Jiangsu Guotai International Group's (SZSE:002091) Five-year Earnings Growth Trails the 11% YoY Shareholder Returns
Jiangsu Guotai International Group's (SZSE:002091) Five-year Earnings Growth Trails the 11% YoY Shareholder Returns
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. And in our experience, buying the right stocks can give your wealth a significant boost. To wit, the Jiangsu Guotai International Group share price has climbed 41% in five years, easily topping the market return of 19% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 8.2%, including dividends.
一般来说,积极挑选股票的目标是找到能提供高于市场平均收益的公司。根据我们的经验,选择正确的股票可以显著增加您的财富。以江苏国泰国际集团的股价在五年内上涨了41%为例,远超19%的市场回报(不考虑分红派息)。另一方面,最近的收益并不那么令人印象深刻,股东们仅获得了8.2%的收益,包括分红派息。
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
在稳定的七天表现之后,让我们看看公司的基本面对长期股东回报的影响。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本杰明·格雷厄姆的话:在短期内,市场是投票机,但在长期内,市场是称重机。通过比较每股收益(EPS)和股票价格的时间变化,我们可以感受到投资者对公司的态度随时间而变化。
Over half a decade, Jiangsu Guotai International Group managed to grow its earnings per share at 3.6% a year. This EPS growth is lower than the 7% average annual increase in the share price. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
在过去五年中,江苏国泰国际集团成功将每股收益增长率维持在3.6%。这一每股收益增长低于股价年均增长率7%的平均水平。这表明市场参与者如今更看好该公司。考虑到过去五年的盈利增长记录,这并不令人意外。
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)。
This free interactive report on Jiangsu Guotai International Group's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果您想进一步调查该股票,江苏国泰国际集团的盈利、营业收入和现金流的免费互动报告是一个很好的起点。
What About Dividends?
关于分红派息的问题
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. As it happens, Jiangsu Guotai International Group's TSR for the last 5 years was 69%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股价回报外,投资者还应考虑总股东回报率(TSR)。虽然股价回报仅反映了股价的变化,TSR还包括股息的价值(假设它们被再投资)和任何折价的资本增发或拆分的好处。可以说TSR更全面地展现了股票带来的回报。事实上,江苏国泰国际集团过去5年的TSR为69%,超过了前面提到的股价回报。这在很大程度上是其股息支付的结果!
A Different Perspective
另一种看法
It's good to see that Jiangsu Guotai International Group has rewarded shareholders with a total shareholder return of 8.2% in the last twelve months. That's including the dividend. Having said that, the five-year TSR of 11% a year, is even better. It's always interesting to track share price performance over the longer term. But to understand Jiangsu Guotai International Group better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for Jiangsu Guotai International Group (of which 1 is potentially serious!) you should know about.
看到江苏国泰国际集团在过去12个月以8.2%的总股东回报奖励股东是件好事。包括股息在内。话虽如此,每年11%的5年TSR更棒。跟踪股价长期表现总是很有趣。但要更好地了解江苏国泰国际集团,我们需要考虑许多其他因素。比如风险。每家公司都有风险,我们已经发现了江苏国泰国际集团的2个警示信号(其中1个可能相当严重!)您应该知道。
But note: Jiangsu Guotai International Group may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:江苏国泰可能不是最佳的股票买入选择。因此,请查看这份免费的有趣公司名单,其中包括过去盈利增长并且未来有进一步增长预测。
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,本文中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。
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