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Shareholders in New World Development (HKG:17) Are in the Red If They Invested Five Years Ago

Shareholders in New World Development (HKG:17) Are in the Red If They Invested Five Years Ago

新世界發展(HKG: 17)的股東如果在五年前進行投資,則處於虧損狀態
Simply Wall St ·  02/26 19:16

Long term investing works well, but it doesn't always work for each individual stock. It hits us in the gut when we see fellow investors suffer a loss. Anyone who held New World Development Company Limited (HKG:17) for five years would be nursing their metaphorical wounds since the share price dropped 81% in that time. And some of the more recent buyers are probably worried, too, with the stock falling 55% in the last year. Furthermore, it's down 22% in about a quarter. That's not much fun for holders. We really feel for shareholders in this scenario. It's a good reminder of the importance of diversification, and it's worth keeping in mind there's more to life than money, anyway.

長期投資行之有效,但並不總是適用於每隻股票。當我們看到其他投資者遭受損失時,這讓我們大吃一驚。自那時股價下跌81%以來,任何持有新世界發展有限公司(HKG: 17)五年的人都將照顧自己的隱喻創傷。一些最近的買家可能也感到擔憂,該股去年下跌了55%。此外,它在大約一個季度內下降了22%。對於持有者來說,這並不好玩。在這種情況下,我們真的對股東有同感。這很好地提醒了多元化的重要性,無論如何,值得記住的是,生活中存在的不僅僅是金錢。

With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

考慮到這一點,值得一看公司的基本面是否是長期業績的驅動力,或者是否存在一些差異。

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。

Looking back five years, both New World Development's share price and EPS declined; the latter at a rate of 47% per year. This fall in the EPS is worse than the 28% compound annual share price fall. So the market may previously have expected a drop, or else it expects the situation will improve.

回顧五年,新世界發展的股價和每股收益均有所下降;後者每年下降47%。每股收益的下降比28%的複合年股價下跌還要嚴重。因此,市場此前可能曾預計會下跌,否則預計情況會有所改善。

The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).

下圖描述了 EPS 隨着時間的推移是如何變化的(點擊圖片可以看到確切的值)。

earnings-per-share-growth
SEHK:17 Earnings Per Share Growth February 27th 2024
SEHK: 17 每股收益增長 2024 年 2 月 27 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?

It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for New World Development the TSR over the last 5 years was -71%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!

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。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。我們注意到,對於新世界發展而言,過去5年的股東總回報率爲-71%,好於上述股價回報率。這在很大程度上是其股息支付的結果!

A Different Perspective

不同的視角

We regret to report that New World Development shareholders are down 48% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 7.5%. However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 11% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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 3 warning signs for New World Development (1 doesn't sit too well with us!) that you should be aware of before investing here.

我們遺憾地報告,新世界發展股東今年下跌了48%(甚至包括股息)。不幸的是,這比整個市場7.5%的跌幅還要嚴重。但是,可能只是股價受到了更廣泛的市場緊張情緒的影響。如果有很好的機會,可能值得關注基本面。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。我們意識到羅斯柴爾德男爵曾說過,投資者應該 “在街頭流血時買入”,但我們警告說,投資者應首先確保他們購買的是高質量的企業。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 3 個新世界發展的警告信號(1 個對我們來說不太合適!)在這裏投資之前,您應該注意這一點。

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。

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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