Chow Tai Fook Jewellery Group (HKG:1929) Jumps 3.9% This Week, Though Earnings Growth Is Still Tracking Behind Five-year Shareholder Returns
Chow Tai Fook Jewellery Group (HKG:1929) Jumps 3.9% This Week, Though Earnings Growth Is Still Tracking Behind Five-year Shareholder Returns
When we invest, we're generally looking for stocks that outperform the market average. And in our experience, buying the right stocks can give your wealth a significant boost. To wit, the Chow Tai Fook Jewellery Group share price has climbed 68% in five years, easily topping the market decline of 20% (ignoring dividends).
當我們投資時,我們通常在尋找表現優於市場平均水平的股票。根據我們的經驗,購買合適的股票可以顯著提振您的財富。換句話說,周大福珠寶集團的股價在五年內上漲了68%,輕鬆超過了20%的市場跌幅(不包括股息)。
The past week has proven to be lucrative for Chow Tai Fook Jewellery Group investors, so let's see if fundamentals drove the company's five-year performance.
事實證明,過去一週對周大福珠寶集團的投資者來說是有利可圖的,所以讓我們看看基本面是否推動了該公司的五年業績。
See our latest analysis for Chow Tai Fook Jewellery Group
查看我們對周大福珠寶集團的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
不可否認,市場有時是有效的,但價格並不總是能反映潛在的業務表現。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。
Over half a decade, Chow Tai Fook Jewellery Group managed to grow its earnings per share at 5.6% a year. This EPS growth is slower than the share price growth of 11% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. And that's hardly shocking given the track record of growth.
在過去的五年中,周大福珠寶集團成功地以每年5.6%的速度增長了每股收益。每股收益的增長低於同期股價每年11%的增長。這表明,如今,市場參與者對公司的重視程度更高。考慮到增長記錄,這並不令人震驚。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下圖中看到 EPS 隨時間推移的變化(點擊圖表查看確切值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231121/0-99640e6a2e301757c0498d9a8175bf7e-0-6e252838989ae7e2e8fba1126415d1e4.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在買入或賣出股票之前,我們始終建議仔細研究歷史增長趨勢,可在此處查閱。
What About Dividends?
分紅呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Chow Tai Fook Jewellery Group, it has a TSR of 122% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報外,投資者還應考慮股東總回報(TSR)。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息已被再投資)以及任何貼現資本籌集和分拆的計算價值。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報。就周大福珠寶集團而言,其過去5年的股東總回報率爲122%。這超過了我們之前提到的股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
Chow Tai Fook Jewellery Group shareholders are down 20% for the year (even including dividends), but the market itself is up 2.5%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 17%, 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. Case in point: We've spotted 1 warning sign for Chow Tai Fook Jewellery Group you should be aware of.
周大福珠寶集團的股東今年下跌了20%(包括股息),但市場本身卻上漲了2.5%。即使是優質股票的股價有時也會下跌,但我們希望看到企業的基本指標有所改善,然後才會變得過於感興趣。長期投資者不會那麼沮喪,因爲他們本可以在五年內每年賺17%。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。我發現從長遠來看,將股價視爲業務表現的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。一個很好的例子:我們發現了周大福珠寶集團的 1 個警告標誌,你應該注意。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你想與管理層一起購買股票,那麼你可能會喜歡這份免費的公司名單。(提示:業內人士一直在購買它們)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
請注意,本文引用的市場回報反映了目前在香港交易所交易的股票的市場加權平均回報。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。