China Telecom (HKG:728) Shareholders Have Earned a 22% CAGR Over the Last Three Years
China Telecom (HKG:728) Shareholders Have Earned a 22% CAGR Over the Last Three Years
By buying an index fund, investors can approximate the average market return. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, the China Telecom Corporation Limited (HKG:728) share price is up 49% in the last three years, clearly besting the market decline of around 24% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 24% in the last year, including dividends.
通过购买指数基金,投资者可以逼近市场平均回报。但如果您以有吸引力的价格购买良好的业务,则您的投资回报率可能超过市场平均回报率。例如,中国电信股份有限公司(HKG:728)股价在过去三年中上涨了49%,明显优于市场下跌约24%(不包括股息)。但是,最近几年的回报表现不如那样出色,股票收益率仅为24%,包括股息在内的上一年。
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
现在值得更详细地了解该公司的基本面,因为这将帮助我们判断长期股东回报是否与基础业务的表现相匹配。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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).
尽管市场是一个强大的价格机制,但股票价格反映的不仅是潜在业务绩效,还反映了投资者的情绪。 了解市场情绪随时间的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。
China Telecom was able to grow its EPS at 8.4% per year over three years, sending the share price higher. This EPS growth is lower than the 14% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It is quite common to see investors become enamoured with a business, after a few years of solid progress.
中国电信能够以年均8.4%的速度提高每股收益,从而推高股价。这种每股收益增长低于股价平均年增长率14%。因此,可以合理地认为市场对商业的看法比三年前更高。看到投资者在几年的稳定进展之后会为业务着迷是很普遍的。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-a1ceb14210f5ff18dc1c5c7b4457183f-0-8679dcf78360aadf32a24b271343e5cd.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. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
值得注意的是,该公司的CEO的薪资低于相似规模公司的中位数。监控CEO的薪酬始终是值得的,但更重要的问题是公司是否会在今后几年中实现盈利增长。在买入或卖出股票之前,我们始终建议仔细研究历史增长趋势,请在此处查看。
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. In the case of China Telecom, it has a TSR of 83% 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!
考虑到任何给定股票的总股东回报率以及股价回报率是很重要的。TSR是回报计算,考虑到现金股息的价值(假设任何获得的股息都被再投资)以及任何折价资本筹集和剥离的计算价值。可以说TSR为支付股息的股票提供了更完整的图片。对于中国电信而言,其TSR在过去3年中为83%。这超过了我们之前提到的股价回报。毫不奇怪,股息支付在很大程度上解释了这种差异!
A Different Perspective
不同的观点
It's nice to see that China Telecom shareholders have received a total shareholder return of 24% over the last year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 11%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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 Telecom .
很高兴看到中国电信股东在过去一年中获得了总股东回报率为24%。当然,这包括股息。这种增长比五年期间的年度TSR(11%)要好。因此,近期市场对公司的情绪似乎很积极。具有乐观视角的人可以将最近的TSR改善视为业务本身随着时间的推移而变得更好的迹象。尽管很值得考虑市场状况对股价的不同影响,但还有其他更重要的因素。因此,您应该注意我们发现的1个关于中国电信的警示标志。
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 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?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
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@simplywallst.com。