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Earnings Are Growing at Liaoning Port (HKG:2880) but Shareholders Still Don't Like Its Prospects

Earnings Are Growing at Liaoning Port (HKG:2880) but Shareholders Still Don't Like Its Prospects

辽宁港(HKG: 2880)的收益正在增长,但股东们仍然不喜欢其前景
Simply Wall St ·  01/13 06:08

The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results between individual stocks. At this point some shareholders may be questioning their investment in Liaoning Port Co., Ltd. (HKG:2880), since the last five years saw the share price fall 41%.

选股的主要目的是寻找市场领先的股票。但是在任何投资组合中,个股之间的结果都会好坏参半。此时,一些股东可能会质疑他们对辽宁港务股份有限公司(HKG: 2880)的投资,因为在过去五年中,股价下跌了41%。

Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.

鉴于过去一周对股东的处境艰难,让我们研究一下基本面,看看能学到什么。

View our latest analysis for Liaoning Port

查看我们对辽宁港的最新分析

To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

用本杰明·格雷厄姆的话来说:从短期来看,市场是一台投票机,但从长远来看,它是一台称重机。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。

While the share price declined over five years, Liaoning Port actually managed to increase EPS by an average of 3.3% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.

尽管股价在五年内下跌,但辽宁港实际上设法做到了 增加 每股收益平均每年增长3.3%。因此,每股收益似乎不是了解市场如何估值股票的好指南。或者,过去的增长预期可能不合理。

Based on these numbers, we'd venture that the market may have been over-optimistic about forecast growth, half a decade ago. Having said that, we might get a better idea of what's going on with the stock by looking at other metrics.

根据这些数字,我们敢说,五年前,市场可能对预测的增长过于乐观。话虽如此,我们可以通过查看其他指标来更好地了解该股的情况。

Revenue is actually up 13% over the time period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.

在此期间,收入实际上增长了13%。对收入和收益进行更详细的审查可能会也可能无法解释股价下跌的原因;可能有机会。

You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).

您可以在下图中查看收入和收入随着时间的推移而发生的变化(点击图表查看确切的数值)。

earnings-and-revenue-growth
SEHK:2880 Earnings and Revenue Growth January 12th 2024
SEHK: 2880 2024年1月12日收益及收入增长

Take a more thorough look at Liaoning Port's financial health with this free report on its balance sheet.

通过这份免费的资产负债表报告,更全面地了解辽宁港的财务状况。

What About Dividends?

那股息呢?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Liaoning Port's TSR for the last 5 years was -29%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!

在考虑投资回报时,重要的是要考虑两者之间的区别 股东总回报率 (TSR) 和 股价回报。股东总回报率是一种回报计算方法,它考虑了现金分红的价值(假设收到的任何股息都经过再投资)以及任何贴现资本筹集和分拆的计算价值。可以说,股东总回报率更全面地描述了股票产生的回报。碰巧的是,辽宁港过去5年的总股东回报率为-29%,超过了前面提到的股价回报率。而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!

A Different Perspective

不同的视角

Although it hurts that Liaoning Port returned a loss of 12% in the last twelve months, the broader market was actually worse, returning a loss of 15%. Given the total loss of 5% per year over five years, it seems returns have deteriorated in the last twelve months. While some investors do well specializing in buying companies that are struggling (but nonetheless undervalued), don't forget that Buffett said that 'turnarounds seldom turn'. It's always interesting to track share price performance over the longer term. But to understand Liaoning Port better, we need to consider many other factors. Case in point: We've spotted 1 warning sign for Liaoning Port you should be aware of.

尽管辽宁港在过去十二个月中回报了12%的亏损令人痛心,但整个市场实际上更糟,回报了15%的亏损。鉴于五年内每年的总损失为5%,在过去的十二个月中,回报似乎有所恶化。尽管一些投资者在专门收购陷入困境(但仍被低估)的公司方面表现良好,但不要忘记巴菲特说过 “转机很少会转机”。长期跟踪股价表现总是很有意思的。但是,要更好地了解辽宁港,我们需要考虑许多其他因素。一个很好的例子:我们发现了辽宁港的1个警告标志,你应该注意。

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).

如果你想和管理层一起购买股票,那么你可能会喜欢这份免费的公司清单。(提示:内部人士一直在买入它们)。

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率。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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