Despite the Downward Trend in Earnings at Sichuan Guoguang Agrochemical (SZSE:002749) the Stock Advances 6.4%, Bringing Five-year Gains to 74%
Despite the Downward Trend in Earnings at Sichuan Guoguang Agrochemical (SZSE:002749) the Stock Advances 6.4%, Bringing Five-year Gains to 74%
When we invest, we're generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. To wit, the Sichuan Guoguang Agrochemical share price has climbed 59% in five years, easily topping the market return of 22% (ignoring dividends).
当我们投资时,我们通常是在寻找表现超过市场平均水平的股票。收购被低估的企业是获得超额回报的一种途径。换句话说,四川国光农化股价在五年内上涨了59%,轻松超过了22%的市场回报率(不计股息)。
After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.
在过去一周强劲上涨之后,值得一看的是长期回报是否是由基本面改善推动的。
Check out our latest analysis for Sichuan Guoguang Agrochemical
查看我们对四川国光农化的最新分析
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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).
引用巴菲特的话说:“船只将在世界各地航行,但Flat Earth Society将蓬勃发展。市场上的价格和价值之间将继续存在巨大差异...”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。
During five years of share price growth, Sichuan Guoguang Agrochemical actually saw its EPS drop 3.5% per year.
在五年的股价增长中,四川国光农化实际每股收益每年下降3.5%。
By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
通过浏览这些数字,我们可以假设每股收益的下降并不能代表业务多年来的变化。由于每股收益的变化似乎与股价的变化无关,因此值得一看其他指标。
The modest 1.4% dividend yield is unlikely to be propping up the share price. On the other hand, Sichuan Guoguang Agrochemical's revenue is growing nicely, at a compound rate of 16% over the last five years. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.
1.4%的适度股息收益率不太可能支撑股价。另一方面,四川国光农化收入增长良好,在过去五年中复合增长率为16%。目前,管理层很有可能将收入增长置于每股收益增长之上。
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)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240129/0-73418edc79ebdb62af892dba302d26c5-0-11ab70c761a82b4429aaf48cdea2508f.png/big)
If you are thinking of buying or selling Sichuan Guoguang Agrochemical stock, you should check out this FREE detailed report on its balance sheet.
如果您想买入或卖出四川国光农化股票,则应在其资产负债表上查看这份免费的详细报告。
What About Dividends?
分红呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 Guoguang Agrochemical's TSR for the last 5 years was 74%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考虑任何给定股票的股东总回报率和股价回报率。基于股息再投资的假设,股东总回报率纳入了任何分拆或贴现资本筹集的价值以及任何股息。可以说,股东总回报率更全面地描述了股票产生的回报。碰巧的是,四川国光农化过去5年的股东总回报率为74%,超过了前面提到的股价回报率。因此,该公司支付的股息提高了 总 股东回报。
A Different Perspective
不同的视角
It's good to see that Sichuan Guoguang Agrochemical has rewarded shareholders with a total shareholder return of 57% in the last twelve months. And that does include the dividend. That's better than the annualised return of 12% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand Sichuan Guoguang Agrochemical better, we need to consider many other factors. For instance, we've identified 1 warning sign for Sichuan Guoguang Agrochemical that you should be aware of.
很高兴看到四川国光农化在过去十二个月中向股东提供了57%的总股东回报率。这确实包括股息。这比五年来12%的年化回报率要好,这意味着该公司最近的表现更好。持乐观态度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更好。长期跟踪股价表现总是很有意思的。但是,要更好地了解四川国光农化,我们需要考虑许多其他因素。例如,我们已经确定了四川国光农化的一个警告信号,你应该注意这一点。
Of course Sichuan Guoguang Agrochemical may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,四川国光农化可能不是最好的买入股票。因此,您可能希望看到这批免费的成长股。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国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。