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Investors More Bullish on Qingdao Copton Technology (SHSE:603798) This Week as Stock Rallies 17%, Despite Earnings Trending Downwards Over Past Three Years

Investors More Bullish on Qingdao Copton Technology (SHSE:603798) This Week as Stock Rallies 17%, Despite Earnings Trending Downwards Over Past Three Years

尽管过去三年收益呈下降趋势,但本周投资者更加看好青岛科普顿科技(SHSE: 603798),股价上涨了17%
Simply Wall St ·  04/03 21:01

By buying an index fund, investors can approximate the average market return. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, Qingdao Copton Technology Company Limited (SHSE:603798) shareholders have seen the share price rise 56% over three years, well in excess of the market decline (20%, not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 32% in the last year , including dividends .

通过购买指数基金,投资者可以估算出平均市场回报率。但是,如果你以诱人的价格收购优秀的企业,你的投资组合回报率可能会超过平均市场回报。例如,青岛科普顿科技股份有限公司(SHSE: 603798)股东的股价在三年内上涨了56%,远远超过了市场跌幅(20%,不包括股息)。但是,最近的回报并不那么令人印象深刻,该股去年的回报率仅为32%,包括股息。

The past week has proven to be lucrative for Qingdao Copton Technology investors, so let's see if fundamentals drove the company's three-year performance.

事实证明,过去一周对青岛康普顿科技的投资者来说是有利可图的,所以让我们看看基本面是否推动了该公司的三年业绩。

While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

尽管一些人继续教导高效市场假说,但事实证明,市场是反应过度的动态系统,投资者并不总是理性的。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。

During the three years of share price growth, Qingdao Copton Technology actually saw its earnings per share (EPS) drop 18% per year.

在股价增长的三年中,青岛康普顿科技的每股收益(EPS)实际上每年下降18%。

So we doubt that the market is looking to EPS for its main judge of the company's value. Therefore, we think it's worth considering other metrics as well.

因此,我们怀疑市场是否将每股收益作为公司价值的主要判断者。因此,我们认为也值得考虑其他指标。

The modest 0.5% dividend yield is unlikely to be propping up the share price. The revenue drop of 1.9% is as underwhelming as some politicians. What's clear is that historic earnings and revenue aren't matching up with the share price action, very well. So you might have to dig deeper to get a grasp of the situation

0.5%的适度股息收益率不太可能支撑股价。1.9%的收入下降与一些政客一样令人难以置信。显而易见的是,历史收益和收入与股价走势不符。因此,你可能需要更深入地挖掘才能了解情况

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

下图描述了收入和收入随时间推移而发生的变化(点击图片即可显示确切的数值)。

earnings-and-revenue-growth
SHSE:603798 Earnings and Revenue Growth April 4th 2024
SHSE: 603798 2024 年 4 月 4 日收益和收入增长

This free interactive report on Qingdao Copton Technology's balance sheet strength is a great place to start, if you want to investigate the stock further.

如果你想进一步调查青岛科普顿科技的资产负债表实力,这份关于青岛科普顿科技资产负债表实力的免费互动报告是一个很好的起点。

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 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Qingdao Copton Technology, it has a TSR of 62% for the last 3 years. That exceeds its share price return that we previously mentioned. 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 (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。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率。就青岛科普顿科技而言,其过去三年的股东回报率为62%。这超过了我们之前提到的其股价回报率。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

It's nice to see that Qingdao Copton Technology shareholders have received a total shareholder return of 32% over the last year. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 4% per year), it would seem that the stock's performance has improved in recent times. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. 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 2 warning signs we've spotted with Qingdao Copton Technology .

很高兴看到青岛科普顿科技股东去年获得了 32% 的股东总回报率。当然,这包括股息。由于一年期股东总回报率好于五年期股东总回报率(后者为每年4%),因此该股的表现似乎在最近有所改善。鉴于股价势头仍然强劲,可能值得仔细研究该股,以免错过机会。我发现将长期股价视为业务绩效的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。为此,你应该注意我们在青岛康普顿科技公司发现的两个警告信号。

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 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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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。

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