Chengzhi's (SZSE:000990) Earnings Have Declined Over Five Years, Contributing to Shareholders 29% Loss
Chengzhi's (SZSE:000990) Earnings Have Declined Over Five Years, Contributing to Shareholders 29% Loss
This week we saw the Chengzhi Co., Ltd. (SZSE:000990) share price climb by 10%. But over the last half decade, the stock has not performed well. You would have done a lot better buying an index fund, since the stock has dropped 31% in that half decade.
本週我們看到誠志有限公司(深圳證券交易所代碼:000990)的股價上漲了10%。但是在過去的五年中,該股表現不佳。購買指數基金的表現要好得多,因爲該股在那五年中下跌了31%。
While the last five years has been tough for Chengzhi shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
儘管過去五年對誠志股東來說是艱難的,但過去一週顯示出希望的跡象。因此,讓我們來看看長期基本面,看看它們是否是負回報的驅動力。
View our latest analysis for Chengzhi
查看我們對 Chengzhi 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。
Chengzhi 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 might give us a better handle on how its value is changing over time.
誠志在過去五年內實現了盈利。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。其他指標可能會讓我們更好地了解其價值如何隨着時間的推移而變化。
We don't think that the 1.4% is big factor in the share price, since it's quite small, as dividends go. Revenue is actually up 17% over the time period. So it seems one might have to take closer look at the fundamentals to understand why the share price languishes. After all, there may be an opportunity.
我們認爲1.4%不是影響股價的重要因素,因爲隨着股息的增加,它相當小。在此期間,收入實際上增長了17%。因此,看來人們可能必須仔細研究基本面才能理解股價下跌的原因。畢竟,可能有機會。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收入和收入隨時間推移的跟蹤情況(如果您點擊圖片,可以看到更多細節)。
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. So it makes a lot of sense to check out what analysts think Chengzhi will earn in the future (free profit forecasts).
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。因此,看看分析師認爲誠志未來的收入(自由利潤預測)是很有意義的。
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. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Chengzhi's TSR for the last 5 years was -29%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
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。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。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,誠志過去5年的股東總回報率爲-29%,超過了前面提到的股價回報率。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
Although it hurts that Chengzhi returned a loss of 12% in the last twelve months, the broader market was actually worse, returning a loss of 18%. Given the total loss of 5% per year over five years, it seems returns have deteriorated in the last twelve months. Whilst Baron Rothschild does tell the investor "buy when there's blood in the streets, even if the blood is your own", buyers would need to examine the data carefully to be comfortable that the business itself is sound. It's always interesting to track share price performance over the longer term. But to understand Chengzhi 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 Chengzhi , and understanding them should be part of your investment process.
儘管誠志在過去十二個月中回報了12%的虧損令人痛心,但整個市場實際上更糟,回報了18%的虧損。鑑於五年內每年的總損失爲5%,在過去的十二個月中,回報似乎有所惡化。儘管羅斯柴爾德男爵確實告訴投資者 “街上有血時買入,即使血液是你自己的”,但買家需要仔細檢查數據,以確定業務本身是健全的。長期跟蹤股價表現總是很有意思的。但是,要更好地理解成志,我們需要考慮許多其他因素。例如,投資風險的幽靈無處不在。我們已經向誠志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。
We will like Chengzhi better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
如果我們看到一些重大的內幕收購,我們會更喜歡成志。在我們等待的同時,請查看這份免費清單,列出了最近有大量內幕收購的成長型公司。
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.
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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。