The Three-year Loss for Venture (SGX:V03) Shareholders Likely Driven by Its Shrinking Earnings
The Three-year Loss for Venture (SGX:V03) Shareholders Likely Driven by Its Shrinking Earnings
As an investor its worth striving to ensure your overall portfolio beats the market average. But if you try your hand at stock picking, you risk returning less than the market. We regret to report that long term Venture Corporation Limited (SGX:V03) shareholders have had that experience, with the share price dropping 20% in three years, versus a market decline of about 12%. Contrary to the longer term story, the last month has been good for stockholders, with a share price gain of 9.0%.
作为投资者,值得努力确保您的整体投资组合超过市场平均水平。但是,如果你尝试选股,你的回报率可能会低于市场。我们遗憾地报告,长期风险投资有限公司(SGX: V03)的股东有过这样的经历,股价在三年内下跌了20%,而市场下跌了约12%。与长期情况相反,上个月对股东有利,股价上涨了9.0%。
On a more encouraging note the company has added S$160m to its market cap in just the last 7 days, so let's see if we can determine what's driven the three-year loss for shareholders.
更令人鼓舞的是,该公司的市值在过去的7天内就增加了1.6亿新元,因此,让我们看看我们能否确定导致股东三年亏损的原因。
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.
尽管一些人继续教导高效市场假说,但事实证明,市场是反应过度的动态系统,投资者并不总是理性的。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
During the three years that the share price fell, Venture's earnings per share (EPS) dropped by 3.3% each year. The share price decline of 7% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
在股价下跌的三年中,Venture的每股收益(EPS)每年下降3.3%。7%的股价下跌实际上比每股收益的下滑幅度更大。因此,过去市场似乎对该业务过于自信。
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 在一段时间内的跟踪情况(如果你点击图片,你可以看到更多细节)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240802/0-f39b29836049e5ac02aefdf1143f717a-0-d272717fe75b87d08a0f19227fdc311b.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. It might be well worthwhile taking a look at our free report on Venture's earnings, revenue and cash flow.
可能值得注意的是,首席执行官的薪水低于类似规模公司的中位数。始终值得关注首席执行官的薪酬,但更重要的问题是公司多年来是否会增加收益。可能值得一看我们关于Venture收益、收入和现金流的免费报告。
What About Dividends?
分红呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Venture the TSR over the last 3 years was -7.5%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考虑任何给定股票的股东总回报率和股价回报率。尽管股价回报率仅反映股价的变化,但股东总回报率包括股息的价值(假设已进行再投资)以及任何折扣融资或分拆的收益。因此,对于支付丰厚股息的公司来说,股东总回报率通常远高于股价回报率。我们注意到,对于Venture而言,过去3年的股东总回报率为-7.5%,好于上述股价回报率。因此,公司支付的股息提高了股东的总回报率。
A Different Perspective
不同的视角
It's good to see that Venture has rewarded shareholders with a total shareholder return of 14% in the last twelve months. Of course, that includes the dividend. That's better than the annualised return of 6% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It's always interesting to track share price performance over the longer term. But to understand Venture better, we need to consider many other factors. Even so, be aware that Venture is showing 1 warning sign in our investment analysis , you should know about...
很高兴看到Venture在过去十二个月中向股东提供了14%的总股东回报率。当然,这包括股息。这比五年来6%的年化回报率要好,这意味着该公司最近的表现更好。鉴于股价势头仍然强劲,可能值得仔细研究该股,以免错过机会。长期跟踪股价表现总是很有意思的。但是,为了更好地理解 Venture,我们需要考虑许多其他因素。即便如此,请注意,Venture在我们的投资分析中显示了1个警告信号,您应该知道...
But note: Venture may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:风险投资可能不是最好的买入股票。因此,来看看这份过去盈利增长(以及进一步增长预测)的有趣公司的免费清单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Singaporean exchanges.
请注意,本文引用的市场回报反映了目前在新加坡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.
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。
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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