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Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Have Endured a 15% Loss From Investing in the Stock Three Years Ago

Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Have Endured a 15% Loss From Investing in the Stock Three Years Ago

三年前,山東步長製藥(SHSE: 603858)的股東因投資該股而遭受了15%的損失
Simply Wall St ·  02/24 18:10

No-one enjoys it when they lose money on a stock. But it can difficult to make money in a declining market. While the Shandong Buchang Pharmaceuticals Co., Ltd. (SHSE:603858) share price is down 22% in the last three years, the total return to shareholders (which includes dividends) was -15%. That's better than the market which declined 20% over the last three years.

當他們在股票上虧損時,沒有人會喜歡它。但是在下跌的市場中可能很難賺錢。儘管山東步長製藥有限公司(SHSE: 603858)的股價在過去三年中下跌了22%,但股東總回報率(包括股息)爲-15%。這比過去三年下跌20%的市場要好。

Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.

由於從長遠來看,股東會下跌,讓我們來看看那段時間的潛在基本面,看看它們與回報是否一致。

While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

儘管一些人繼續教導高效市場假說,但事實證明,市場是反應過度的動態系統,投資者並不總是理性的。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。

Shandong Buchang Pharmaceuticals saw its share price decline over the three years in which its EPS also dropped, falling to a loss. This was, in part, due to extraordinary items impacting earnings. Due to the loss, it's not easy to use EPS as a reliable guide to the business. However, we can say we'd expect to see a falling share price in this scenario.

山東步長製藥的股價在三年中下跌,其每股收益也下降至虧損。部分原因是非同尋常的項目影響了收益。由於虧損,使用EPS作爲可靠的業務指南並不容易。但是,我們可以說,在這種情況下,我們預計股價將下跌。

You can see how EPS has 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 EPS 隨時間推移的變化(點擊圖表查看確切值)。

earnings-per-share-growth
SHSE:603858 Earnings Per Share Growth February 25th 2024
SHSE: 603858 每股收益增長 2024 年 2 月 25 日

Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.

在買入或賣出股票之前,我們始終建議仔細研究歷史增長趨勢,可在此處查閱。

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. As it happens, Shandong Buchang Pharmaceuticals' TSR for the last 3 years was -15%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!

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。碰巧的是,山東步長製藥在過去3年的股東總回報率爲-15%,超過了前面提到的股價回報率。這在很大程度上是其股息支付的結果!

A Different Perspective

不同的視角

Although it hurts that Shandong Buchang Pharmaceuticals returned a loss of 11% in the last twelve months, the broader market was actually worse, returning a loss of 17%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 0.3% over the last half decade. While some investors do well specializing in buying companies that are struggling (but nonetheless undervalued), don't forget that Buffett said that 'turnarounds seldom turn'. 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 Shandong Buchang Pharmaceuticals that you should be aware of before investing here.

儘管山東步長製藥在過去十二個月中回報了11%的虧損令人痛心,但整個市場實際上更糟,虧損了17%。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年0.3%的年化虧損還要糟糕。儘管一些投資者在專門收購陷入困境(但仍被低估)的公司方面表現良好,但不要忘記巴菲特說過 “轉機很少會轉機”。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。例如,我們發現了山東步長製藥的兩個警告信號,在投資之前,您應該注意這些信號。

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 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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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