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Lee & Man Paper Manufacturing's (HKG:2314) Earnings Have Declined Over Five Years, Contributing to Shareholders 48% Loss

Lee & Man Paper Manufacturing's (HKG:2314) Earnings Have Declined Over Five Years, Contributing to Shareholders 48% Loss

理文造纸(香港:2314)的收益在过去五年中下降,导致股东损失48%。
Simply Wall St ·  12/12 16:03

Lee & Man Paper Manufacturing Limited (HKG:2314) shareholders should be happy to see the share price up 20% in the last quarter. But that doesn't change the fact that the returns over the last five years have been less than pleasing. After all, the share price is down 59% in that time, significantly under-performing the market.

理文造纸有限公司 (HKG:2314) 的股东们应该对过去一个季度股价上涨20%感到高兴。 但这并没有改变过去五年回报不尽人意的事实。 毕竟,在这段时间内,股价下降了59%,显著低于市场表现。

Although the past week has been more reassuring for shareholders, they're still in the red over the last five years, so let's see if the underlying business has been responsible for the decline.

尽管过去一周对股东来说更让人放心,但在过去五年内,他们的表现依然不佳,所以让我们看看基本业务是否导致了这种下滑。

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.

借用本杰明·格雷厄姆的话: 在短期内,市场是一台投票机,但在长期内,它是一台称重机。 通过比较每股收益(EPS)和股价变化,我们可以感受投资者对公司的态度是如何随着时间变化的。

Looking back five years, both Lee & Man Paper Manufacturing's share price and EPS declined; the latter at a rate of 16% per year. In this case, the EPS change is really very close to the share price drop of 16% a year. This implies that the market has had a fairly steady view of the stock. Rather, the share price change has reflected changes in earnings per share.

回顾五年,理文造纸的股价和每股收益都在下降;后者下降的速度为每年16%。 在这种情况下,每股收益的变化与股价每年下降16%非常接近。 这意味着市场对该股票的看法相对稳定。 相反,股价的变化反映了每股收益的变化。

You can see how EPS has 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每股收益随时间的变化(单击图表查看确切值)。

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SEHK:2314 Earnings Per Share Growth December 12th 2024
SEHK:2314 每股收益增长 2024年12月12日

We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at our free report on Lee & Man Paper Manufacturing's earnings, revenue and cash flow.

我们认为,内部人最近一年内进行了大量购买,这是积极信号。尽管如此,未来的收益对当前股东是否能盈利将更为重要。查看我们关于理文造纸的盈利、营业收入和现金流的免费报告可能值得一看。

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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Lee & Man Paper Manufacturing the TSR over the last 5 years was -48%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.

除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。股价回报仅反映股价的变化,而TSR包括了分红的价值(假设它们被再投资)以及任何折扣融资或剥离的好处。可以公平地说,TSR为支付分红的股票提供了更全面的图景。我们注意到,理文造纸在过去5年中的TSR为-48%,这比上述的股价回报要好。公司的分红因此提升了总股东回报。

A Different Perspective

不同的视角

Lee & Man Paper Manufacturing's TSR for the year was broadly in line with the market average, at 25%. The silver lining is that the share price is up in the short term, which flies in the face of the annualised loss of 8% over the last five years. We're pretty skeptical of turnaround stories, but it's good to see the recent share price recovery. It's always interesting to track share price performance over the longer term. But to understand Lee & Man Paper Manufacturing better, we need to consider many other factors. To that end, you should learn about the 2 warning signs we've spotted with Lee & Man Paper Manufacturing (including 1 which is significant) .

理文造纸的年度TSR与市场平均水平大致相符,为25%。银 lining是,股价在短期内上涨,这与过去五年年化损失8%形成对比。我们对反转故事持怀疑态度,但看到最近的股价恢复是件好事。跟踪股价表现的长期趋势总是很有趣的。但要更好地了解理文造纸,我们需要考虑许多其他因素。为此,您应该了解我们发现的理文造纸的两个警告信号(其中一个是重要的)。

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).

如果你喜欢与管理层一起买入股票,那么你可能会喜欢这份免费的公司名单。(提示:它们中的大多数都在雷达下飞行)。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.

请注意,本文中引用的市场回报反映了目前在香港交易所交易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.

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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。

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