Hongfa Technology (SHSE:600885) Sheds 3.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Hongfa Technology (SHSE:600885) Sheds 3.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
When we invest, we're generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. For example, the Hongfa Technology Co., Ltd. (SHSE:600885) share price is up 67% in the last 5 years, clearly besting the market return of around 11% (ignoring dividends).
我们投资时一般都会找表现超过市场平均水平的股票。购买低估的公司是超额回报的一条路径。例如,宏发股份股份有限公司(SHSE:600885)的股价在过去5年中上涨了67%,明显超过了市场回报率约11%(不考虑股息)。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
虽然过去的一周削弱了公司的五年回报,但让我们看看业务的最近趋势,并查看收益是否已对齐。
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 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).
在他的文章《格雷厄姆和多德斯维尔超级投资者》中,沃伦·巴菲特描述了股票价格并不总是反映公司价值的合理方式。考虑市场对公司的看法如何发生变化的一个不完美但简单的方法是将每股收益(EPS)的变化与股价的变动进行比较。股票价格并不总是反映公司价值的合理方式沃伦·巴菲特曾称,股票价格并不总是合理地反映了企业的价值。检查市场情绪如何随时间变化的一种方法是查看公司股价和每股收益(EPS)之间的互动。
Over half a decade, Hongfa Technology managed to grow its earnings per share at 15% a year. The EPS growth is more impressive than the yearly share price gain of 11% over the same period. So it seems the market isn't so enthusiastic about the stock these days.
经过半个多十年的努力,宏发股份成功地将每股收益实现年均增长15%。相比之下,该公司股价在同一时期仅实现了11%的年均涨幅。因此,市场对该股票的热情似乎不如以往。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图显示了EPS随时间变化的情况(点击图像以显示确切值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240527/0-711bc0267ac36bc316e60128d0456d7c-0-911afe0e90ed841f389ca517ea8cf5fb.png/big)
It might be well worthwhile taking a look at our free report on Hongfa Technology's earnings, revenue and cash flow.
我们建议您免费查看宏发股份的收益、营业收入和现金流的报告。
What About Dividends?
那么分红怎么样呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Hongfa Technology, it has a TSR of 75% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票价格回报率外,投资者还应该考虑总股东回报率(TSR)。 股票价格回报率只反映了股票价格的变化,而TSR包括了股息价值(假设它们被再投资)和任何折价融资或剥离的收益。因此,对于支付丰厚股息的公司,TSR往往比股票价格回报率高得多。 在宏发股份的情况下,过去5年的TSR为75%。这超过了我们先前提到的股票价格回报率。该公司支付的股息已经提高了股东回报率。总股东回报。
A Different Perspective
不同的观点
While it's never nice to take a loss, Hongfa Technology shareholders can take comfort that , including dividends,their trailing twelve month loss of 9.0% wasn't as bad as the market loss of around 10%. Longer term investors wouldn't be so upset, since they would have made 12%, each year, over five years. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. It's always interesting to track share price performance over the longer term. But to understand Hongfa Technology better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Hongfa Technology , and understanding them should be part of your investment process.
虽然亏损从未是好事,但宏发股份的股东可以放心,包括股息在内,他们过去12个月的亏损率为9.0%,而市场则亏损约10%。长期投资者则不会太失望,因为他们每年可以获得12%的回报。可能该业务只是面临一些短期问题,但股东应密切关注基本面。追踪长期的股票表现总是很有趣的,但要更好地了解宏发股份,我们需要考虑许多其他因素,例如不断存在的投资风险。我们已经确认了1个与宏发股份有关的警示信号,了解它们应该成为您投资过程的一部分。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜欢与管理层一起购买股票,那么您可能会喜欢这个公司的免费列表。 (提示:其中许多公司不为人注意且具有吸引力的估值。)
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。
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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。