Investing in Power Construction Corporation of China (SHSE:601669) Three Years Ago Would Have Delivered You a 44% Gain
Investing in Power Construction Corporation of China (SHSE:601669) Three Years Ago Would Have Delivered You a 44% Gain
One simple way to benefit from the stock market is to buy an index fund. But many of us dare to dream of bigger returns, and build a portfolio ourselves. Just take a look at Power Construction Corporation of China, Ltd (SHSE:601669), which is up 36%, over three years, soundly beating the market decline of 32% (not including dividends).
從股票市場中獲益的一種簡單方法是購買指數基金。但是我們中的許多人敢於夢想獲得更大的回報,並自己建立投資組合。看看中國電力建設股份有限公司(SHSE: 601669),該公司在三年內上漲了36%,大大超過了32%的市場跌幅(不包括股息)。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
因此,讓我們調查一下,看看公司的長期表現是否與基礎業務的進展一致。
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。
During three years of share price growth, Power Construction Corporation of China achieved compound earnings per share growth of 16% per year. The average annual share price increase of 11% is actually lower than the EPS growth. Therefore, it seems the market has moderated its expectations for growth, somewhat. We'd venture the lowish P/E ratio of 6.91 also reflects the negative sentiment around the stock.
在三年的股價增長中,中國電力建設集團實現了每年16%的複合每股收益增長。11%的年平均股價漲幅實際上低於每股收益的增長。因此,市場似乎在某種程度上放緩了對增長的預期。我們認爲,6.91的低市盈率也反映了該股的負面情緒。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了 EPS 在一段時間內的跟蹤情況(如果你點擊圖片,你可以看到更多細節)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-8473cb202b336a8f14a752b238b716bc-0-f556e200038036e0b939f44f450895ff.png/big)
This free interactive report on Power Construction Corporation of China's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果你想進一步調查中國電力建設集團的收益、收入和現金流,這份關於中國電力建設集團的收益、收入和現金流的免費互動報告是一個很好的起點。
What About Dividends?
分紅呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for Power Construction Corporation of China the TSR over the last 3 years was 44%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
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。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。我們注意到,中國電力建設集團過去三年的股東總回報率爲44%,好於上述股價回報率。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
Power Construction Corporation of China shareholders are down 28% over twelve months (even including dividends), which isn't far from the market return of -26%. Longer term investors wouldn't be so upset, since they would have made 1.3%, each year, over five years. If the stock price has been impacted by changing sentiment, rather than deteriorating business conditions, it could spell opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered 2 warning signs for Power Construction Corporation of China (1 is a bit unpleasant!) that you should be aware of before investing here.
中國電力建設集團的股東在十二個月內下跌了28%(甚至包括股息),與-26%的市場回報率相差不遠。長期投資者不會那麼沮喪,因爲他們將在五年內每年賺1.3%。如果股價受到情緒變化的影響,而不是商業狀況惡化,則可能意味着機會。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。例如,我們發現了中國電力建設集團公司的 2 個警告標誌(1 個有點不愉快!)在這裏投資之前,您應該注意這一點。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,請看一下我們預計收益將增加的這份免費公司名單。
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。