The Total Return for China Tourism Group Duty Free (SHSE:601888) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for China Tourism Group Duty Free (SHSE:601888) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
It hasn't been the best quarter for China Tourism Group Duty Free Corporation Limited (SHSE:601888) shareholders, since the share price has fallen 13% in that time. On the other hand the returns over the last half decade have not been bad. It's good to see the share price is up 58% in that time, better than its market return of 55%. Unfortunately not all shareholders will have held it for the long term, so spare a thought for those caught in the 47% decline over the last twelve months.
這不是今年以來最好的一個季度中國旅遊集團免稅有限責任公司(上海證券交易所:601888)股東,因為在此期間股價下跌了13%.另一方面,過去五年的回報並不差。很高興看到該公司股價在此期間上漲了58%,好於其55%的市場回報率。不幸的是,並不是所有的股東都會長期持有它,所以請考慮一下那些在過去12個月中陷入47%跌幅的人。
In light of the stock dropping 5.3% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive five-year return.
鑑於該公司股價在過去一週下跌了5.3%,我們希望調查更長期的情況,看看基本面因素是否是該公司五年來正回報的驅動因素。
View our latest analysis for China Tourism Group Duty Free
查看我們對中國旅遊集團免稅的最新分析
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
用巴菲特的話說,“船隻將在世界各地航行,但平坦的地球協會將蓬勃發展。市場上的價格和價值之間將繼續存在巨大的差異……”評估圍繞一家公司的情緒變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
Over half a decade, China Tourism Group Duty Free managed to grow its earnings per share at 8.2% a year. This EPS growth is reasonably close to the 10% average annual increase in the share price. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. Indeed, it would appear the share price is reacting to the EPS.
在五年的時間裡,中國旅遊集團免稅集團的每股收益以每年8.2%的速度增長。這一每股收益增長相當接近該公司股價年均10%的漲幅。因此,人們可以得出這樣的結論:投資者對這些股票的情緒沒有太大變化。事實上,看起來股價是在對每股收益做出反應。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖描述了EPS是如何隨著時間的推移而變化的(通過單擊圖像來揭示確切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231010/0-1aabdd43c19ca16ad748700b985d2e57-0-63a287ab657d0c72a22fb12862a49bb5.png/big)
Dive deeper into China Tourism Group Duty Free's key metrics by checking this interactive graph of China Tourism Group Duty Free's earnings, revenue and cash flow.
通過查看這張中國旅遊集團免稅收益、收入和現金流的互動圖,進一步深入瞭解中國旅遊集團免稅的關鍵指標。
What About Dividends?
那股息呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of China Tourism Group Duty Free, it has a TSR of 63% 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!
在考察投資回報時,重要的是要考慮到股東總回報(TSR)和股價回報。TSR是一種回報計算,計入了現金股息的價值(假設收到的任何股息都進行了再投資),以及任何貼現融資和剝離的計算價值。可以說,TSR更全面地描繪了一隻股票產生的回報。以中國旅遊集團免稅為例,最近5年的TSR為63%。這超過了我們之前提到的它的股價回報。而且,猜測股息支付在很大程度上解釋了這種差異是沒有好處的!
A Different Perspective
不同的視角
China Tourism Group Duty Free shareholders are down 46% for the year (even including dividends), but the market itself is up 2.2%. 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 10%, 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. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Even so, be aware that China Tourism Group Duty Free is showing 3 warning signs in our investment analysis , you should know about...
中國旅遊集團免稅股東全年下跌46%(即使包括股息),但市場本身上漲了2.2%。然而,請記住,即使是最好的股票,在12個月的時間裡,有時也會表現遜於市場。較長期的投資者不會如此沮喪,因為他們在五年內每年會獲得10%的收益。最近的拋售可能是一個機會,因此可能值得查看基本面數據,以尋找長期增長趨勢的跡象。我發現,把股價作為衡量企業業績的長期指標是非常有趣的。但為了真正獲得洞察力,我們還需要考慮其他資訊。即便如此,要注意中國旅遊集團免稅正在顯現我們的投資分析中的3個警告信號,你應該知道關於……
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
對於那些想要找到贏得投資這免費最近有內幕收購的不斷增長的公司名單可能就是合適的選擇。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
請注意,本文引用的市場回報反映了目前在中國交易所交易的股票的市場加權平均回報。
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對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.