China Resources Land (HKG:1109) Shareholders Have Earned a 0.2% CAGR Over the Last Five Years
China Resources Land (HKG:1109) Shareholders Have Earned a 0.2% CAGR Over the Last Five Years
While not a mind-blowing move, it is good to see that the China Resources Land Limited (HKG:1109) share price has gained 19% in the last three months. But if you look at the last five years the returns have not been good. You would have done a lot better buying an index fund, since the stock has dropped 20% in that half decade.
虽然这不是非常惊人的举动，但很高兴看到这家中国资源地产有限公司 (HKG:1109) 的股价在过去三个月内上涨了 19%。但如果你看过去五年的回报，就会发现这个股票的表现不好。因为在这半个十年里，股票下跌了 20%，如果你购买指数基金会做得更好。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
鉴于此，值得看看该公司的基本面是否一直是长期业绩的驱动因素，或者是否存在一些不一致之处。
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...' 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.
引用巴菲特的话顺便说一下，“船只将环游世界，但支持地球平面学会的人将大有可为。 在市场上，价格和价值之间将继续存在巨大的差异...”通过比较EPS和股价变化，我们可以了解到投资者对公司的态度随时间的变化程度。
During the unfortunate half decade during which the share price slipped, China Resources Land actually saw its earnings per share (EPS) improve by 4.7% 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.
在不幸的半个十年里，中国资源地产的每股收益 (EPS) 每年提高了 4.7%。因此，EPS 似乎不是理解市场如何评估股票的好指导，或者过去的成长期望可能过高。
Given that EPS has increased, but the share price has fallen, it's fair to say that market sentiment around the stock has become more negative. Generally speaking, though, if the company can keep growing EPS then the share price will eventually follow.
由于每股收益增长，但股价下跌，可以说是市场对该股票的情绪变得更加负面。尽管如此，总的来说，如果该公司可以持续增长每股收益，股价最终将会跟随上涨。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了EPS随时间的变化情况（如果您单击该图像，则可以查看更多详细信息）。
We know that China Resources Land has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我们知道中国资源地产近期已经提高了其底线，但它是否会增长营业收入？如果你有兴趣，可以查看这份免费报告，其中显示了共识营收预测。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of China Resources Land, it has a TSR of 1.1% 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!
考虑到每个给定股票的股东总回报率以及股价回报率都很重要。TSR 是一个回报计算，它考虑到现金股息的价值（假设任何收到的股息都被再投资）以及任何折价资本筹集和分拆的计算价值。因此，对于支付丰厚股息的公司，TSR 往往比股价回报率高得多。在中国资源地产的情况下，它过去 5 年的 TSR 为 1.1%。超过了我们之前提到的股价回报率。当然，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
Investors in China Resources Land had a tough year, with a total loss of 7.8% (including dividends), against a market gain of about 6.4%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 0.2%, 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. Take risks, for example - China Resources Land has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
中国资源地产的投资者度过了漫长的一年，总亏损达到 7.8%（包括股息），而市场则获得了约 6.4% 的收益。即使是好股票的股价有时也会下跌，但在对一个企业的基本指标进行改善之前，我们还是想看到。因为长线投资者在过去五年里每年都获得了 0.2%。最近的抛售可能是一次机会，因此检查基本数据以寻找长期增长趋势的迹象可能是值得的。虽然考虑市场条件对股价的不同影响是值得的，但有其他更重要的因素也需要考虑。例如，承担风险的能力——我们认为你应该知道中国资源地产有两个警告信号（以及一个不能被忽视的）。
Of course China Resources Land may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然，中国资源地产可能不是最好买的股票。所以你可能希望看看这个免费的成长股票收藏。
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？关注内容？请直接与我们联系。或者，发送电子邮件至editorial-team@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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