Investors Five-year Losses Continue as Leyard Optoelectronic (SZSE:300296) Dips a Further 4.6% This Week, Earnings Continue to Decline
Investors Five-year Losses Continue as Leyard Optoelectronic (SZSE:300296) Dips a Further 4.6% This Week, Earnings Continue to Decline
For many, the main point of investing is to generate higher returns than the overall market. But the main game is to find enough winners to more than offset the losers So we wouldn't blame long term Leyard Optoelectronic Co., Ltd. (SZSE:300296) shareholders for doubting their decision to hold, with the stock down 39% over a half decade. And we doubt long term believers are the only worried holders, since the stock price has declined 35% over the last twelve months. The falls have accelerated recently, with the share price down 14% in the last three months.
对于许多人来说,投资的主要目的是为了创造比整体市场更高的回报。但主要的问题是要找到足够的赢家来抵消输家的亏损,因此我们不会责怪长期持有利亚德光电股份有限公司(SZSE:300296)股票的股东怀疑他们的持股决定,因为该股在过去的五年里下跌了39%。我们怀疑长期的信仰者不是唯一担心的持有者,因为股票价格在过去的十二个月里下跌了35%。最近跌幅加速,股价在过去的三个月下跌了14%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
考虑到过去一周对股东来说是艰难的,让我们调查一下基本面并看看我们能学到什么。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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).
虽然有效市场假说仍然被一些人教授,但被证明市场是过度反应的动态系统,投资者并不总是理性的。检查市场情绪如何随时间变化的一种方法是看一个公司的股价与其每股收益(EPS)之间的交互作用。
Leyard Optoelectronic became profitable within the last five years. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics might give us a better handle on how its value is changing over time.
利亚德光电在过去五年内实现了盈利。大多数人会认为这是一件好事,所以看到股价下跌是违反直觉的。其他指标可能会为我们提供更好的掌握它的价值随时间变化情况的方法。
The modest 1.1% dividend yield is unlikely to be guiding the market view of the stock. Revenue is actually up 0.4% over the time period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.
1.1%的股息收益率不太可能引导市场对该股的看法。营业收入实际上在此期间增长了0.4%。对营收和利润进行更详细的检查可能或可能不会解释股价下跌的原因,但可能会有机会。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以看到以下收益和营收的变化情况(通过单击图像了解精确值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-9864f9b65cb06fe33807b4a5e089d5f1-0-0891966fbd20d2a0b910a1fa83326517.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. So we recommend checking out this free report showing consensus forecasts
我们很高兴地报告,CEO的报酬比同样资本化的公司的大多数CEO都要适中。但是,虽然CEO报酬值得检查,但真正重要的问题是公司是否能够继续增加收益。因此,我们建议查看此免费报告,显示共识预测。
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. 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 Leyard Optoelectronic, it has a TSR of -36% for the last 5 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尽管股息已经重新投资,而股票回报率仅反映了股票价格的变化,TSR包括股息的价值和任何折扣融资或分拆的好处。因此,对于支付丰厚股息的公司,TSR通常比股票回报率高得多。在利亚德光电的情况下,它在过去的5年里的TSR为-36%。这超过了我们之前提到的股票回报率。毫无疑问,股息支付在很大程度上解释了这种背离!
A Different Perspective
不同的观点
While the broader market lost about 12% in the twelve months, Leyard Optoelectronic shareholders did even worse, losing 34% (even including dividends). 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. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 6% per year over five years. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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. Case in point: We've spotted 1 warning sign for Leyard Optoelectronic you should be aware of.
尽管在过去的12个月中,整个市场损失了约12%,但利亚德光电的股东却表现更差,失去了34%(包括股息)。但是,股票价格可能仅受到整个市场的不安情绪影响。值得关注基本面,以防有机会出现。可悲的是,去年的表现结束了糟糕的运行,股东在五年内面临每年6%的总亏损。总的来说,长期的股价疲软可能是一个不好的迹象,尽管反潮投资者可能想研究该股票以寻求逆转机会。虽然考虑市场条件可能对股票价格产生不同的影响是非常值得的,但有其他更重要的因素。事实充分证明:我们发现了一项利亚德光电的警告标志,你应该注意。
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。
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