Singapore Post (SGX:S08) Sheds S$68m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
Singapore Post (SGX:S08) Sheds S$68m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
We think intelligent long term investing is the way to go. But along the way some stocks are going to perform badly. For example, after five long years the Singapore Post Limited (SGX:S08) share price is a whole 57% lower. That is extremely sub-optimal, to say the least. And the share price decline continued over the last week, dropping some 6.7%. However, this move may have been influenced by the broader market, which fell 5.2% in that time.
我们认为聪明的长期投资是正确的方式。然而，在此过程中，某些股票会表现糟糕。例如，在经过5年之后，新加坡邮政有限公司(SGX:S08)的股价下跌了整整57%。这至少可以说是极不理想的。 而且，股价下跌在上周继续了下去，下降了6.7%。然而，这一波动可能受到更广泛的市场影响，而在这段时间内下跌了5.2%。
Since Singapore Post has shed S$68m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
由于新加坡邮政在过去7天中损失了6800万新元，让我们看看长期下跌是否受到了业务经济的影响。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本杰明·格雷厄姆的话：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司周边环境的情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。
During the five years over which the share price declined, Singapore Post's earnings per share (EPS) dropped by 15% each year. This change in EPS is remarkably close to the 15% average annual decrease in the share price. This implies that the market has had a fairly steady view of the stock. Rather, the share price has approximately tracked EPS growth.
在股价下跌的五年期间，新加坡邮政的每股收益(EPS)每年下降15%。这种EPS的变化与股价每年平均下降15%非常接近。这意味着市场对这支股票有一个相当稳定的看法。相反，股价大致跟踪EPS增长。
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）。
We know that Singapore Post has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我们知道新加坡邮政最近已经改善了其底线，但它是否将增加营业收入呢？您可以查看这份免费报告，了解分析师对营业收入的预测。
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). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Singapore Post, it has a TSR of -52% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股价回报率之外，投资者还应考虑总股东回报率(TSR)。TSR包括任何分拆或折价增资的价值，以及根据假设股息已被再投资的任何股息。因此，对于支付丰厚股息的公司而言，TSR通常比股价回报率高得多。在新加坡邮政的情况下，它在过去5年中的TSR为-52%。这超过了我们之前提到的股价回报率。这主要是由于其分红派息！
A Different Perspective
不同的观点
Singapore Post shareholders are down 14% for the year (even including dividends), but the market itself is up 0.5%. 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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 9% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. It's always interesting to track share price performance over the longer term. But to understand Singapore Post better, we need to consider many other factors. Take risks, for example - Singapore Post has 1 warning sign we think you should be aware of.
新加坡邮政的股东在今年亏损了14%(包括股息)，但市场本身上涨了0.5%。即使是好的股票价格有时也会下跌，但我们希望在对业务的基本指标进行了解改善之前不要过分关注。不幸的是，去年的表现可能表明存在一些未解决的挑战，因为它比过去半个世纪的年化亏损率(9%)还要糟糕。一般来说，长期的股价疲软可能是一个不好的迹象，不过对立投资者可能希望研究一下股票，以期扭转局面。让我们来跟踪股价长期表现总是有趣的。但要更好地了解新加坡邮政，我们需要考虑许多其他因素。例如，风险——我们认为新加坡邮政有1个警告信号值得注意。
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 Singaporean exchanges.
请注意，本文中引用的市场回报反映了当前在新加坡交易所上市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。