China Overseas Land & Investment (HKG:688) Sheds HK$9.6b, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
China Overseas Land & Investment (HKG:688) Sheds HK$9.6b, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
China Overseas Land & Investment Limited (HKG:688) shareholders should be happy to see the share price up 13% in the last quarter. But if you look at the last five years the returns have not been good. After all, the share price is down 53% in that time, significantly under-performing the market.
中国海外发展股份有限公司(HKG:688)的股东应该很高兴看到上个季度股价上涨了13%。但如果看过去五年,回报率并不好。毕竟,股价在那段时间下跌了53%,明显表现不佳。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
考虑到过去一周对股东来说是艰难的,让我们调查一下基本面并看看我们能学到什么。
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 flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
虽然一些人仍然在教授高效市场假说,但已经证明市场是过度反应的动态系统,投资者不总是理性的。一种有缺陷但合理的评估公司情绪变化的方法是比较每股收益 (EPS) 与股价。
During the five years over which the share price declined, China Overseas Land & Investment's earnings per share (EPS) dropped by 7.4% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 14% per year, over the period. This implies that the market was previously too optimistic about the stock. The low P/E ratio of 5.18 further reflects this reticence.
在股价下跌的五年期间,中国海外发展股份有限公司的每股收益(EPS)每年下降7.4%。读者应该注意到,股价在此期间以每年14%的速度下跌,速度比EPS快。这意味着市场之前对这只股票的乐观情绪过高。低的市盈率比率(P/E)为5.18,进一步反映了市场对该股票的保留态度。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-24e600eb6f269dc667e817336dc4dec9-0-018a8196b71b455f4d44801fa126d0c3.png/big)
We know that China Overseas Land & Investment 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.
我们知道中国海外发展股份有限公司的底线最近有所提高,但是它将会增加营业收入吗?如果您感兴趣,可以查看这份免费报告,展示了一致的营收预测。
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. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for China Overseas Land & Investment the TSR over the last 5 years was -40%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在看投资回报时,重要的是要考虑总股东回报(TSR)和股价回报之间的差异。TSR包含任何分拆股权或折价融资的价值,以及任何股息,假设股息被再投资。可以说,TSR提供了一张更全面的股票回报图片。我们注意到,对于中国海外发展股份有限公司,过去5年的TSR为-40%,比上述股价回报要好。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的观点
Investors in China Overseas Land & Investment had a tough year, with a total loss of 17% (including dividends), against a market gain of about 5.8%. 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. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 7% 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. It's always interesting to track share price performance over the longer term. But to understand China Overseas Land & Investment better, we need to consider many other factors. For instance, we've identified 1 warning sign for China Overseas Land & Investment that you should be aware of.
中国海外发展股份有限公司的投资者经历了艰难的一年,总亏损达17%(包括股息),而市场收益率约为5.8%。即使好股票的股价有时会下跌,但我们希望在对商业基本指标有所改善之前,投资者能够看到进展。可悲的是,去年的表现结束了一波不佳的行情,股东在过去五年中每年面临总亏损7%。我们知道罗斯柴尔德男爵曾说过投资者应该“当街上有血流时买入”,但我们要提醒投资者首先要确信自己在买入一家高质量的企业。了解股价在更长的时间范围内的表现总是有趣的。但为了更好地了解中国海外发展股份有限公司,我们需要考虑许多其他因素。例如,我们已经找到一项警告信号,提醒您注意中国海外发展股份有限公司。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一样,就不会希望错过这份免费的内部人士正在购买的低估小市值股票列表。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。