Investors More Bullish on Nanjing Iron & Steel (SHSE:600282) This Week as Stock Rises 5.1%, Despite Earnings Trending Downwards Over Past Three Years
Investors More Bullish on Nanjing Iron & Steel (SHSE:600282) This Week as Stock Rises 5.1%, Despite Earnings Trending Downwards Over Past Three Years
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, Nanjing Iron & Steel Co., Ltd. (SHSE:600282) shareholders have seen the share price rise 23% over three years, well in excess of the market decline (26%, not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 17% in the last year , including dividends .
從股票市場中獲益的一種簡單方法是購買指數基金。但是,如果你以誘人的價格收購優秀的企業,你的投資組合回報率可能會超過平均市場回報。例如,南京鋼鐵股份有限公司(SHSE: 600282)股東的股價在三年內上漲了23%,遠遠超過了市場的跌幅(26%,不包括股息)。但是,最近的回報並不那麼令人印象深刻,該股去年的回報率僅爲17%,包括股息。
The past week has proven to be lucrative for Nanjing Iron & Steel investors, so let's see if fundamentals drove the company's three-year performance.
事實證明,過去一週對南京鋼鐵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三年業績。
View our latest analysis for Nanjing Iron & Steel
查看我們對南京鋼鐵的最新分析
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 禾倫·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。
Over the last three years, Nanjing Iron & Steel failed to grow earnings per share, which fell 15% (annualized).
在過去三年中,南京鋼鐵未能增長每股收益,下降了15%(按年計算)。
Thus, it seems unlikely that the market is focussed on EPS growth at the moment. Therefore, we think it's worth considering other metrics as well.
因此,目前市場似乎不太可能將注意力集中在每股收益的增長上。因此,我們認爲也值得考慮其他指標。
The dividend is no better now than it was three years ago, so that is unlikely to have driven the share price higher. But it's far more plausible that the revenue growth of 9.3% per year is viewed as evidence that Nanjing Iron & Steel is growing. In that case, the revenue growth might be more important to shareholders, for now, thus justifying a higer share price.
現在的股息並不比三年前好,因此這不太可能推動股價上漲。但是,每年9.3%的收入增長被視爲南京鋼鐵正在增長的證據,這種說法要合理得多。在這種情況下,就目前而言,收入增長對股東來說可能更爲重要,因此可以證明更高的股價是合理的。
You can see how earnings and revenue have 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收入和收入隨時間推移而發生的變化(點擊圖表查看確切值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240127/0-1d249860b9b3bac407451db147d7ef65-0-70988dae6bbe3628b83c53356c9ad3f5.png/big)
Take a more thorough look at Nanjing Iron & Steel'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,更全面地了解南京鋼鐵的財務狀況。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Nanjing Iron & Steel, it has a TSR of 53% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率外,投資者還應考慮股東總回報率(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。就南京鋼鐵而言,其過去三年的股東總回報率爲53%。這超過了我們之前提到的其股價回報率。因此,該公司支付的股息提高了 總 股東回報。
A Different Perspective
不同的視角
It's good to see that Nanjing Iron & Steel has rewarded shareholders with a total shareholder return of 17% in the last twelve months. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 9% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Nanjing Iron & Steel better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Nanjing Iron & Steel , and understanding them should be part of your investment process.
很高興看到南京鋼鐵在過去十二個月中向股東提供了17%的總股東回報率。當然,這包括股息。由於一年期股東總回報率好於五年期股東總回報率(後者爲每年9%),因此該股的表現似乎在最近有所改善。在最好的情況下,這可能暗示着一些真正的業務勢頭,這意味着現在可能是深入研究的好時機。長期跟蹤股價表現總是很有意思的。但是,要更好地了解南京鋼鐵,我們需要考慮許多其他因素。例如,以永遠存在的投資風險幽靈爲例。我們已經向南京鋼鐵確定了兩個警告信號,了解它們應該是您投資過程的一部分。
Of course Nanjing Iron & Steel may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,南京鋼鐵可能不是最好的買入股票。因此,您可能希望看到這批免費的成長股。
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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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。