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Zhangzhou Pientzehuang Pharmaceutical (SHSE:600436) Shareholders Have Earned a 17% CAGR Over the Last Five Years

Zhangzhou Pientzehuang Pharmaceutical (SHSE:600436) Shareholders Have Earned a 17% CAGR Over the Last Five Years

在過去五年中,漳州片仔皇製藥(上海證券交易所代碼:600436)股東的複合年增長率爲17%
Simply Wall St ·  02/29 18:12

Zhangzhou Pientzehuang Pharmaceutical., Ltd (SHSE:600436) shareholders might be concerned after seeing the share price drop 12% in the last quarter. But that doesn't change the fact that shareholders have received really good returns over the last five years. We think most investors would be happy with the 116% return, over that period. To some, the recent pullback wouldn't be surprising after such a fast rise. The more important question is whether the stock is too cheap or too expensive today. While the long term returns are impressive, we do have some sympathy for those who bought more recently, given the 29% drop, in the last year.

漳州片仔莊藥業有限公司(上海證券交易所股票代碼:600436)股東在看到上個季度股價下跌12%後可能會感到擔憂。但這並不能改變股東在過去五年中獲得了非常不錯的回報的事實。我們認爲,在此期間,大多數投資者會對116%的回報感到滿意。對某些人來說,在如此快速的上漲之後,最近的回調並不奇怪。更重要的問題是今天的股票是太便宜還是太昂貴。儘管長期回報令人印象深刻,但鑑於去年下降了29%,我們對最近買入的人有些同情。

Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.

讓我們來看看長期的基本面,看看它們是否與股東的回報一致。

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 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.

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。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。

During five years of share price growth, Zhangzhou Pientzehuang Pharmaceutical achieved compound earnings per share (EPS) growth of 20% per year. So the EPS growth rate is rather close to the annualized share price gain of 17% per year. That suggests that the market sentiment around the company hasn't changed much over that time. In fact, the share price seems to largely reflect the EPS growth.

在五年的股價增長中,漳州片仔莊製藥實現了每年20%的複合每股收益(EPS)增長。因此,每股收益的增長率相當接近每年17%的年化股價漲幅。這表明該公司周圍的市場情緒在那段時間內沒有太大變化。實際上,股價似乎在很大程度上反映了每股收益的增長。

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
SHSE:600436 Earnings Per Share Growth February 29th 2024
SHSE: 600436 每股收益增長 2024 年 2 月 29 日

We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized 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. This free interactive report on Zhangzhou Pientzehuang Pharmaceutical's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.

我們很高興地向大家報告,首席執行官的薪酬比資本相似公司的大多數首席執行官要適中。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。如果你想進一步調查該股,這份關於漳州片仔莊製藥收益、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. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Zhangzhou Pientzehuang Pharmaceutical the TSR over the last 5 years was 121%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!

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。基於股息再投資的假設,股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。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,漳州片仔莊藥業在過去5年的股東總回報率爲121%,好於上述股價回報率。而且,猜測股息支付在很大程度上解釋了這種分歧是沒有好處的!

A Different Perspective

不同的視角

We regret to report that Zhangzhou Pientzehuang Pharmaceutical shareholders are down 28% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 19%. 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. Longer term investors wouldn't be so upset, since they would have made 17%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. Is Zhangzhou Pientzehuang Pharmaceutical cheap compared to other companies? These 3 valuation measures might help you decide.

我們遺憾地報告,漳州片仔莊藥業的股東今年下跌了28%(甚至包括股息)。不幸的是,這比整個市場19%的跌幅還要嚴重。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。長期投資者不會那麼沮喪,因爲他們本可以在五年內每年賺17%。如果基本面數據繼續顯示長期可持續增長,那麼當前的拋售可能是一個值得考慮的機會。與其他公司相比,漳州片仔皇藥業便宜嗎?這3種估值指標可能會幫助您做出決定。

If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.

如果你想看看另一家公司——一家財務狀況可能優異的公司——那麼千萬不要錯過這份已經證明自己可以增加收益的公司的免費名單。

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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