Orient Securities (SHSE:600958) Shareholders Have Endured a 20% Loss From Investing in the Stock Five Years Ago
Orient Securities (SHSE:600958) Shareholders Have Endured a 20% Loss From Investing in the Stock Five Years Ago
For many, the main point of investing is to generate higher returns than the overall market. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment in Orient Securities Company Limited (SHSE:600958), since the last five years saw the share price fall 29%. We also note that the stock has performed poorly over the last year, with the share price down 26%.
对于许多人来说,投资的要点是产生比整个市场更高的回报。但是,几乎每个投资者都肯定会有表现过硬和表现不佳的股票。目前,一些股东可能会质疑他们对东方证券有限公司(SHSE: 600958)的投资,因为在过去五年中,股价下跌了29%。我们还注意到,该股去年表现不佳,股价下跌了26%。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
考虑到这一点,值得一看公司的基本面是否是长期业绩的驱动力,或者是否存在一些差异。
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。
While the share price declined over five years, Orient Securities actually managed to increase EPS by an average of 11% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. 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,但东方证券实际上设法做到了 增加 每股收益平均每年增长11%。因此,每股收益似乎不是了解市场如何估值股票的好指南。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。
Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.
由于每股收益增长率与股价增长形成鲜明对比,我们倾向于参考其他指标来了解围绕该股的市场情绪变化。
We don't think that the 1.9% is big factor in the share price, since it's quite small, as dividends go. Revenue is actually up 5.3% over the time period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.
我们认为1.9%不是影响股价的重要因素,因为随着股息的增加,它相当小。在此期间,收入实际上增长了5.3%。对收入和收益进行更详细的审查可能会也可能无法解释股价下跌的原因;可能有机会。
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/7781/20240424/0-9fc56416621613584420ad76a5698a7a-0-3a742a7520013bd12ba149749e2ae273.png/big)
This free interactive report on Orient Securities' 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东方证券资产负债表实力,这份关于东方证券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?
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Orient Securities' TSR for the last 5 years was -20%, 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。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。碰巧的是,东方证券过去5年的股东总回报率为-20%,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
While the broader market lost about 15% in the twelve months, Orient Securities shareholders did even worse, losing 24% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 4% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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 Orient Securities that you should be aware of before investing here.
尽管整个市场在十二个月中下跌了约15%,但东方证券股东的表现甚至更糟,损失了24%(甚至包括股息)。但是,可能只是股价受到了更广泛的市场紧张情绪的影响。如果有很好的机会,可能值得关注基本面。不幸的是,去年的表现可能预示着尚未解决的挑战,因为它比过去五年中4%的年化亏损还要糟糕。总的来说,长期股价疲软可能是一个坏兆头,尽管逆势投资者可能希望研究该股以期出现转机。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,我们发现了东方证券的两个警告信号,在这里投资之前,您应该注意这些信号。
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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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。