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China Taiping Insurance Holdings (HKG:966) Investors Are Sitting on a Loss of 69% If They Invested Five Years Ago

China Taiping Insurance Holdings (HKG:966) Investors Are Sitting on a Loss of 69% If They Invested Five Years Ago

中國太平保險控股(HKG: 966)投資者如果在五年前投資,將蒙受69%的損失
Simply Wall St ·  2023/11/27 17:23

We think intelligent long term investing is the way to go. But along the way some stocks are going to perform badly. For example the China Taiping Insurance Holdings Company Limited (HKG:966) share price dropped 73% over five years. That is extremely sub-optimal, to say the least. The falls have accelerated recently, with the share price down 15% in the last three months.

我們認爲明智的長期投資是必經之路。但在此過程中,一些股票將表現不佳。例如,中國太平保險控股有限公司(HKG:966)的股價在五年內下跌了73%。至少可以說,這非常不理想。最近,跌幅加快,股價在過去三個月中下跌了15%。

It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.

值得評估的是,該公司的經濟狀況是否與這些令人難以置信的股東回報步調一致,或者兩者之間是否存在一些差距。所以我們就這麼做吧。

View our latest analysis for China Taiping Insurance Holdings

查看我們對中國太平保險控股的最新分析

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.

用本傑明·格雷厄姆的話來說:從短期來看,市場是一臺投票機器,但從長遠來看,它是一臺稱重機。通過比較每股收益(EPS)和一段時間內的股價變化,我們可以了解投資者對公司的態度是如何隨着時間的推移而變化的。

Looking back five years, both China Taiping Insurance Holdings' share price and EPS declined; the latter at a rate of 17% per year. Readers should note that the share price has fallen faster than the EPS, at a rate of 23% per year, over the period. So it seems the market was too confident about the business, in the past. The low P/E ratio of 7.64 further reflects this reticence.

回顧五年,中國太平保險控股的股價和每股收益均有所下降;後者每年下降17%。讀者應注意,在此期間,股價的下跌速度快於每股收益,每年下降23%。因此,過去市場似乎對該業務過於自信。7.64的低市盈率進一步反映了這種沉默。

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 隨着時間的推移是如何變化的(點擊圖片可以看到確切的值)。

earnings-per-share-growth
SEHK:966 Earnings Per Share Growth November 27th 2023
香港交易所:966 每股收益增長 2023 年 11 月 27 日

It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free interactive report on China Taiping Insurance Holdings' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.

可能值得注意的是,首席執行官的薪水低於類似規模公司的中位數。始終值得關注首席執行官的薪酬,但更重要的問題是公司多年來是否會增加收益。如果你想進一步調查該股,這份關於中國太平保險控股收益、收入和現金流的免費互動報告是一個不錯的起點。

What About Dividends?

分紅呢?

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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, China Taiping Insurance Holdings' TSR for the last 5 years was -69%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!

在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。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。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。碰巧的是,中國太平保險控股在過去5年的股東總回報率爲-69%,超過了前面提到的股價回報率。這在很大程度上是其股息支付的結果!

A Different Perspective

不同的視角

It's nice to see that China Taiping Insurance Holdings shareholders have received a total shareholder return of 6.7% over the last year. That's including the dividend. Notably the five-year annualised TSR loss of 11% per year compares very unfavourably with the recent share price performance. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. It's always interesting to track share price performance over the longer term. But to understand China Taiping Insurance Holdings better, we need to consider many other factors. For example, we've discovered 2 warning signs for China Taiping Insurance Holdings that you should be aware of before investing here.

很高興看到中國太平保險控股的股東在去年獲得了6.7%的股東總回報率。這包括股息。值得注意的是,五年期年化股東總回報率每年虧損11%,與最近的股價表現相比非常不利。我們通常更看重短期內的長期業績,但最近的改善可能暗示業務將出現(積極的)轉折點。從長遠來看,追蹤股價表現總是很有意思的。但是,要更好地了解中國太平保險控股,我們需要考慮許多其他因素。例如,我們發現了中國太平保險控股的兩個警告信號,在這裏投資之前,你應該注意這些信號。

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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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