The Five-year Decline in Earnings Might Be Taking Its Toll on China SpacesatLtd (SHSE:600118) Shareholders as Stock Falls 5.0% Over the Past Week
The Five-year Decline in Earnings Might Be Taking Its Toll on China SpacesatLtd (SHSE:600118) Shareholders as Stock Falls 5.0% Over the Past Week
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 China SpacesatLtd share price has climbed 57% in five years, easily topping the market return of 36% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 17% , including 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,中國SpaceSatLtd的股價在五年內上漲了57%,輕鬆超過了36%的市場回報率(不包括股息)。另一方面,最近的漲幅並不那麼令人印象深刻,包括股息在內的股東僅獲得17%的收益。
Although China SpacesatLtd has shed CN¥1.7b from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
儘管China SpaceSatLtd本週市值已下跌17億元人民幣,但讓我們來看看其長期基本面趨勢,看看它們是否推動了回報。
Check out our latest analysis for China SpacesatLtd
看看我們對China SpaceSatLtd的最新分析
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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).
在他的文章中 格雷厄姆和多茲維爾的超級投資者 沃倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。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。
China SpacesatLtd's earnings per share are down 18% per year, despite strong share price performance over five years.
儘管五年來股價表現強勁,但中國SpaceSatLtd的每股收益每年下降18%。
Essentially, it doesn't seem likely that investors are focused on EPS. Because earnings per share don't seem to match up with the share price, we'll take a look at other metrics instead.
從本質上講,投資者似乎不太可能將注意力集中在每股收益上。由於每股收益似乎與股價不符,因此我們將改用其他指標。
The modest 0.3% dividend yield is unlikely to be propping up the share price. We are not particularly impressed by the annual compound revenue growth of 0.8% over five years. So why is the share price up? It's not immediately obvious to us, but a closer look at the company's progress over time might yield answers.
0.3%的適度股息收益率不太可能支撐股價。五年內0.8%的年複合收入增長並沒有給我們留下特別深刻的印象。那麼爲什麼股價上漲呢?這對我們來說並不明顯,但仔細觀察公司隨着時間的推移可能會得出答案。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
公司的收入和收益(隨着時間的推移)如下圖所示(點擊查看確切數字)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231123/0-71eb3a0d0dfe87de42d8411efe6d59e0-0-38651f8aacaae1ace613dd003bdd7026.png/big)
Take a more thorough look at China SpacesatLtd's financial health with this free report on its balance sheet.
通過這份免費的資產負債表報告,更全面地了解China SpaceSatLtd的財務狀況。
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. As it happens, China SpacesatLtd's TSR for the last 5 years was 59%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
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。碰巧的是,China SpaceSatLtd在過去5年的股東總回報率爲59%,超過了前面提到的股價回報率。因此,該公司支付的股息促進了 總 股東回報。
A Different Perspective
不同的視角
It's nice to see that China SpacesatLtd shareholders have received a total shareholder return of 17% over the last year. That's including the dividend. That's better than the annualised return of 10% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand China SpacesatLtd better, we need to consider many other factors. Case in point: We've spotted 2 warning signs for China SpacesatLtd you should be aware of.
很高興看到China SpaceSatLtd的股東在過去一年中獲得了17%的股東總回報率。這包括股息。這比五年來10%的年化回報率要好,這意味着該公司最近的表現更好。持樂觀觀點的人可能會將最近股東總回報率的改善視爲業務本身隨着時間的推移而變得越來越好。從長遠來看,追蹤股價表現總是很有意思的。但是,爲了更好地了解China SpaceSatLtd,我們需要考慮許多其他因素。一個很好的例子:我們已經爲China SpaceSatLtd發現了兩個警告信號,你應該注意。
Of course China SpacesatLtd may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,China SpaceSatLtd可能不是最值得買入的股票。因此,您可能希望看到這批免費的成長型股票。
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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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。