The Three-year Underlying Earnings Growth at Man Wah Holdings (HKG:1999) Is Promising, but the Shareholders Are Still in the Red Over That Time
The Three-year Underlying Earnings Growth at Man Wah Holdings (HKG:1999) Is Promising, but the Shareholders Are Still in the Red Over That Time
If you love investing in stocks you're bound to buy some losers. But the last three years have been particularly tough on longer term Man Wah Holdings Limited (HKG:1999) shareholders. Sadly for them, the share price is down 72% in that time. The falls have accelerated recently, with the share price down 34% in the last three months.
如果您热爱投资股票,那么一定会买一些失败者。但过去三年对长期持有者Man Wah Holdings Limited (HKG:1999)的股东来说尤其艰难。很遗憾,股价在这段时间里下跌了72%。最近股价下跌势头加剧,过去三个月下跌了34%。
Since Man Wah Holdings has shed HK$853m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
自Man Wah Holdings在过去7天中蒸发了85300万港币的价值以来,让我们看看长期下滑是否受到业务经济的推动。
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。
During the unfortunate three years of share price decline, Man Wah Holdings actually saw its earnings per share (EPS) improve by 5.7% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed.
在不幸的三年股价下滑期间,Man Wah Holdings实际上看到其每股收益(EPS)年均增长了5.7%。这是一个谜,表明股价可能暂时有些支撑。或者公司过去被过度炒作,因此其增长令人失望。
It's worth taking a look at other metrics, because the EPS growth doesn't seem to match with the falling share price.
值得关注其他指标,因为EPS增长似乎与股价下跌不符。
We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. Man Wah Holdings has maintained its top line over three years, so we doubt that has shareholders worried. So it might be worth looking at how revenue growth over time, in greater detail.
我们注意到股息看起来足够健康,所以这可能不是股价下跌的原因。曼华家具在过去三年内保持了稳定的收入,因此我们怀疑这不会让股东们担心。因此,值得更详细地关注收入的增长情况。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的图表显示了收益和营收随时间的变化情况(通过单击图像揭示确切的值)。
![1724451264814](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42819668-0-2faa0b74036c6cd21ebfdd86c1af2cf3.webp/bigjpg)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. You can see what analysts are predicting for Man Wah Holdings in this interactive graph of future profit estimates.
我们喜欢看到内部人在过去的十二个月里购买股票。即便如此,未来的收益对于现有股东是否能够赚钱来说更加重要。您可以通过这个互动图表了解分析师对曼华家具未来利润预测的情况。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Man Wah Holdings, it has a TSR of -68% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股价回报之外,投资者还应考虑总股东回报(TSR)。TSR考虑了任何拆分股份或折价增发股份的价值,以及任何红利,基于红利再投资的假设。可以说TSR为支付分红的股票提供了一个更完整的图片。在曼华家具的情况下,过去3年的TSR为-68%。这超过了我们之前提到的股价回报。这在很大程度上是其红利支付的结果!
A Different Perspective
不同的观点
Man Wah Holdings shareholders are down 18% for the year (even including dividends), but the market itself is up 8.3%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 8% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. It's always interesting to track share price performance over the longer term. But to understand Man Wah Holdings better, we need to consider many other factors. To that end, you should be aware of the 1 warning sign we've spotted with Man Wah Holdings .
万华持有人在今年的收益率下降了18%(含分红派息),但整个市场的收益率却上涨了8.3%。然而,要记住,即使是最好的股票有时候也会在十二个月的时间内表现不佳。好消息是,长期持有股东获利,每年获利率在过去五年的时间里达到8%。最近的抛售可能是一个机会,所以值得检查基本数据是否存在长期增长趋势的迹象。通过跟踪股价在较长时间内的表现,可以更好地了解万华控股。但为了更好地了解万华控股,我们需要考虑许多其他因素。为此,您应该了解到我们在万华控股中发现的1个警告信号。
Man Wah Holdings is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
万华控股不是唯一一个内部人员正在购买的股票。对于那些喜欢发现不太知名的公司的人,最近有内部购买行为的正在增长的公司的免费列表可能正是您需要的。
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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