The Three-year Loss for COSCO SHIPPING Development (HKG:2866) Shareholders Likely Driven by Its Shrinking Earnings
The Three-year Loss for COSCO SHIPPING Development (HKG:2866) Shareholders Likely Driven by Its Shrinking Earnings
One of the frustrations of investing is when a stock goes down. But it can difficult to make money in a declining market. The COSCO SHIPPING Development Co., Ltd. (HKG:2866) is down 39% over three years, but the total shareholder return is -14% once you include the dividend. That's better than the market which declined 36% over the last three years.
投资的挫折之一是股票下跌。但是在下跌的市场中可能很难赚钱。中远海运发展有限公司(HKG: 2866)在三年内下跌了39%,但如果包括股息,股东总回报率为-14%。这比过去三年下跌36%的市场要好。
On a more encouraging note the company has added HK$406m to its market cap in just the last 7 days, so let's see if we can determine what's driven the three-year loss for shareholders.
更令人鼓舞的是,该公司的市值在过去的7天内就增加了4.06亿港元,因此,让我们看看我们能否确定导致股东三年亏损的原因。
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 the three years that the share price fell, COSCO SHIPPING Development's earnings per share (EPS) dropped by 9.5% each year. The share price decline of 15% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past. This increased caution is also evident in the rather low P/E ratio, which is sitting at 7.00.
在股价下跌的三年中,中远海运发展的每股收益(EPS)每年下降9.5%。15%的股价下跌实际上比每股收益的下滑幅度更大。因此,过去市场似乎对该业务过于自信。这种更加谨慎的态度也体现在相当低的市盈率上,该比率为7.00。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何随着时间的推移而变化的(点击图片发现确切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240217/0-ac93a40ebc6f2cb4c0888e4dd06314dc-0-7432b6c722539ae3e397bc4c7ef570b5.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. Dive deeper into the earnings by checking this interactive graph of COSCO SHIPPING Development's earnings, revenue and cash flow.
我们很高兴地向大家报告,首席执行官的薪酬比资本相似公司的大多数首席执行官要适中。始终值得关注首席执行官的薪酬,但更重要的问题是公司多年来是否会增加收益。查看这张中远海运发展收益、收入和现金流的互动图表,深入了解收益。
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. In the case of COSCO SHIPPING Development, it has a TSR of -14% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股价回报率外,投资者还应考虑股东总回报率(TSR)。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。就中远海运发展而言,其过去三年的股东总回报率为-14%。这超过了我们之前提到的其股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
The total return of 16% received by COSCO SHIPPING Development shareholders over the last year isn't far from the market return of -15%. The silver lining is that longer term investors would have made a total return of 4% per year over half a decade. If the fundamental data remains strong, and the share price is simply down on sentiment, then this could be an opportunity worth investigating. It's always interesting to track share price performance over the longer term. But to understand COSCO SHIPPING Development better, we need to consider many other factors. For example, we've discovered 3 warning signs for COSCO SHIPPING Development (1 is significant!) that you should be aware of before investing here.
中远海运发展股东去年获得的16%的总回报率与-15%的市场回报率相差不远。一线希望是,长期投资者将在五年内获得每年4%的总回报。如果基本面数据保持强劲,而股价仅因市场情绪而下跌,那么这可能是一个值得研究的机会。长期跟踪股价表现总是很有意思的。但是,要更好地了解中远海运发展,我们需要考虑许多其他因素。例如,我们发现了中远海运发展的 3 个警告标志(1 个很重要!)在这里投资之前,您应该注意这一点。
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
对于那些喜欢寻找中奖投资的人来说,这份最近有内幕收购的成长型公司的免费名单可能只是门票。
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。