C&D International Investment Group (HKG:1908) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
C&D International Investment Group (HKG:1908) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
When we invest, we're generally looking for stocks that outperform the market average. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. To wit, the C&D International Investment Group share price has climbed 61% in five years, easily topping the market decline of 19% (ignoring dividends).
当我们投资时,我们通常是在寻找表现超过市场平均水平的股票。而且,尽管主动选股涉及风险(并且需要分散投资),但它也可以提供超额回报。换句话说,建发国际投资集团的股价在五年内上涨了61%,轻松超过了19%的市场跌幅(不计股息)。
Since it's been a strong week for C&D International Investment Group shareholders, let's have a look at trend of the longer term fundamentals.
由于对于建发国际投资集团股东来说,这是强劲的一周,让我们来看看长期基本面的趋势。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。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。
Over half a decade, C&D International Investment Group managed to grow its earnings per share at 3.4% a year. This EPS growth is slower than the share price growth of 10% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. And that's hardly shocking given the track record of growth.
在过去的五年中,建发国际投资集团设法将其每股收益增长到每年3.4%。每股收益的增长低于同期每年10%的股价增长。因此,可以公平地假设市场对该业务的看法比五年前更高。考虑到增长的记录,这并不令人震惊。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(随着时间的推移)如下图所示(点击查看确切数字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240502/0-025da02a6e95da6dd333ade146b3657d-0-0246a2ae8c42415b2f99185378ed07ea.png/big)
It's good to see that there was some significant insider buying in the last three months. That's a positive. On the other hand, we think the revenue and earnings trends are much more meaningful measures of the business. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
很高兴看到在过去三个月中出现了一些大规模的内幕买盘。这是积极的。另一方面,我们认为收入和收益趋势是衡量业务的更有意义的指标。在买入或卖出股票之前,我们始终建议仔细研究历史增长趋势,可在此处查阅。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for C&D International Investment Group the TSR over the last 5 years was 209%, which is better than the share price return mentioned above. 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。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。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。我们注意到,建发国际投资集团过去5年的股东总回报率为209%,好于上述股价回报率。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
We regret to report that C&D International Investment Group shareholders are down 27% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 4.0%. 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. On the bright side, long term shareholders have made money, with a gain of 25% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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. Even so, be aware that C&D International Investment Group is showing 2 warning signs in our investment analysis , you should know about...
我们遗憾地报告,建发国际投资集团的股东今年下跌了27%(甚至包括股息)。不幸的是,这比整个市场4.0%的跌幅还要严重。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。好的一面是,长期股东赚了钱,在过去的五年中,每年增长25%。如果基本面数据继续显示长期可持续增长,那么当前的抛售可能是一个值得考虑的机会。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。即便如此,请注意,建发国际投资集团在我们的投资分析中显示出两个警告信号,您应该知道...
C&D International Investment Group is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
建发国际投资集团并不是内部人士唯一买入的股票。对于那些喜欢寻找获利投资的人来说,这份最近有内幕收购的成长型公司的免费清单可能就是入场券。
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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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。