Investing in Power Construction Corporation of China (SHSE:601669) Three Years Ago Would Have Delivered You a 44% Gain
Investing in Power Construction Corporation of China (SHSE:601669) Three Years Ago Would Have Delivered You a 44% Gain
One simple way to benefit from the stock market is to buy an index fund. But many of us dare to dream of bigger returns, and build a portfolio ourselves. Just take a look at Power Construction Corporation of China, Ltd (SHSE:601669), which is up 36%, over three years, soundly beating the market decline of 32% (not including dividends).
从股票市场中获益的一种简单方法是购买指数基金。但是我们中的许多人敢于梦想获得更大的回报,并自己建立投资组合。看看中国电力建设股份有限公司(SHSE: 601669),该公司在三年内上涨了36%,大大超过了32%的市场跌幅(不包括股息)。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
因此,让我们调查一下,看看公司的长期表现是否与基础业务的进展一致。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
用本杰明·格雷厄姆的话来说:从短期来看,市场是一台投票机器,但从长远来看,它是一台称重机。通过比较每股收益(EPS)和一段时间内的股价变化,我们可以了解投资者对公司的态度是如何随着时间的推移而变化的。
During three years of share price growth, Power Construction Corporation of China achieved compound earnings per share growth of 16% per year. The average annual share price increase of 11% is actually lower than the EPS growth. Therefore, it seems the market has moderated its expectations for growth, somewhat. We'd venture the lowish P/E ratio of 6.91 also reflects the negative sentiment around the stock.
在三年的股价增长中,中国电力建设集团实现了每年16%的复合每股收益增长。11%的年平均股价涨幅实际上低于每股收益的增长。因此,市场似乎在某种程度上放缓了对增长的预期。我们认为,6.91的低市盈率也反映了该股的负面情绪。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了 EPS 在一段时间内的跟踪情况(如果你点击图片,你可以看到更多细节)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-8473cb202b336a8f14a752b238b716bc-0-f556e200038036e0b939f44f450895ff.png/big)
This free interactive report on Power Construction Corporation of China's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果你想进一步调查中国电力建设集团的收益、收入和现金流,这份关于中国电力建设集团的收益、收入和现金流的免费互动报告是一个很好的起点。
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. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Power Construction Corporation of China the TSR over the last 3 years was 44%, which is better than the share price return mentioned above. 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。尽管股价回报率仅反映股价的变化,但股东总回报率包括股息的价值(假设已进行再投资)以及任何折扣融资或分拆的收益。可以公平地说,股东总回报率为支付股息的股票提供了更完整的画面。我们注意到,中国电力建设集团过去三年的股东总回报率为44%,好于上述股价回报率。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
Power Construction Corporation of China shareholders are down 28% over twelve months (even including dividends), which isn't far from the market return of -26%. Longer term investors wouldn't be so upset, since they would have made 1.3%, each year, over five years. If the stock price has been impacted by changing sentiment, rather than deteriorating business conditions, it could spell opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered 2 warning signs for Power Construction Corporation of China (1 is a bit unpleasant!) that you should be aware of before investing here.
中国电力建设集团的股东在十二个月内下跌了28%(甚至包括股息),与-26%的市场回报率相差不远。长期投资者不会那么沮丧,因为他们将在五年内每年赚1.3%。如果股价受到情绪变化的影响,而不是商业状况恶化,则可能意味着机会。尽管市场状况可能对股价产生的不同影响值得考虑,但还有其他因素更为重要。例如,我们发现了中国电力建设集团公司的 2 个警告标志(1 个有点不愉快!)在这里投资之前,您应该注意这一点。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然,通过寻找其他地方,你可能会找到一笔不错的投资。因此,请看一下我们预计收益将增加的这份免费公司名单。
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。