Shenzhen Microgate Technology (SZSE:300319) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
Shenzhen Microgate Technology (SZSE:300319) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. To wit, the Shenzhen Microgate Technology share price has climbed 66% in five years, easily topping the market return of 1.3% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 23% in the last year, including dividends.
总体而言,积极的选股旨在寻找提供超过市场平均回报的公司。尽管积极的选股存在风险(需要分散风险),但也可能提供超额回报。比如,麦捷科技的股票价格在过去五年里上涨了66%,远高于市场回报率1.3%(不计分红派息)。然而,最近的回报并不像那样令人印象深刻,股票去年的回报率仅为23%,包括分红派息。
Since the stock has added CN¥617m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由于该股票在过去一周内增加了6.17亿人民币的市值,让我们看看基础业绩是否推动了长期回报。
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 five years of share price growth, Shenzhen Microgate Technology achieved compound earnings per share (EPS) growth of 15% per year. This EPS growth is higher than the 11% average annual increase in the share price. So it seems the market isn't so enthusiastic about the stock these days.
在股票价格增长了五年后,麦捷科技实现了每年15%的复合每股收益增长率。这一每股收益增长率高于股票价格每年平均增长11%。因此,市场对该股票似乎不太热衷。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的图片中查看每股收益如何随时间变化(单击图表以查看确切的价值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240721/0-5c77001d69fa34185c40ee7de9cbf016-0-2bdde69437727fcdb1d4e9eecf5f17f1.png/big)
We know that Shenzhen Microgate Technology has improved its bottom line over the last three years, but what does the future have in store? If you are thinking of buying or selling Shenzhen Microgate Technology stock, you should check out this FREE detailed report on its balance sheet.
我们知道,麦捷科技在过去三年里改善了其底线,但未来将如何呢?如果您考虑购买或出售麦捷科技的股票,您应该查看这份关于其资产负债表的免费详细报告。
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). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Shenzhen Microgate Technology the TSR over the last 5 years was 72%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股票价格回报,投资者还应考虑总股东回报(TSR)。股票价格回报只反映股票价格的变化,TSR 包括股息的价值(假设它们被再投资)以及任何折价资本募集或剥离带来的益处。可以说,TSR 提供了股票所产生的回报的更全面的图片。我们注意到,麦捷科技在过去5年里的TSR为72%,比上面提到的股票价格回报要好。这在很大程度上是其分红派息的结果!
A Different Perspective
不同的观点
It's nice to see that Shenzhen Microgate Technology shareholders have received a total shareholder return of 23% 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. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Shenzhen Microgate Technology , and understanding them should be part of your investment process.
很高兴看到麦捷科技的股东在过去一年中获得了23%的总股东回报。当然,这包括股息。这一获得比五年的年平均TSR高出11%。因此,近期的TSR提高可能表明业务本身随着时间的推移正在变得更好。我觉得通过长期的股票价格作为业务表现的代理来观察股票价格非常有趣。但要真正获得见解,我们需要考虑其他信息。例如,投资风险始终存在。我们已经确定了麦捷科技的1个警示信号,并了解它们应该是投资过程的一部分。
Of course Shenzhen Microgate Technology may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,麦捷科技可能不是最好的买入股票。因此,您可能希望查看这个免费的成长股票集合。
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
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。