Shenzhou International Group Holdings (HKG:2313) Shareholders Have Endured a 64% Loss From Investing in the Stock Three Years Ago
Shenzhou International Group Holdings (HKG:2313) Shareholders Have Endured a 64% Loss From Investing in the Stock Three Years Ago
Investing in stocks inevitably means buying into some companies that perform poorly. But the last three years have been particularly tough on longer term Shenzhou International Group Holdings Limited (HKG:2313) shareholders. Regrettably, they have had to cope with a 66% drop in the share price over that period. Shareholders have had an even rougher run lately, with the share price down 22% in the last 90 days. Of course, this share price action may well have been influenced by the 10% decline in the broader market, throughout the period.
投资股票不可避免地意味着要买入一些表现不佳的公司。但是,近3年对长期持有深圳市盛洲控股有限公司(HKG:2313)股票的股东来说尤其艰难。遗憾的是,他们不得不应对这段时间中股价下跌66%的情况。近90天来,股东们的情况更为惨烈,股价下跌22%。当然,这个股价行动很可能受到整个周期中大市场下跌10%的影响。
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
现在让我们看看这家公司的基本面,看看长期股东回报是否与基础业务的表现相匹配。
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.
虽然一些人仍然相信有效市场假说,但已经证明市场是过度反应的动态系统,投资者并不总是理性的。一个不完美但简单的方法来考虑公司市场看法的变化是比较每股收益(EPS)的变化和股价的波动。
Shenzhou International Group Holdings saw its EPS decline at a compound rate of 3.7% per year, over the last three years. The share price decline of 30% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
深圳市盛洲控股有限公司上市交易所:2313 每股收益过去3年以3.7%的复合年增长率下降。30%的股价下跌实际比每股收益下降要陡峭。因此看来市场过去对业务过于自信了。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(随时间的推移)如下图所示(单击可查看确切数字)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-9bffd463f331dd5bcc6235385a280ae3-0-af6b529fd4d4cc143d31d5c1609d3ba7.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在购买或出售股票之前,我们始终建议对历史增长趋势进行仔细研究,可以在这里找到相关信息。
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. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Shenzhou International Group Holdings' TSR for the last 3 years was -64%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在评估投资回报时,考虑总股东回报率(TSR)和股价回报率之间的差异非常重要。TSR是一种回报计算,考虑到现金股息值(假设收到的任何股息都是再投资)和任何折价融资和股票分拆的计算价值。所以对于那些支付丰厚股息的公司,TSR通常比股价回报率高得多。恰好,深圳市盛洲控股有限公司过去3年的TSR为-64%,超过了前面提到的股价回报率。毫无疑问,股息支付在很大程度上解释了这种分歧!
A Different Perspective
不同的观点
While the broader market gained around 8.0% in the last year, Shenzhou International Group Holdings shareholders lost 13% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 7% 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. Keeping this in mind, a solid next step might be to take a look at Shenzhou International Group Holdings' dividend track record. This free interactive graph is a great place to start.
虽然整个市场去年涨了约8.0%,深圳市盛洲控股有限公司的股东们(包括股息)损失了13%。然而,请记住,即使是最优秀的股票有时也会在12个月的时间内跑输市场。不幸的是,去年的表现可能表明存在未解决的挑战,因为它比过去半个十年的年化损失7%还要糟糕。一般来说,长期的股价疲弱可能是一个不好的迹象,尽管反向投资者可能希望研究股票,希望有所好转。记住这一点,下一个稳健的步骤可能是查看深圳市盛洲控股有限公司的股息历史纪录。这个免费交互式图表是一个很好的起点。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然,您可能在其他地方找到一家出色的企业进行投资。因此,请查看我们预计将实现盈利增长的公司的免费列表。
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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