CNOOC Energy Technology & Services' (SHSE:600968) Investors Will Be Pleased With Their Notable 82% Return Over the Last Three Years
CNOOC Energy Technology & Services' (SHSE:600968) Investors Will Be Pleased With Their Notable 82% Return Over the Last Three Years
By buying an index fund, you can roughly match the market return with ease. But if you pick the right individual stocks, you could make more than that. Just take a look at CNOOC Energy Technology & Services Limited (SHSE:600968), which is up 69%, over three years, soundly beating the market decline of 30% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 43%, including dividends.
通过购买指数基金，您可以轻松地接近市场回报水平。但是如果您选择了正确的个别股票，您可能会获得更高的收益。看看中国海洋石油（SHSE：600968），在三年内上涨了69％，远远超过市场下跌30％（不包括分红）。另一方面，近期收益并不那么好，包括股东分红在内，股东仅上涨43％。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
让我们长期看一下潜在的基本面，看看它们是否与股东回报一致。
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 imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
虽然一些人仍然相信有效市场假说，但已经证明市场是过度反应的动态系统，投资者并不总是理性的。一个不完美但简单的方法来考虑公司市场看法的变化是比较每股收益（EPS）的变化和股价的波动。
CNOOC Energy Technology & Services was able to grow its EPS at 25% per year over three years, sending the share price higher. This EPS growth is higher than the 19% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat.
三年来，中国海洋石油（SHSE：600968）的每股收益以每年25％的速度增长，推高了股价。这种每股收益增长高于股价19％的年均增长率。因此，市场似乎已经适度降低了对增长的预期。
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）。
We know that CNOOC Energy Technology & Services has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我们知道，中国海洋石油（SHSE：600968）最近已经改善了其底线，但是它是否会增长营业收入？您可以查看此免费报告，其中显示了分析师的营收预测。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, CNOOC Energy Technology & Services' TSR for the last 3 years was 82%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票价格回报外，投资者还应考虑总股东回报（TSR）。 TSR基于以下假设：将股息重新投资。 TSR包括任何剥离或折价的融资的价值以及任何分红。可以说，TSR为支付股息的股票提供了更完整的图片。事实上，中国海洋石油（SHSE：600968）过去3年的TSR为82％，超过了前面提到的股价回报。公司支付的股息因此提高了总股东回报。
A Different Perspective
不同的观点
We're pleased to report that CNOOC Energy Technology & Services shareholders have received a total shareholder return of 43% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 6% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 1 warning sign for CNOOC Energy Technology & Services you should be aware of.
我们很高兴地报告，中国海洋石油（SHSE：600968）股东在一年内获得了43％的总股东回报，包括股息。由于一年的TSR优于五年的TSR（后者为每年6％），因此股票的表现似乎在最近有所改善。在最好的情况下，这可能暗示了一些真正的业务动力，这意味着现在可能是深入了解的好时机。我发现将股票价格长期作为业务表现的代理非常有趣。但是为了真正获得洞察力，我们还需要考虑其他信息。劝退：我们发现中国海洋石油（SHSE：600968）的1个警告信号，您应该注意。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您愿意查看另一家公司（具有潜在的更好财务状况），请不要错过这个免费的公司列表，证明它们可以增长收益。
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？对内容感到担忧？请直接与我们联系。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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