The Three-year Loss for Byhealth (SZSE:300146) Shareholders Likely Driven by Its Shrinking Earnings
The Three-year Loss for Byhealth (SZSE:300146) Shareholders Likely Driven by Its Shrinking Earnings
The truth is that if you invest for long enough, you're going to end up with some losing stocks. Long term Byhealth Co., Ltd (SZSE:300146) shareholders know that all too well, since the share price is down considerably over three years. Unfortunately, they have held through a 55% decline in the share price in that time. The more recent news is of little comfort, with the share price down 42% in a year. The falls have accelerated recently, with the share price down 25% in the last three months. Of course, this share price action may well have been influenced by the 11% decline in the broader market, throughout the period.
事实上,如果您投资的时间足够长,您最终会拥有一些亏损的股票。长期投资Byhealth股份有限公司(SZSE:300146)的股东深知这一点,因为股价在三年内大幅下跌。不幸的是,在这段时间里,股价下跌了55%。最近的消息可谓毫无安慰,股价在一年内下跌了42%。最近的下跌加速,股价在过去三个月下跌了25%。当然,这种股价行动很可能受到整个时期内股市整体下跌11%的影响。
While the last three years has been tough for Byhealth shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
虽然过去三年对于Byhealth的股东来说很艰难,但最近一周显示出一些希望的迹象。因此,让我们来看看长期的基本面,并确定它们是否导致了负回报。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
为了概述本杰明·格雷厄姆(Benjamin Graham)的话:短期内,市场是一台投票机,但长期来看,它是一台衡重机。思考一家公司的市场感知如何转变的一种不完美但简单的方法是将每股收益(EPS)变化与股价变动进行比较。
Byhealth saw its EPS decline at a compound rate of 19% per year, over the last three years. The share price decline of 24% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
过去三年,Byhealth的每股收益以年复合降幅19%的速度下降。这24%的股价下跌实际上比每股收益下滑更为陡峭。因此,看来市场过去对该企业过于自信。
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)。
![1725153498690](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240901/43152652-0-27254d600fb7fcfee1d0cebdf858ebd1.webp/bigjpg)
It might be well worthwhile taking a look at our free report on Byhealth's earnings, revenue and cash flow.
查看免费报告以了解百济神州的收益、营业收入和现金流。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Byhealth's TSR for the last 3 years was -51%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
在考虑投资回报时,重要的是考虑总股东回报(TSR)和股价回报之间的差异。TSR包括任何分拆或折价融资活动的价值,以及基于股息再投资的任何分红。可以说,TSR提供了对股票收益更全面的图片。恰巧地,百济神州过去3年的TSR为-51%,超过了之前提到的股价回报。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的观点
We regret to report that Byhealth shareholders are down 38% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 17%. However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 6% per year over five years. 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. 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 2 warning signs for Byhealth you should be aware of, and 1 of them shouldn't be ignored.
很遗憾地通报,百济神州的股东今年损失了38%(包括股息)。不幸的是,这比整个市场下跌17%更糟糕。然而,这可能仅仅是因为股价受到整个市场的影响。有可能值得密切关注基本面情况,以便找到一个好的机会。遗憾的是,去年的表现为股东们带来了一个连续五年的总损失6%。一般来说,长期股价疲软可能是一个不好的迹象,尽管逆势投资者可能希望研究该股以期扭转局面。虽然充分考虑市场条件对股价的不同影响是非常值得的,但还有其他更重要的因素。此例就证明了这一点:我们发现了百济神州的2个警示信号,您应该注意其中的1个。
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 Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所上市的股票的市场加权平均回报。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。