Frencken Group's (SGX:E28) Five-year Earnings Growth Trails the 16% YoY Shareholder Returns
Frencken Group's (SGX:E28) Five-year Earnings Growth Trails the 16% YoY Shareholder Returns
It might be of some concern to shareholders to see the Frencken Group Limited (SGX:E28) share price down 18% in the last month. But that doesn't change the fact that the returns over the last five years have been pleasing. After all, the share price is up a market-beating 86% in that time. While the returns over the last 5 years have been good, we do feel sorry for those shareholders who haven't held shares that long, because the share price is down 40% in the last three years.
上个月弗伦肯集团有限公司(新加坡证券交易所股票代码:E28)的股价下跌了18%,这可能会引起股东的担忧。但这并不能改变过去五年的回报令人愉快的事实。毕竟,那段时间股价上涨了86%,超过了市场。尽管过去5年的回报良好,但我们确实为那些没有持有这么长时间的股东感到难过,因为股价在过去三年中下跌了40%。
After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.
在过去一周强劲上涨之后,值得一看的是长期回报是否是由基本面改善推动的。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
沃伦·巴菲特在他的文章《格雷厄姆和多兹维尔的超级投资者》中描述了股价如何并不总是能合理地反映企业的价值。研究市场情绪如何随时间推移而变化的一种方法是研究公司的股价与其每股收益(EPS)之间的相互作用。
Over half a decade, Frencken Group managed to grow its earnings per share at 1.2% a year. This EPS growth is slower than the share price growth of 13% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在过去的五年中,弗伦肯集团设法将其每股收益增长到每年1.2%。每股收益的增长低于同期每年13%的股价增长。因此,可以公平地假设市场对该业务的看法比五年前更高。考虑到五年的收益增长记录,这并不一定令人惊讶。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何随着时间的推移而变化的(点击图片发现确切的值)。
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在买入或卖出股票之前,我们始终建议仔细研究历史增长趋势,可在此处查阅。
What About Dividends?
分红呢?
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. As it happens, Frencken Group's TSR for the last 5 years was 113%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时,重要的是要考虑股东总回报(TSR)和股价回报之间的差异。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。可以公平地说,股东总回报率为支付股息的股票提供了更完整的画面。碰巧的是,弗伦肯集团过去5年的股东总回报率为113%,超过了前面提到的股价回报率。而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!
A Different Perspective
不同的视角
It's good to see that Frencken Group has rewarded shareholders with a total shareholder return of 66% in the last twelve months. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 16%. 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. To that end, you should be aware of the 1 warning sign we've spotted with Frencken Group .
很高兴看到弗伦肯集团在过去十二个月中向股东提供了66%的总股东回报率。当然,这包括股息。这一增幅好于五年内的年度股东总回报率,即16%。因此,最近公司周围的情绪似乎一直很乐观。持乐观态度的人可能会将最近股东总回报率的改善视为业务本身随着时间的推移而变得更好。我发现将长期股价视为业务绩效的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。为此,你应该注意我们在Frencken集团发现的1个警告信号。
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.
如果你想看看另一家公司——一家财务状况可能优异的公司——那么千万不要错过这份已经证明自己可以增加收益的公司的免费名单。
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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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。