Investors Three-year Losses Continue as Yutong Heavy IndustriesLtd (SHSE:600817) Dips a Further 8.5% This Week, Earnings Continue to Decline
Investors Three-year Losses Continue as Yutong Heavy IndustriesLtd (SHSE:600817) Dips a Further 8.5% This Week, Earnings Continue to Decline
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But if you try your hand at stock picking, you risk returning less than the market. We regret to report that long term Yutong Heavy Industries Co.,Ltd. (SHSE:600817) shareholders have had that experience, with the share price dropping 41% in three years, versus a market decline of about 27%. And the ride hasn't got any smoother in recent times over the last year, with the price 26% lower in that time. More recently, the share price has dropped a further 13% in a month. However, we note the price may have been impacted by the broader market, which is down 6.9% in the same time period.
为了证明选股的努力是值得的,值得努力超越市场指数基金的回报。但是,如果你尝试挑选股票,你冒着低于市场回报的风险。我们很遗憾地报告说,长期以来,宇通重工股份有限公司(SHSE:600817)的股东已经有了这样的经历,股价在三年内下跌了41%,而市场下跌了约27%。并且最近一年,股价下跌了26%。最近一个月,股价再次下跌了13%。然而,我们注意到股价可能受到整个市场的影响,在同一时间段内下跌了6.9%。
With the stock having lost 8.5% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.
股价在过去一周下跌了8.5%,值得看看业绩表现,看看是否有任何红旗。
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。
During the three years that the share price fell, Yutong Heavy IndustriesLtd's earnings per share (EPS) dropped by 13% each year. The share price decline of 16% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
在股价下跌的三年中,宇通重工股份有限公司的每股收益(EPS)每年下降13%。股价下跌16%,实际上比EPS下降更严重。因此,似乎市场过去对该业务过于自信。
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)。
This free interactive report on Yutong Heavy IndustriesLtd's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果您想进一步调查股票状况,宇通重工股份有限公司的收益、营业收入和现金流的免费互动报告是一个很好的起点。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Yutong Heavy IndustriesLtd, it has a TSR of -34% 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而股价回报仅反映股价变化,TSR包括股息的价值(假设它们被再投资)和任何折价融资或剥离带来的好处。可以说,TSR为支付股息的股票给出了更完整的图片。在宇通重工股份有限公司的情况下,它在过去的3年中有一个TSR为-34%。这超过了我们先前提到的股价回报。并且毫无疑问,股息支付在很大程度上解释了这种分歧!
A Different Perspective
不同的观点
We regret to report that Yutong Heavy IndustriesLtd shareholders are down 23% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 16%. 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. Longer term investors wouldn't be so upset, since they would have made 1.5%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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 Yutong Heavy IndustriesLtd that you should be aware of.
很遗憾,宇通重工股份有限公司的股东在今年下跌了23%(包括股息)。不幸的是,这比整个市场下跌16%还要糟糕。然而,可能仅仅是股价受到了更广泛市场的担忧。值得关注基本面,以寻找好的机会。长期投资者不会那么沮丧,因为他们每年可以赚取1.5%的收益率,超过五年。最近的抛售可能是一个机会,因此可能值得查看基本数据,以寻找长期增长趋势的迹象。虽然考虑不同的市场状况对股价的影响非常值得,但还有更重要的因素。例如,我们已经确定了宇通重工股份有限公司的2个警示标志,你应该注意。
But note: Yutong Heavy IndustriesLtd 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).
但是请注意:宇通重工股份有限公司可能不是最好的买入股票。因此,看看这个过去收益增长(以及进一步增长预测)的有趣公司的免费名单。
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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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
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