CITIC Resources Holdings (HKG:1205) Sheds HK$393m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
CITIC Resources Holdings (HKG:1205) Sheds HK$393m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
The main aim of stock picking is to find the market-beating stocks. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment in CITIC Resources Holdings Limited (HKG:1205), since the last five years saw the share price fall 49%. And it's not just long term holders hurting, because the stock is down 33% in the last year. And the share price decline continued over the last week, dropping some 13%.
選股的主要目的是尋找市場領先的股票。但是,幾乎每個投資者都肯定會有表現過硬和表現不佳的股票。目前,一些股東可能會質疑他們對中信資源控股有限公司(HKG: 1205)的投資,因爲在過去五年中,股價下跌了49%。而且,受傷害的不僅僅是長揸者,因爲該股去年下跌了33%。上週股價繼續下跌,下跌了約13%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鑑於過去一週對股東的處境艱難,讓我們研究一下基本面,看看能學到什麼。
Check out our latest analysis for CITIC Resources Holdings
查看我們對中信資源控股的最新分析
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
儘管市場是一種強大的定價機制,但股價反映的是投資者的情緒,而不僅僅是基本的業務表現。評估公司情緒變化的一種有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
CITIC Resources Holdings became profitable within the last five years. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics may better explain the share price move.
中信資源控股在過去五年內實現盈利。大多數人會認爲這是一件好事,因此股價下跌是違反直覺的。其他指標可以更好地解釋股價走勢。
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. It's not immediately clear to us why the stock price is down but further research might provide some answers.
我們注意到,股息一直保持良好,因此這並不能真正解釋股價下跌的原因。我們目前尚不清楚爲什麼股價下跌,但進一步的研究可能會提供一些答案。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
你可以在下面看到收入和收入如何隨着時間的推移而變化(點擊圖片發現確切的數值)。
If you are thinking of buying or selling CITIC Resources Holdings stock, you should check out this FREE detailed report on its balance sheet.
如果您正在考慮買入或賣出中信資源控股的股票,則應在其資產負債表上查看這份免費的詳細報告。
What About Dividends?
那股息呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 CITIC Resources Holdings, it has a TSR of -34% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
重要的是要考慮任何給定股票的股東總回報率和股價回報率。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都經過再投資)以及任何貼現資本籌集和分拆的計算價值。可以說,股東總回報率更全面地描述了股票產生的回報。就中信資源控股而言,其過去5年的股東總回報率爲-34%。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
The total return of 23% received by CITIC Resources Holdings shareholders over the last year isn't far from the market return of -21%. So last year was actually even worse than the last five years, which cost shareholders 6% per year. It will probably take a substantial improvement in the fundamental performance for the company to reverse this trend. It's always interesting to track share price performance over the longer term. But to understand CITIC Resources Holdings better, we need to consider many other factors. Even so, be aware that CITIC Resources Holdings is showing 2 warning signs in our investment analysis , you should know about...
中信資源控股股東去年獲得的23%的總回報率與-21%的市場回報率相差不遠。因此,去年的情況實際上比過去五年還要糟糕,後者每年使股東損失6%。要扭轉這一趨勢,該公司的基本業績可能需要大幅改善。長期跟蹤股價表現總是很有意思的。但是,爲了更好地了解中信資源控股,我們需要考慮許多其他因素。即便如此,請注意,中信資源控股在我們的投資分析中顯示了兩個警告信號,您應該知道...
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你想和管理層一起購買股票,那麼你可能會喜歡這份免費的公司清單。(提示:內部人士一直在買入它們)。
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率。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。