Luxi Chemical Group (SZSE:000830) Shareholders Have Lost 19% Over 3 Years, Earnings Decline Likely the Culprit
Luxi Chemical Group (SZSE:000830) Shareholders Have Lost 19% Over 3 Years, Earnings Decline Likely the Culprit
For many investors, the main point of stock picking is to generate higher returns than the overall market. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Luxi Chemical Group Co., Ltd. (SZSE:000830) shareholders, since the share price is down 34% in the last three years, falling well short of the market decline of around 11%. And the ride hasn't got any smoother in recent times over the last year, with the price 29% lower in that time.
對於許多投資者來說,選股的要點是產生比整個市場更高的回報。但是選股的風險在於,你可能會買入表現不佳的公司。不幸的是,魯西化工集團有限公司(SZSE: 000830)的長期股東就是這種情況,因爲股價在過去三年中下跌了34%,遠低於市場11%左右的跌幅。而且在過去的一年裏,這種行程並沒有變得更加順利,同期價格下降了29%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鑑於過去一週對股東來說很艱難,讓我們調查一下基本面,看看我們能學到什麼。
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 the three years that the share price fell, Luxi Chemical Group's earnings per share (EPS) dropped by 32% each year. This fall in the EPS is worse than the 13% compound annual share price fall. So the market may not be too worried about the EPS figure, at the moment -- or it may have previously priced some of the drop in.
在股價下跌的三年中,魯西化工集團的每股收益(EPS)每年下降32%。每股收益的下降比13%的複合年股價下跌還要嚴重。因此,目前市場可能不太擔心每股收益的數字,或者此前可能已經將部分下跌定價了。
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](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-8cc040266ba54a575074b7a3ff35e71e-0-d5dbdf803e182f21b7d8f72ca5bd8a44.png/big)
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?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. In the case of Luxi Chemical Group, it has a TSR of -19% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
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。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。就魯西化工集團而言,其過去三年的股東回報率爲-19%。這超過了我們之前提到的其股價回報率。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 Luxi Chemical Group shareholders are down 25% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 12%. 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 1.6% 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. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Take risks, for example - Luxi Chemical Group has 4 warning signs (and 1 which is a bit concerning) we think you should know about.
我們遺憾地報告,魯西化工集團的股東今年下跌了25%(甚至包括股息)。不幸的是,這比整個市場12%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1.6%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。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。例如,冒險吧——魯西化工集團有4個警告標誌(其中一個有點令人擔憂),我們認爲你應該知道。
But note: Luxi Chemical Group may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意:魯西化工集團可能不是最好的買入股票。因此,來看看這份過去盈利增長(以及進一步增長預測)的有趣公司的免費清單。
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。