2-0-2990ab99aa1aa964a5dbdcbe3a373cea.png/big)
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
您可以在这张免费的交互式图片中看到其资产负债表如何随着时间的推移而增强(或减弱)。
What About Dividends?
分红呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Sichuan Expressway's TSR for the last 1 year was 43%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股价回报外,投资者还应考虑股东总回报(TSR)。基于股息再投资的假设,股东总回报率包括任何分拆或贴现资本筹集的价值以及任何股息。可以说,股东总回报率可以更全面地描述股票产生的回报。碰巧的是,四川高速过去一年的股东总回报率为43%,超过了前面提到的股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
We're pleased to report that Sichuan Expressway shareholders have received a total shareholder return of 43% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 5% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 2 warning signs for Sichuan Expressway (1 is concerning) that you should be aware of.
我们很高兴地向大家报告,四川高速公路股东在一年内获得了43%的股东总回报率。这包括股息。由于一年期股东总回报率好于五年期股东总回报(后者为每年5%),该股的表现似乎在最近有所改善。持乐观观点的人可能会将最近股东总回报率的改善视为业务本身随着时间的推移而变得越来越好。我发现从长远来看,将股价视为业务表现的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。例如,我们已经确定了四川高速公路的两个警告标志(其中一个令人担忧),你应该注意。
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
如果你像我一样,那么你不会想错过这份业内人士正在收购的成长型公司的免费名单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
请注意,本文引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。