ShenZhen Properties & Resources Development (Group)'s (SZSE:000011) Three-year Decline in Earnings Translates Into Losses for Shareholders
ShenZhen Properties & Resources Development (Group)'s (SZSE:000011) Three-year Decline in Earnings Translates Into Losses for Shareholders
ShenZhen Properties & Resources Development (Group) Ltd. (SZSE:000011) shareholders should be happy to see the share price up 12% in the last week. It's not great that the stock is down over the last three years. But on the bright side, its return of -29%, is better than the market, which is down 26%.
深圳房地产资源发展(集团)股份有限公司(SZSE:000011)的股东在过去一周中，看到股价上涨了12%，应该会感到高兴。但在过去的三年里，股价下跌并不好。但是好的一面是，它的回报率为-29%，比市场要好，后者下跌了26%。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
尽管过去一周对股东来说更令人放心，但在过去的三年中，他们仍然处于亏损状态，因此让我们看看基本业务是否对下降负责。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
市场有时候是有效的，但价格并不总是反映公司的基本业务表现。通过比较每股收益和股价变化，我们可以了解投资者对公司的看法如何随着时间变化而变化。
ShenZhen Properties & Resources Development (Group) saw its EPS decline at a compound rate of 19% per year, over the last three years. This fall in the EPS is worse than the 11% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
深圳房地产资源发展(集团)每股收益以19%的复合年增长率下降，这比11%的年复合股价下跌还要糟糕。这表明，尽管过去的每股收益下降，市场仍对长期盈利稳定性保持着一些乐观情绪。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益随时间的变化情况（通过点击图像来查看确切数值）。
This free interactive report on ShenZhen Properties & Resources Development (Group)'s earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果你想进一步调查该股票，深圳房地产资源发展(集团)的收益、营业收入和现金流的这份免费互动报告是一个很好的开始。
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. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for ShenZhen Properties & Resources Development (Group) the TSR over the last 3 years was -19%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在审视投资回报时，考虑到总股东回报(TSR)和股价回报之间的差异非常重要。股价回报只反映了股价的变化，而TSR包括股息的价值(假设它们已被再投资)以及任何折价的融资或分拆的好处。可以说，TSR为支付股息的股票提供了更完整的图景。我们注意到，对于深圳房地产资源发展(集团)而言，在过去的3年中TSR为-19%，比上述股价回报要好，这在很大程度上是由于其股息支付所致！
A Different Perspective
不同的观点
The total return of 20% received by ShenZhen Properties & Resources Development (Group) shareholders over the last year isn't far from the market return of -18%. The silver lining is that longer term investors would have made a total return of 3% per year over half a decade. If the fundamental data remains strong, and the share price is simply down on sentiment, then this could be an opportunity worth investigating. 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. Take risks, for example - ShenZhen Properties & Resources Development (Group) has 3 warning signs (and 2 which don't sit too well with us) we think you should know about.
深圳房地产资源发展(集团)股东在过去一年中获得的总回报率为20%，与市场回报率的-18%相差不远。好的一面是，长期投资者在半个十年中每年可获得3%的总回报。如果基本数据保持强劲，股价仅仅受情绪拖累，那么这可能是值得考察的机会。作为业务表现的代理，我非常有兴趣长期关注股价。但是为了真正获得洞见，我们需要考虑其他信息。例如冒险 - 据我们认为，深圳房地产资源发展(集团)有3个警示信号(和2个不太良好的信号)需要您了解。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜欢与管理层一起购买股票，那么您可能会喜欢这个公司的免费列表。 （提示：其中许多公司不为人注意且具有吸引力的估值。）
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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。