Shareholders in China Communications Services (HKG:552) Are in the Red If They Invested Five Years Ago
Shareholders in China Communications Services (HKG:552) Are in the Red If They Invested Five Years Ago
While not a mind-blowing move, it is good to see that the China Communications Services Corporation Limited (HKG:552) share price has gained 18% in the last three months. But that doesn't change the fact that the returns over the last five years have been less than pleasing. After all, the share price is down 32% in that time, significantly under-performing the market.
虽然这不是一个惊人的举动,但看到中国通信服务公司有限公司(HKG:552)的股价在过去三个月内上涨了18%是好的。但这并不能改变过去五年的回报并不让人满意的事实。毕竟,该股的股价在那段时间中下跌了32%,明显表现不佳。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
那么我们来看看这家公司的长期表现是否符合其业务进展情况。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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).
引用巴菲特的话,“船只会在世界各地航行,但扁平地球协会将空前盛行。市场上的价格和价值将继续存在巨大差异… ”检查市场情绪如何随时间变化的一种方法是查看公司的股价与每股收益(EPS)之间的互动。
During the unfortunate half decade during which the share price slipped, China Communications Services actually saw its earnings per share (EPS) improve by 4.3% 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.
在不幸的半个十年中,中国通信服务的每股收益(EPS)实际上每年提高了4.3%。因此,EPS似乎不是了解市场如何评估股票的重要指南。或者说,过去对增长的预期可能是不合理的。
By glancing at these numbers, we'd posit that the the market had expectations of much higher growth, five years ago. Looking to other metrics might better explain the share price change.
通过看这些数字,我们认为市场五年前对更高的增长有更高的预期。查看其他指标可能更能说明股价变化。
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
我们注意到分红派息仍然健康,因此这并不能真正解释股价下跌。虽然股价下跌的原因不完全明显,但更仔细地查看公司历史记录可能有助于解释。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的图片中看到收入和营业收入随时间的变化情况(单击图表可查看精确值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240620/0-2aa4a461d9dcae7b177859c15d0895a5-0-c58bb8f4dcb00197af03f401b51684f1.png/big)
It's probably worth noting that the CEO is paid less than the median at similar sized 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. So it makes a lot of sense to check out what analysts think China Communications Services will earn in the future (free profit forecasts).
值得注意的是,与类似规模的公司相比,CEO的薪酬较低。关注CEO的薪酬总是值得的,但更重要的问题是公司是否会在未来实现盈利增长。因此,查看分析师预测中国通信服务未来将赚取多少利润(免费利润预测)是很有道理的。
What About Dividends?
那么分红怎么样呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, China Communications Services' TSR for the last 5 years was -14%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
考虑到任何给定股票的总股东回报和股价回报是很重要的。 TSR是一种回报计算,考虑了现金股利的价值(假设收到的任何股息都被再投资)以及任何折扣资本筹集和分拆的计算价值。可以说,TSR为支付股息的股票提供了更完整的图片。实际上,中国通信服务在过去5年的TSR为-14%,超过了前面提到的股价回报。而且可以肯定地猜测,股息支付在很大程度上解释了分歧!
A Different Perspective
不同的观点
It's good to see that China Communications Services has rewarded shareholders with a total shareholder return of 17% in the last twelve months. And that does include the dividend. Notably the five-year annualised TSR loss of 3% per year compares very unfavourably with the recent share price performance. The long term loss makes us cautious, but the short term TSR gain certainly hints at a brighter future. 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. To that end, you should be aware of the 1 warning sign we've spotted with China Communications Services .
值得高兴的是,中国通信服务在过去12个月内奖励股东17%的股东总回报。而且这已经包括了分红。值得注意的是,过去的五年的年度TSR亏损每年3%,这与最近的股价表现相比非常不利。长期亏损让我们谨慎,但短期TSR收益当然暗示着更加光明的前景。尽管考虑到市场条件可能对股价产生不同的影响很值得,但还有其他更重要的因素。为此,您应该了解我们在中国通信服务中发现的1个警告标志。
But note: China Communications Services 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:中国通信服务可能不是最佳的股票购买对象。因此,看一下这个过去收益增长(以及未来增长预测)的有趣公司的免费列表可能会有帮助。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
请注意,本文引用的市场回报反映了当前在香港证券交易所交易的股票的市场加权平均回报。
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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。或者,发送电子邮件至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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。