Earnings Are Growing at American Assets Trust (NYSE:AAT) but Shareholders Still Don't Like Its Prospects
Earnings Are Growing at American Assets Trust (NYSE:AAT) but Shareholders Still Don't Like Its Prospects
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in American Assets Trust, Inc. (NYSE:AAT), since the last five years saw the share price fall 51%.
为了证明选择个股的努力是合理的,值得努力超过市场指数基金的回报。但主要的游戏是找到足够的赢家来抵消输家。目前,一些股东可能会质疑他们对美国资产信托公司(纽约证券交易所代码:AAT)的投资,因为过去五年股价下跌了51%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鉴于过去一周对股东来说很艰难,让我们调查一下基本面,看看我们能学到什么。
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。
During the unfortunate half decade during which the share price slipped, American Assets Trust actually saw its earnings per share (EPS) improve by 5.7% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.
在股价下滑的不幸五年中,美国资产信托基金的每股收益(EPS)实际上每年增长5.7%。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,过去的增长预期可能不合理。
Due to the lack of correlation between the EPS growth and the falling share price, it's worth taking a look at other metrics to try to understand the share price movement.
由于每股收益增长与股价下跌之间缺乏相关性,值得一看其他指标,以了解股价走势。
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/7781/20240523/0-60c545f1126d8bf80563cb0048b5637d-0-f01ddfcbd8a8641dda5ea57a1c4df15d.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. This free report showing analyst forecasts should help you form a view on American Assets Trust
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。这份显示分析师预测的免费报告应该可以帮助您对美国资产信托形成看法
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 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 American Assets Trust the TSR over the last 5 years was -40%, 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!
除了衡量股价回报率外,投资者还应考虑股东总回报率(TSR)。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,美国资产信托基金过去5年的股东总回报率为-40%,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
American Assets Trust provided a TSR of 22% over the last twelve months. Unfortunately this falls short of the market return. But at least that's still a gain! Over five years the TSR has been a reduction of 7% per year, over five years. It could well be that the business is stabilizing. It's always interesting to track share price performance over the longer term. But to understand American Assets Trust better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with American Assets Trust (at least 2 which are a bit unpleasant) , and understanding them should be part of your investment process.
在过去的十二个月中,美国资产信托提供的股东回报率为22%。不幸的是,这没有达到市场回报率。但至少这还是个好处!在过去的五年中,股东总回报率在五年内每年下降7%。很可能是业务正在稳定下来。长期跟踪股价表现总是很有意思的。但是,为了更好地了解美国资产信托,我们需要考虑许多其他因素。例如,投资风险的幽灵无处不在。我们已经向美国资产信托基金确定了3个警告信号(至少有2个有点不愉快),了解它们应该是你投资过程的一部分。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果你像我一样,那么你一定不想错过这份内部人士正在买入的被低估的小盘股的免费清单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意,本文引用的市场回报反映了目前在美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。