Nameson Holdings (HKG:1982) Investors Are up 41% in the Past Week, but Earnings Have Declined Over the Last Year
Nameson Holdings (HKG:1982) Investors Are up 41% in the Past Week, but Earnings Have Declined Over the Last Year
Passive investing in index funds can generate returns that roughly match the overall market. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). To wit, the Nameson Holdings Limited (HKG:1982) share price is 25% higher than it was a year ago, much better than the market decline of around 1.5% (not including dividends) in the same period. So that should have shareholders smiling. The longer term returns have not been as good, with the stock price only 19% higher than it was three years ago.
被动投资指数基金可以产生与整个市场大致相匹配的回报。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。换句话说，南美森控股有限公司（HKG：1982）的股价比去年同期上涨了25％，远好于同期约1.5％（不包括股息）的市场跌幅。因此，这应该让股东们微笑。长期回报率并不那么好，股价仅比三年前高出19％。
Since it's been a strong week for Nameson Holdings shareholders, let's have a look at trend of the longer term fundamentals.
由于对于Nameson Holdings的股东来说，这是表现强劲的一周，让我们来看看长期基本面的走势。
See our latest analysis for Nameson Holdings
查看我们对Nameson Holdings的最新分析
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
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。研究市场情绪如何随着时间的推移而变化的一种方法是研究公司股价与其每股收益（EPS）之间的相互作用。
Over the last twelve months, Nameson Holdings actually shrank its EPS by 37%.
在过去的十二个月中，Nameson Holdings的每股收益实际上萎缩了37％。
Given the share price gain, we doubt the market is measuring progress with EPS. Indeed, when EPS is declining but the share price is up, it often means the market is considering other factors.
鉴于股价的上涨，我们怀疑市场是否在衡量每股收益的进展。事实上，当每股收益下降但股价上涨时，这通常意味着市场正在考虑其他因素。
Absent any improvement, we don't think a thirst for dividends is pushing up the Nameson Holdings' share price. Revenue actually dropped 9.8% over last year. Usually that correlates with a lower share price, but let's face it, the gyrations of the market are sometimes only as clear as mud.
在没有任何改善的情况下，我们认为对分红的渴望并不会推高Nameson Holdings的股价。收入实际上比去年下降了9.8％。通常这与股价下跌有关，但让我们面对现实吧，市场的波动有时只能像泥巴一样明显。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
公司的收入和收益（随着时间的推移）如下图所示（点击查看确切数字）。
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？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Nameson Holdings, it has a TSR of 41% for the last 1 year. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考虑投资回报时，重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。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。因此，对于支付丰厚股息的公司来说，股东总回报率通常远高于股价回报。就Nameson Holdings而言，其过去1年的股东总回报率为41％。这超过了我们之前提到的股价回报率。这在很大程度上是其股息支付的结果！
A Different Perspective
不同的视角
It's nice to see that Nameson Holdings shareholders have received a total shareholder return of 41% over the last year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 6%. Therefore it seems like sentiment around the company has been positive lately. 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. To that end, you should be aware of the 3 warning signs we've spotted with Nameson Holdings .
很高兴看到Nameson Holdings的股东在过去一年中获得了41％的股东总回报率。当然，这包括分红。该增幅优于五年内的年度股东总回报率，后者为6％。因此，最近公司周围的情绪似乎一直乐观。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。为此，你应该注意我们在Nameson Holdings发现的3个警告信号。
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。