Shareholders in Jiangsu Yanghe Distillery (SZSE:002304) Are in the Red If They Invested Three Years Ago
Shareholders in Jiangsu Yanghe Distillery (SZSE:002304) Are in the Red If They Invested Three Years Ago
Investing in stocks inevitably means buying into some companies that perform poorly. But the long term shareholders of Jiangsu Yanghe Distillery Co., Ltd. (SZSE:002304) have had an unfortunate run in the last three years. So they might be feeling emotional about the 61% share price collapse, in that time. And more recent buyers are having a tough time too, with a drop of 41% in the last year. Furthermore, it's down 14% in about a quarter. That's not much fun for holders.
投资股票不可避免地意味着购买一些表现不佳的公司。但是江苏洋河酒厂股份有限公司(SZSE:002304)的长期股东在过去三年里很不幸。他们可能对这段时间内股价暴跌61%感到情绪化。而最近的买家也遭遇了困境,去年股价下跌了41%。此外,大约季度内下跌了14%。这对持有者来说不好玩。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
值得评估公司的经济状况是否与这些不尽如人意的股东回报同时发展并步调一致,或者两者之间是否存在差异。因此,让我们来看看。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
市场有时候是有效的,但价格并不总是反映公司的基本业务表现。通过比较每股收益和股价变化,我们可以了解投资者对公司的看法如何随着时间变化而变化。
During the unfortunate three years of share price decline, Jiangsu Yanghe Distillery actually saw its earnings per share (EPS) improve by 12% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Alternatively, growth expectations may have been unreasonable in the past.
在不幸的三年股价下跌期间,江苏洋河酒厂实际上每年的每股收益(EPS)提高了12%。这是一个相当大的谜团,可能表明股价有一些暂时的支撑。或者,以往的增长预期可能不合理。
Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
由于EPS的变化似乎与股价的变化不相关,因此值得查看其他指标。
Given the healthiness of the dividend payments, we doubt that they've concerned the market. It's good to see that Jiangsu Yanghe Distillery has increased its revenue over the last three years. If the company can keep growing revenue, there may be an opportunity for investors. You might have to dig deeper to understand the recent share price weakness.
鉴于分红款项的健康状况,我们怀疑它们并没有引起市场的关注。很高兴看到江苏洋河酒厂在过去三年里增加了营业收入。如果公司能够保持营业收入的增长,投资者可能会有机会。您可能需要更深入地了解最近股价的疲软程度。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和营收随时间变化的情况(如果你点击图像,可以看到更多细节):
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-a1056171064a0195cb79ecf90b3642a1-0-8b7812276ed6208da4cf252abc3515cb.png/big)
Jiangsu Yanghe Distillery is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. You can see what analysts are predicting for Jiangsu Yanghe Distillery in this interactive graph of future profit estimates.
江苏洋河酒厂是投资者熟知的公司,许多聪明的分析师尝试预测未来的利润水平。您可以在这个未来利润估计的交互式图表中看到分析师对江苏洋河酒厂的预测。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Jiangsu Yanghe Distillery, it has a TSR of -57% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股价回报率外,投资者还应考虑股东总回报(TSR)。 TSR是一种回报计算,考虑到现金股息的价值(假设任何收到的股息都被再投资)和任何折扣后的募资和分拆的计算价值。因此,对于支付丰厚派息的公司,TSR通常比股价回报率高得多。在江苏洋河酒厂的情况下,它在过去3年里的TSR为-57%。这超过了我们之前提到的股价回报率。这在很大程度上是由于其分红付款导致的!
A Different Perspective
不同的观点
We regret to report that Jiangsu Yanghe Distillery shareholders are down 37% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 17%. 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 5% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. Keeping this in mind, a solid next step might be to take a look at Jiangsu Yanghe Distillery's dividend track record. This free interactive graph is a great place to start.
我们遗憾地报告,江苏洋河酒厂的股东在今年下跌了37%(包括红利)。不幸的是,这比全市场下跌17%的幅度更糟糕。不过,可能仅仅是因为股价受到了更广泛市场的担忧。如果有好的机会,您可能值得关注基本面。遗憾的是,去年的表现为这段糟糕期划上了句号,股东面临着每年总损失5%的损失。我们意识到Baron Rothschild曾说过投资者应该“在街上有血腥时买入”,但我们警告投资者首先要确保他们正在购买高质量的企业。记住这一点,下一步稳健的做法可能是查看江苏洋河酒厂的分红记录。这个免费的交互图表是一个很好的起点。
But note: Jiangsu Yanghe Distillery 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:江苏洋河酒厂可能不是最佳的股票选择。因此,看看这个过去盈利增长(以及进一步增长预测)的有趣公司的免费列表。
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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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.
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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。
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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