Wuxi Taiji Industry Limited's (SHSE:600667) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Wuxi Taiji Industry Limited's (SHSE:600667) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
The main point of investing for the long term is to make money. But more than that, you probably want to see it rise more than the market average. Unfortunately for shareholders, while the Wuxi Taiji Industry Limited Corporation (SHSE:600667) share price is up 16% in the last five years, that's less than the market return. Unfortunately the share price is down 3.8% in the last year.
长期投资的主要目的是赚钱。但更重要的是,您可能希望看到它的增长超过市场平均水平。不幸的是,对于股东而言,太极实业有限公司(SHSE:600667)的股价在过去五年中上涨了16%,但这低于市场回报。不幸的是,过去一年股价下跌了3.8%。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
虽然过去的一周削弱了公司的五年回报,但让我们看看业务的最近趋势,并查看收益是否已对齐。
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. 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.
尽管一些人继续教授有效市场假说,但已经证明市场是过度反应的动态系统,并且投资者并不总是理性的。通过比较每股收益(EPS)和股价的变化情况,我们可以了解投资者对公司的态度如何随着时间变化而变化。
Over half a decade, Wuxi Taiji Industry Limited managed to grow its earnings per share at 0.3% a year. This EPS growth is slower than the share price growth of 3% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. And that's hardly shocking given the track record of growth.
在过去的五年中,太极实业有限公司每股收益年增长率为0.3%。这个每股收益的增长速度慢于同期股价年增长3%。因此可以合理推测,市场对这家业务的看法比五年前更高。考虑到其增长的表现,这并不令人感到惊讶。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
您可以看到EPS随时间的变化如下(通过单击图像了解确切数值)。
We know that Wuxi Taiji Industry Limited has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我们知道太极实业近年来改善了其底线,但它的营业收入会增长吗?如果你感兴趣,可以查看这份免费的报告,显示共识营业收入预测。
What About Dividends?
关于分红派息的问题
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. In the case of Wuxi Taiji Industry Limited, it has a TSR of 25% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时,理解总股东回报(TSR)与股价回报之间的差异是很重要的。TSR包括任何分拆或折扣融资的价值,以及任何分红,假设这些分红被再投资。可以说,TSR提供了股票产生回报的更全面图景。以太极实业为例,它在过去5年中的TSR为25%。这超过了我们之前提到的股价回报。而且,毫无疑问,分红支付在很大程度上解释了这一差距!
A Different Perspective
另一种看法
While the broader market gained around 8.3% in the last year, Wuxi Taiji Industry Limited shareholders lost 2.0% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 5%, each year, over five years. 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. 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 1 warning sign for Wuxi Taiji Industry Limited you should be aware of.
尽管整体市场在过去一年中上涨了约8.3%,但太极实业的股东却损失了2.0%(即使包括分红)。然而,请记住,即使是最好的股票在十二个月期间有时也会表现不佳。长期投资者也许不会太沮丧,因为他们在五年内每年都能获得5%的回报。最近的抛售可能是一个机会,因此可能值得检查基本数据,以寻找长期增长趋势的迹象。尽管考虑市场条件对股价的不同影响是很重要的,但还有其他更重要的因素。比如:我们已经发现了1个太极实业的警告信号,你应该注意。
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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