Optimism Around Shanghai Chinafortune (SHSE:600621) Delivering New Earnings Growth May Be Shrinking as Stock Declines 5.3% This Past Week
Optimism Around Shanghai Chinafortune (SHSE:600621) Delivering New Earnings Growth May Be Shrinking as Stock Declines 5.3% This Past Week
Investors are understandably disappointed when a stock they own declines in value. But no-one can make money on every call, especially in a declining market. The Shanghai Chinafortune Co., Ltd. (SHSE:600621) is down 20% over three years, but the total shareholder return is -18% once you include the dividend. That's better than the market which declined 21% over the last three years. The falls have accelerated recently, with the share price down 11% in the last three months.
当股票价值下跌时,投资者肯定感到失望。但并非所有的看涨操作都能赚钱,尤其是在一个下跌的市场中。上海华鑫股份有限公司(SHSE:600621)在三年内下跌了20%,但如果包括分红,总股东回报率为-18%。这比市场在过去三年中下跌了21%要好。最近的跌幅有所加剧,股价在过去三个月中下跌了11%。
After losing 5.3% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
在过去的一周中,股价下跌了5.3%,值得调查公司的基本面,以了解我们可以从过去的表现中得出什么结论。
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.
为了概述本杰明·格雷厄姆(Benjamin Graham)的话:短期内,市场是一台投票机,但长期来看,它是一台衡重机。思考一家公司的市场感知如何转变的一种不完美但简单的方法是将每股收益(EPS)变化与股价变动进行比较。
Shanghai Chinafortune saw its EPS decline at a compound rate of 19% per year, over the last three years. This fall in the EPS is worse than the 7% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
上海华鑫股份每股收益以19%的复合年率下降,在过去的三年中。这种EPS的下降比每股价格每年下降7%更糟糕。这表明,尽管过去的EPS下降,市场仍保持一些关于长期收益稳定性的乐观态度。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益随时间的变化情况(通过点击图像来查看确切数值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240526/0-e674d6ebe17e9bf728110454467fde08-0-76e238c4add2bda48c83d57331392f06.png/big)
Dive deeper into Shanghai Chinafortune's key metrics by checking this interactive graph of Shanghai Chinafortune's earnings, revenue and cash flow.
通过查看上海华鑫股份的收益、营业收入和现金流的交互式图表,深入了解其主要指标。
What About Dividends?
那么分红怎么样呢?
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. In the case of Shanghai Chinafortune, it has a TSR of -18% 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,重要的是考虑总股东回报(TSR)和股票回报之间的差异。 TSR包括任何剥离或折让的资本筹集(基于股息被重新投资的假设),以及任何股息。因此,对于支付慷慨的股息公司而言,TSR通常比股票回报高得多。就中国神威药业集团而言,其TSR在过去5年中达到了75%。这超过了我们之前提到的股票回报。该公司支付的股息已经提高了总股东回报。总股东回报和股票回报TSR包括任何分拆,或按照假设以再投资的形式支付的股利的价值,以及任何折价的资本筹集。因此,对于支付慷慨股息的公司,TSR通常比股票回报率高得多。在上海华鑫股份的情况下,其过去3年的TSR为-18%。这超过了我们之前提到的股票回报率。并且毫无疑问,分红支付在很大程度上解释了这种差异!
A Different Perspective
不同的观点
We're pleased to report that Shanghai Chinafortune shareholders have received a total shareholder return of 21% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 1.8% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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 instance, we've identified 2 warning signs for Shanghai Chinafortune (1 is concerning) that you should be aware of.
我们很高兴地宣布,上海华鑫股份股东在过去一年中获得了21%的总股东回报率。其中包括分红。由于一年的TSR要优于五年的TSR(后者每年为1.8%),因此股票的表现在最近的时间内有所改善。在最理想的情况下,这可能暗示了一些真正的业务动力,这意味着现在是深入探讨的好时机。虽然考虑到市场状况对股价的不同影响是值得的,但有其他更重要的因素。例如,我们已经发现了上海华鑫股份的2个警告信号(1个有关),您应该注意。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然,您可能在其他地方找到一家出色的企业进行投资。因此,请查看我们预计将实现盈利增长的公司的免费列表。
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上市的股票的市场加权平均回报。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。