share_log

Investors in CLP Holdings (HKG:2) Have Unfortunately Lost 2.2% Over the Last Five Years

Investors in CLP Holdings (HKG:2) Have Unfortunately Lost 2.2% Over the Last Five Years

中电控股(港股代码:2)的投资者在过去五年中不幸损失了2.2%。
Simply Wall St ·  12/15 16:20

Ideally, your overall portfolio should beat the market average. But even the best stock picker will only win with some selections. So we wouldn't blame long term CLP Holdings Limited (HKG:2) shareholders for doubting their decision to hold, with the stock down 22% over a half decade.

理想情况下,您的整体投资组合应该超过市场平均水平。但是即使是最优秀的股票挑选者也只能在某些选择上获胜。因此,我们不会责怪长期持有中电控股有限公司(HKG:2)的股东对持有他们的决定表示怀疑,因为该股票在过去五年下跌了22%。

With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

鉴于此,值得看看该公司的基本面是否一直是长期业绩的驱动因素,或者是否存在一些不一致之处。

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 flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

尽管高效市场假说仍然被一些人教授,但已经证明市场是过度反应的动态系统,投资者并不总是理性。评估公司周围的情绪如何变化的一种缺陷但合理的方法是比较每股收益(EPS)与股价。

While the share price declined over five years, CLP Holdings actually managed to increase EPS by an average of 7.7% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.

虽然股票价格在五年内下跌,但中电控股实际上平均每年每股收益增长了7.7%。所以,似乎每股收益并不是理解市场如何评估该股票的良好指标。相反,以前的增长预期可能是不合理的。

It's strange to see such muted share price performance despite sustained growth. Perhaps a clue lies in other metrics.

尽管持续增长,却看到如此平淡的股价表现,实在令人费解。也许其他指标能提供一些线索。

The steady dividend doesn't really explain why the share price is down. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.

稳定的分红并不能完全解释为什么股价下跌。尽管股价下跌的原因并不完全明显,但更仔细地查看公司的历史可能有助于解释这一点。

The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).

以下图像显示了公司的营业收入和盈利(随时间变化)(单击以查看准确的数字)。

big
SEHK:2 Earnings and Revenue Growth December 16th 2024
香港证券交易所:2 盈利和营业收入增长 2024年12月16日

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

It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of CLP Holdings, it has a TSR of -2.2% 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!

在考虑任何股票时,股东总回报和股价回报都是重要的。总股东回报包括任何分拆或折价融资的价值,以及任何分红,前提是假设分红被再投资。可以公平地说,总股东回报为支付分红的股票提供了更完整的画面。在中电控股的情况中,过去5年的总股东回报为-2.2%。这超过了我们之前提到的股价回报。毫无疑问,分红支付在很大程度上解释了这种差异!

A Different Perspective

不同的视角

CLP Holdings shareholders are up 6.0% for the year (even including dividends). But that was short of the market average. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 0.4% endured over half a decade. So this might be a sign the business has turned its fortunes around. It's always interesting to track share price performance over the longer term. But to understand CLP Holdings better, we need to consider many other factors. Take risks, for example - CLP Holdings has 3 warning signs we think you should be aware of.

中电控股的股东今年上涨了6.0%(即使包括分红派息)。但这仍低于市场平均水平。幸运的是,这仍然是一个收益,当然比过去五年遭受的约0.4%的年度亏损要好。因此,这可能是一个业务扭转其命运的迹象。长期追踪股票价格表现总是很有趣。但要更好地了解中电控股,我们需要考虑许多其他因素。以风险为例 - 中电控股有3个警告信号,我们认为你应该注意。

Of course CLP Holdings may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

当然,中电控股可能不是最佳的买入股票。因此,你可能想看看这份免费的成长股集合。

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.

对本文有反馈?对内容有疑虑?请直接与我们联系。或者,发送电子邮件至 editorial-team (at) simplywallst.com。
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。

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
    抢沙发