Silkroad Visual Technology (SZSE:300556) Shareholder Returns Have Been Decent, Earning 57% in 5 Years
Silkroad Visual Technology (SZSE:300556) Shareholder Returns Have Been Decent, Earning 57% in 5 Years
Stock pickers are generally looking for stocks that will outperform the broader market. And the truth is, you can make significant gains if you buy good quality businesses at the right price. For example, the Silkroad Visual Technology Co., Ltd. (SZSE:300556) share price is up 54% in the last 5 years, clearly besting the market return of around 16% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 1.9% in the last year, including dividends.
股票挑选者通常会寻找能够超过大盘的股票。 事实是,如果你在合适的价格买入优质的业务,你可以实现显著的收益。 例如,丝路视觉科技有限公司(SZSE:300556)的股价在过去5年中上涨了54%,显然超越了约16%的市场回报(不考虑分红)。 但最近的回报并没有那么令人印象深刻,股票在过去一年中的回报仅为1.9%,包括分红。
Since it's been a strong week for Silkroad Visual Technology shareholders, let's have a look at trend of the longer term fundamentals.
鉴于丝路视觉的股东这一周表现强劲,让我们看看长期基本面的趋势。
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.
虽然一些人仍然教授有效市场假说,但已经证明市场是过于反应的动态系统,投资者并不总是理性。一个不完美但简单的考虑市场对公司认知变化的方法是,将每股收益(EPS)的变化与股价波动进行比较。
During five years of share price growth, Silkroad Visual Technology actually saw its EPS drop 39% per year.
在五年的股价增长中,丝路视觉的每股收益实际上每年下降了39%。
Essentially, it doesn't seem likely that investors are focused on EPS. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
本质上,投资者似乎并没有关注每股收益。由于每股收益的变化似乎与股价的变化没有相关性,因此值得查看其他指标。
The modest 0.1% dividend yield is unlikely to be propping up the share price. On the other hand, Silkroad Visual Technology's revenue is growing nicely, at a compound rate of 6.9% over the last five years. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.
0.1%的分红派息收益率不太可能支撑股价。另一方面,丝路视觉的营业收入在过去五年以6.9%的复合增长率稳步增长。目前管理层可能更优先考虑营业收入的增长而不是每股收益的增长。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
您可以在下面的图像中查看收益和营业收入随时间的变化(点击图表查看确切值)。
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
您可以通过这个免费的互动图形查看其资产负债表随时间的增强(或减弱)。
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. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Silkroad Visual Technology, it has a TSR of 57% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考虑投资回报时,重要的是要考虑总股东回报(TSR)与股价回报之间的差异。股价回报仅反映股价的变化,而TSR则包括分红的价值(假设它们被再投资)以及任何折扣资本筹集或分拆的收益。因此,对于支付丰厚分红的公司,TSR通常远高于股价回报。在丝路视觉的案例中,过去5年其总股东回报达到了57%。这超出了我们之前提到的股价回报。这在很大程度上是由于其分红派息!
A Different Perspective
不同的视角
Silkroad Visual Technology shareholders gained a total return of 1.9% during the year. But that was short of the market average. If we look back over five years, the returns are even better, coming in at 9% per year for five years. 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 Silkroad Visual Technology better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for Silkroad Visual Technology (of which 1 makes us a bit uncomfortable!) you should know about.
丝路视觉的股东在今年获得了总回报1.9%。但这低于市场平均水平。如果回顾过去五年,回报更为可观,年均达到9%。也许股价只是暂时休整,而业务正在执行其增长策略。长期跟踪股价表现总是很有趣。但要更好地了解丝路视觉,我们需要考虑许多其他因素。例如风险。每家公司都有风险,而我们发现丝路视觉有2个警告信号(其中1个让我们有些不安!)你应该知道。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果你更倾向于查看其他公司——一个财务状况可能更优的公司——那么不要错过这个免费的公司列表,它们已经证明能够实现盈利增长。
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交易的股票的市场加权平均回报。
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