COSCO SHIPPING Holdings' (HKG:1919) Five-year Earnings Growth Trails the 57% YoY Shareholder Returns
COSCO SHIPPING Holdings' (HKG:1919) Five-year Earnings Growth Trails the 57% YoY Shareholder Returns
COSCO SHIPPING Holdings Co., Ltd. (HKG:1919) shareholders might be concerned after seeing the share price drop 13% in the last quarter. But over five years returns have been remarkably great. In fact, during that period, the share price climbed 410%. Impressive! Arguably, the recent fall is to be expected after such a strong rise. Of course what matters most is whether the business can improve itself sustainably, thus justifying a higher price.
中远海控(HKG:1919)的股东可能会担心股价在上个季度下跌了13%。但是在过去的五年中,回报率表现非常出色,事实上在该时期内,股价上涨了410%。令人印象深刻!可以说,在如此强劲的上涨之后,近期的下跌是可以预料的。当然,最重要的是业务能否持续改善,从而证明合理更高的价格。
Since it's been a strong week for COSCO SHIPPING Holdings shareholders, let's have a look at trend of the longer term fundamentals.
既然中远海控股东的这一周表现强劲,让我们来看看长期基本面的趋势。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否认的是,市场有时是高效的,但价格并不总是反映潜在的商业表现。一个不完美但简单的方法来考虑公司市场感知如何改变是比较每股收益(EPS)变化和股价变动。
During five years of share price growth, COSCO SHIPPING Holdings achieved compound earnings per share (EPS) growth of 64% per year. This EPS growth is higher than the 39% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 6.88 also suggests market apprehension.
在股价增长的五年期间,中远海控实现了每股收益复合增长率达到64%。这种每股收益增长高于股价的平均年增长率39%。因此,人们可以得出结论,股市已经对该股变得更加谨慎。相对较低的市盈率6.88也表明市场存在一定的担忧。
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随时间的变化情况(如果您单击该图像,则可以查看更多详细信息)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-3535fef48e1377a5546eccb43e6ff7a8-0-442feadfdfb1e322584e50c88dae998a.png/big)
It might be well worthwhile taking a look at our free report on COSCO SHIPPING Holdings' earnings, revenue and cash flow.
我们的免费报告可以提供中远海控的收入、营业收入和现金流信息,这可以值得一看。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for COSCO SHIPPING Holdings the TSR over the last 5 years was 855%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
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)。股价回报仅反映股价的变化,而TSR还包括股息的价值(假设它们被再投资)以及任何折扣融资或分拆的好处。因此,对于付出丰厚红利的公司,TSR通常比股价回报率高得多。我们注意到,中远海控在过去5年中的TSR为855%,这比上述股价回报率更好。毫无疑问,红利支付在很大程度上解释了这种差异!
A Different Perspective
不同的观点
It's nice to see that COSCO SHIPPING Holdings shareholders have received a total shareholder return of 61% over the last year. That's including the dividend. That's better than the annualised return of 57% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We've spotted 3 warning signs for COSCO SHIPPING Holdings you should be aware of, and 1 of them makes us a bit uncomfortable.
很高兴看到中远海控的股东在过去一年中获得了61%的总股东回报率。包括股息在内。这比半个十年的年化回报率57%要好,暗示公司近年来表现更好。乐观的人可能会认为,TSR的最近改善表明该企业本身随着时间的推移变得更好。虽然考虑市场环境对股价的不同影响非常值得,但还有其他更重要的因素。这就是:我们发现有3个警示信号需要注意,其中1个让我们有点不舒服。
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 Hong Kong exchanges.
请注意,本文引用的市场回报反映了当前在香港证券交易所交易的股票的市场加权平均回报。
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