Jiangsu Expressway's (HKG:177) Five-year Earnings Growth Trails the Shareholder Returns
Jiangsu Expressway's (HKG:177) Five-year Earnings Growth Trails the Shareholder Returns
Ideally, your overall portfolio should beat the market average. But even in a market-beating portfolio, some stocks will lag the market. While the Jiangsu Expressway Company Limited (HKG:177) share price is down 25% over half a decade, the total return to shareholders (which includes dividends) was 1.3%. That's better than the market which declined 5.5% over the same time.
理想情况下,您的整体投资组合应超过市场平均水平。但是,即使在市场领先的投资组合中,一些股票也会落后于市场。尽管江苏高速公路股份有限公司(HKG: 177)的股价在五年中下跌了25%,但股东总回报率(包括股息)为1.3%。这比同期下跌5.5%的市场要好。
On a more encouraging note the company has added HK$1.5b to its market cap in just the last 7 days, so let's see if we can determine what's driven the five-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15亿港元,因此让我们看看我们能否确定是什么推动了股东五年亏损。
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 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.
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。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。
While the share price declined over five years, Jiangsu Expressway actually managed to increase EPS by an average of 0.2% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
尽管股价在五年内下跌,但江苏高速公路实际上设法做到了 增加 每股收益平均每年增长0.2%。考虑到股价的反应,人们可能会怀疑每股收益并不能很好地指导该期间的业务表现(可能是由于一次性亏损或收益)。或者,市场此前可能非常乐观,因此尽管每股收益有所改善,但该股还是令人失望。
By glancing at these numbers, we'd posit that the the market had expectations of much higher growth, five years ago. Looking to other metrics might better explain the share price change.
通过浏览这些数字,我们可以假设五年前,市场对更高的增长抱有预期。看看其他指标可能会更好地解释股价的变化。
The steady dividend doesn't really explain why the share price is down. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
稳定的股息并不能真正解释股价下跌的原因。尽管股价下跌的原因尚不完全明显,但仔细研究该公司的历史可能有助于解释这一点。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收入和收入随时间推移的跟踪情况(如果您点击图片,可以看到更多细节)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240412/0-8c14349d4dc0b9347c7f8af5b9bcff0b-0-d12b9d93248f2d6abfbe9b62fd663188.png/big)
It's probably worth noting that the CEO is paid less than the median at similar sized 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. So we recommend checking out this free report showing consensus forecasts
可能值得注意的是,首席执行官的薪水低于类似规模公司的中位数。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。因此,我们建议您查看这份显示共识预测的免费报告
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 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. We note that for Jiangsu Expressway the TSR over the last 5 years was 1.3%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
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。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。我们注意到,江苏高速公路在过去5年的总股东回报率为1.3%,好于上述股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
It's nice to see that Jiangsu Expressway shareholders have received a total shareholder return of 11% over the last year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 0.3% 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. 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. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for Jiangsu Expressway you should know about.
很高兴看到江苏高速公路股东去年获得了11%的总股东回报率。这确实包括股息。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0.3%),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。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,考虑风险。每家公司都有它们,我们发现了一个你应该知道的江苏高速公路警告标志。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你想与管理层一起购买股票,那么你可能会喜欢这份免费的公司名单。(提示:业内人士一直在购买它们)。
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。
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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。