Changjiang Publishing & MediaLtd (SHSE:600757) Shareholders Notch a 20% CAGR Over 3 Years, yet Earnings Have Been Shrinking
Changjiang Publishing & MediaLtd (SHSE:600757) Shareholders Notch a 20% CAGR Over 3 Years, yet Earnings Have Been Shrinking
By buying an index fund, investors can approximate the average market return. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example, the Changjiang Publishing & Media Co.,Ltd (SHSE:600757) share price is up 56% in the last three years, clearly besting the market decline of around 26% (not including dividends).
通过购买指数基金,投资者可以近似获得市场的平均回报。但是我们许多人都梦想获得更大的回报并自己构建投资组合。例如,长江出版传媒股份有限公司(SHSE:600757)股价在过去三年中上涨了56%,明显优于市场下跌约26%(不含分红) 。
Since the stock has added CN¥607m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由于该股票在过去一周内将CN¥60700万添加到其市值中,让我们看看基础业绩是否推动了长期回报。
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 flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
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·巴菲特曾经描述过,股价并不总是理性地反映了企业的价值。评估市场对一家公司的情绪如何变化的一个有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
During the three years of share price growth, Changjiang Publishing & MediaLtd actually saw its earnings per share (EPS) drop 2.0% per year.
在股价增长的三年期间,长江出版传媒股份有限公司实际上看到其每股收益(EPS)每年下降2.0%。
Given the share price resilience, we don't think the (declining) EPS numbers are a good measure of how the business is moving forward, right now. So other metrics may hold the key to understanding what is influencing investors.
考虑到股价的弹性,我们认为(下降的)EPS数据不是目前了解业务走势的良好指标。因此,其他指标可能是了解影响投资者的关键。
We note that the dividend is higher than it was preciously, so that may have assisted the share price. Sometimes yield-chasing investors will flock to a company if they think the dividend can grow over time.
我们注意到,股息比之前高了,因此可能已经有助于股票价格。有时,追求收益的投资者会涌向一家公司,如果他们认为股息可以随着时间增长而增长。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下图像显示了公司的营业收入和盈利(随时间变化)(单击以查看准确的数字)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-48a60c6245a1d0f4477d106f0b21dc28-0-6d7ce5a740eda04d115c1481571a30e8.png/big)
Take a more thorough look at Changjiang Publishing & MediaLtd's financial health with this free report on its balance sheet.
通过免费报告查看长江出版传媒股份有限公司的资产负债表,更全面地了解其财务状况。
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). 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. In the case of Changjiang Publishing & MediaLtd, it has a TSR of 72% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股价回报之外,投资者还应考虑股东总回报(TSR)。 TSR是一种回报计算,它考虑到现金股利的价值(假设任何收到的股息都已经再投资)和任何折价的资本筹集和分拆的计算价值。可以说,TSR给出了股票所产生的更全面的回报图景。在长江出版传媒股份有限公司的情况下,过去3年其TSR为72%。这超过了我们之前提到的股价回报。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的观点
We regret to report that Changjiang Publishing & MediaLtd shareholders are down 15% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 12%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Longer term investors wouldn't be so upset, since they would have made 10%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. It's always interesting to track share price performance over the longer term. But to understand Changjiang Publishing & MediaLtd better, we need to consider many other factors. Case in point: We've spotted 1 warning sign for Changjiang Publishing & MediaLtd you should be aware of.
很遗憾地报告,长江出版传媒股份有限公司的股东今年下跌了15%(包括股息)。不幸的是,这比整个市场下跌的12%更糟糕。话虽如此,在逐渐下滑的市场中,某些股票将被超卖。关键是关注基本发展。长期投资者不会如此沮丧,因为他们每年都会获得10%的收益,达到五年。如果基本数据继续表明长期可持续增长,那么当前的抛售可能值得考虑。追踪股价的长期表现总是很有趣的。但是要更好地了解长江出版传媒股份有限公司,我们需要考虑许多其他因素。研究要点:我们已经发现了1个有关长江出版传媒股份有限公司的警告标志,您应该注意这一点。
But note: Changjiang Publishing & MediaLtd may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:长江出版传媒股份有限公司可能不是最好的股票。因此,请查看此免费列表,其中包含过去收益增长(以及进一步的增长预测)的有趣公司。
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。