Hong Kong and China Gas (HKG:3) Shareholders Have Endured a 44% Loss From Investing in the Stock Five Years Ago
Hong Kong and China Gas (HKG:3) Shareholders Have Endured a 44% Loss From Investing in the Stock Five Years Ago
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long term The Hong Kong and China Gas Company Limited (HKG:3) shareholders for doubting their decision to hold, with the stock down 54% over a half decade.
股票挑选的主要目的是找到市场领先的股票。但在任何组合中,个别股票的结果将会有所不同。因此,在过去的半个十年中,长期持有中国香港燃料币燃气公司有限公司(HKG:3)的股东对持有该股产生怀疑,该股票下跌了54%。
Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.
由于股东们长期以来都亏损了,因此让我们回顾过去一段时间的基本面,看看是否一直与收益相一致。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
虽然市场是一个强大的定价机制,但股价反映了投资者情绪,不仅仅是基本业绩。一种有缺陷但合理的评估公司周围情绪如何变化的方法是将每股收益(EPS)与股价进行比较。
Looking back five years, both Hong Kong and China Gas' share price and EPS declined; the latter at a rate of 8.2% per year. This reduction in EPS is less than the 15% annual reduction in the share price. So it seems the market was too confident about the business, in the past.
回顾过去五年,中国香港燃料币燃气的股价和每股收益都有所下降;每股收益下降速度为8.2%。这种每股收益减少幅度小于股价的15%年度减少率。因此,市场过去过于自信的业务,似乎是存在问题的。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图显示了EPS随时间变化的情况(点击图像以显示确切值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240820/0-daee6e0d661d8454268cb193a4cd76bb-0-603bd2e2992e623d08bdec8423831d2f.png/big)
Dive deeper into Hong Kong and China Gas' key metrics by checking this interactive graph of Hong Kong and China Gas's earnings, revenue and cash flow.
通过查看中国香港燃料币燃气的收入、营业收入和现金流量的交互式图表,更深入地了解其关键指标。
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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Hong Kong and China Gas, it has a TSR of -44% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了测量股票的股价回报,投资者还应考虑总股东回报(TSR)。股价回报仅反映股价的变化,而TSR包括股息的价值(假设它们被再投资)和任何折扣资本筹集或剥离的收益。可以说,TSR给出了股票所产生的回报更全面的图像。在中国香港燃料币燃气的情况下,其过去5年的TSR为负44%。这超过了我们之前提到的股价回报。该公司支付的股息因此提高了总股东回报。
A Different Perspective
不同的观点
We're pleased to report that Hong Kong and China Gas shareholders have received a total shareholder return of 17% over one year. Of course, that includes the dividend. Notably the five-year annualised TSR loss of 8% per year compares very unfavourably with the recent share price performance. The long term loss makes us cautious, but the short term TSR gain certainly hints at a brighter future. 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. To that end, you should be aware of the 2 warning signs we've spotted with Hong Kong and China Gas .
我们很高兴报道,中国香港燃料币燃气股东在过去一年中收到了总股东回报率为17%的回报。当然,这包括股息。值得注意的是,过去5年年化的TSR损失每年达到8%,与最近的股价表现相比非常不利。长期损失使我们谨慎,但短期TSR的收益则暗示着更加美好的未来。虽然值得考虑市场条件可能对股价产生的不同影响,但还有其他更重要的因素。为此,您应该了解我们发现的2个中国香港燃料币燃气的警示信号。
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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