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The 3.6% Return This Week Takes Golden Agri-Resources' (SGX:E5H) Shareholders Five-year Gains to 70%

The 3.6% Return This Week Takes Golden Agri-Resources' (SGX:E5H) Shareholders Five-year Gains to 70%

今年股票回报率为3.6%,这让金農企業(新加坡交易所:E5H)的股东五年收益达到了70%。
Simply Wall St ·  10/14 08:17

Stock pickers are generally looking for stocks that will outperform the broader market. Buying under-rated businesses is one path to excess returns. For example, long term Golden Agri-Resources Ltd (SGX:E5H) shareholders have enjoyed a 39% share price rise over the last half decade, well in excess of the market decline of around 10% (not including dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 10%, including dividends.

股票选手一般都在寻找能够跑赢整个市场的股票。买入被低估的业务是获得超额回报的途径之一。例如,长期持有新加坡金光农业资源有限公司(SGX:E5H)的股东在过去半个世纪享受了39%的股价上涨,远远超过了大约10%的市场下跌(不包括股息)。另一方面,最近的涨幅并不那么令人印象深刻,股东仅获得了10%的回报,包括股息。

Since the stock has added S$127m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.

由于该股票在过去一周内增加了1.27亿新加坡元的市值,让我们看看潜在表现是否推动了长期回报。

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

市场有时候是有效的,但价格并不总是反映公司的基本业务表现。通过比较每股收益和股价变化,我们可以了解投资者对公司的看法如何随着时间变化而变化。

During the last half decade, Golden Agri-Resources became profitable. That would generally be considered a positive, so we'd hope to see the share price to rise.

在过去的半个世纪里,金光农业资源已经实现了盈利。这通常被认为是一个积极的信号,因此我们希望看到股价上涨。

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)。

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SGX:E5H Earnings Per Share Growth October 14th 2024
SGX:E5H 2024年10月14日每股收益增长

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?

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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Golden Agri-Resources' TSR for the last 5 years was 70%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!

除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。TSR包括任何拆股或折价增资的价值,以及任何分红,基于分红再投资的假设。可以说,TSR提供了更全面的股票收益画面。正好,Golden Agri-Resources过去5年的TSR为70%,超过了前面提到的股价回报。毫无疑问,分红支付在很大程度上解释了这种分歧!

A Different Perspective

不同的观点

Golden Agri-Resources shareholders gained a total return of 10% during the year. Unfortunately this falls short of the market return. On the bright side, the longer term returns (running at about 11% a year, over half a decade) look better. Maybe the share price is just taking a breather while the business executes on its growth strategy. It's always interesting to track share price performance over the longer term. But to understand Golden Agri-Resources better, we need to consider many other factors. Case in point: We've spotted 2 warning signs for Golden Agri-Resources you should be aware of, and 1 of them shouldn't be ignored.

Golden Agri-Resources股东在该年度共获得10%的总回报。不幸的是,这低于市场回报。但值得一提的是,长期回报(连续半个世纪每年约11%)看起来更有吸引力。也许股价只是在业务执行其增长策略时喘息片刻。跟踪股价表现是一直很有趣的事情。但要更好地了解Golden Agri-Resources,我们需要考虑许多其他因素。举个例子:我们已经发现了Golden Agri-Resources的2个警告信号,您应该注意其中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 Singaporean exchanges.

请注意,本文中引用的市场回报反映了当前在新加坡交易所上市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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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