The Five-year Loss for Joy City Property (HKG:207) Shareholders Likely Driven by Its Shrinking Earnings
The Five-year Loss for Joy City Property (HKG:207) Shareholders Likely Driven by Its Shrinking Earnings
Joy City Property Limited (HKG:207) shareholders should be happy to see the share price up 17% in the last month. But don't envy holders -- looking back over 5 years the returns have been really bad. In that time the share price has delivered a rude shock to holders, who find themselves down 73% after a long stretch. Some might say the recent bounce is to be expected after such a bad drop. Of course, this could be the start of a turnaround.
大悅城地產有限公司(HKG: 207)股東應該很高興看到上個月股價上漲了17%。但是不要羨慕持有者——回顧過去的5年,回報真的很糟糕。在那段時間裏,股價給持有人帶來了沉重的衝擊,他們發現自己在很長一段時間後下跌了73%。有人可能會說,在經歷瞭如此嚴重的跌幅之後,最近的反彈是可以預料的。當然,這可能是轉機的開始。
Although the past week has been more reassuring for shareholders, they're still in the red over the last five years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週令股東更加放心,但在過去五年中,他們仍處於虧損狀態,所以讓我們看看基礎業務是否是造成下降的原因。
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。
During the five years over which the share price declined, Joy City Property's earnings per share (EPS) dropped by 21% each year. This change in EPS is reasonably close to the 23% average annual decrease in the share price. This implies that the market has had a fairly steady view of the stock. Rather, the share price has approximately tracked EPS growth.
在股價下跌的五年中,大悅城地產的每股收益(EPS)每年下降21%。每股收益的變化相當接近股價年均下降23%。這意味着市場對該股的看法相當穩定。相反,股價大致追蹤了每股收益的增長。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何隨着時間的推移而變化的(點擊圖片發現確切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240216/0-68f13a17b03b4d943709910ff01b0cf0-0-9bd180d801656aaa72616aaa7c77212d.png/big)
This free interactive report on Joy City Property'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大悅城地產的收益、收入和現金流,這份關於大悅城地產收益、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?
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Joy City Property the TSR over the last 5 years was -66%, which is better than the share price return mentioned above. 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。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。我們注意到,大悅城地產在過去5年的股東總回報率爲-66%,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
While the broader market lost about 15% in the twelve months, Joy City Property shareholders did even worse, losing 23% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 11% per year over five years. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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. Like risks, for instance. Every company has them, and we've spotted 4 warning signs for Joy City Property (of which 2 are potentially serious!) you should know about.
儘管整個市場在十二個月中下跌了約15%,但大悅城地產股東的表現甚至更糟,損失了23%(甚至包括股息)。話雖如此,在下跌的市場中,一些股票不可避免地會被超賣。關鍵是要密切關注基本發展。遺憾的是,去年的業績結束了糟糕的表現,股東在五年內每年面臨11%的總虧損。總的來說,長期股價疲軟可能是一個壞兆頭,儘管逆勢投資者可能希望研究該股以期出現轉機。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。比如風險。每家公司都有警告,我們已經發現了大悅城地產的4個警告標誌(其中2個可能很嚴重!)你應該知道。
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
如果你像我一樣,那麼你不會想錯過這份業內人士正在收購的成長型公司的免費名單。
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。
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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。