The Past Five-year Earnings Decline for Metro Land (SHSE:600683) Likely Explains Shareholders Long-term Losses
The Past Five-year Earnings Decline for Metro Land (SHSE:600683) Likely Explains Shareholders Long-term Losses
Metro Land Corporation Ltd. (SHSE:600683) shareholders should be happy to see the share price up 15% in the last month. But if you look at the last five years the returns have not been good. You would have done a lot better buying an index fund, since the stock has dropped 17% in that half decade.
大都會置地有限公司(上海證券交易所代碼:600683)的股東應該很高興看到上個月股價上漲了15%。但是,如果你看看過去的五年,回報並不理想。購買指數基金的表現要好得多,因爲該股在那五年中下跌了17%。
The recent uptick of 12% could be a positive sign of things to come, so let's take a look at historical fundamentals.
最近12%的上漲可能是即將發生的事情的積極信號,所以讓我們來看看歷史基本面。
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. 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.
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。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 five years over which the share price declined, Metro Land's earnings per share (EPS) dropped by 40% each year. This fall in the EPS is worse than the 4% compound annual share price fall. The relatively muted share price reaction might be because the market expects the business to turn around. The high P/E ratio of 117.07 suggests that shareholders believe earnings will grow in the years ahead.
在股價下跌的五年中,Metro Land的每股收益(EPS)每年下降40%。每股收益的下降比4%的複合年股價下跌還要嚴重。股價反應相對平淡,可能是因爲市場預計業務將好轉。117.07的高市盈率表明股東認爲未來幾年收益將增長。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(隨着時間的推移)如下圖所示(點擊查看確切數字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-2cadd0f1533e5e8be08e13b185045bf1-0-7580ef3eaf1e75e5ec6bd9e2caa0fe90.png/big)
Dive deeper into Metro Land's key metrics by checking this interactive graph of Metro Land's earnings, revenue and cash flow.
查看這張Metro Land收益、收入和現金流的交互式圖表,深入了解Metro Land的關鍵指標。
What About The Total Shareholder Return (TSR)?
那麼股東總回報(TSR)呢?
Investors should note that there's a difference between Metro Land's total shareholder return (TSR) and its share price change, which we've covered above. 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. Dividends have been really beneficial for Metro Land shareholders, and that cash payout explains why its total shareholder loss of 5.8%, over the last 5 years, isn't as bad as the share price return.
投資者應注意,Metro Land的股東總回報率(TSR)與其股價變動之間存在差異,我們在上面已經介紹了這一點。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。分紅確實爲Metro Land的股東帶來了好處,這筆現金支付解釋了爲什麼其在過去5年中5.8%的股東總虧損沒有股價回報率那麼糟糕。
A Different Perspective
不同的視角
Although it hurts that Metro Land returned a loss of 7.7% in the last twelve months, the broader market was actually worse, returning a loss of 12%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 1.1% over the last half decade. Whilst Baron Rothschild does tell the investor "buy when there's blood in the streets, even if the blood is your own", buyers would need to examine the data carefully to be comfortable that the business itself is sound. It's always interesting to track share price performance over the longer term. But to understand Metro Land better, we need to consider many other factors. Case in point: We've spotted 3 warning signs for Metro Land you should be aware of, and 2 of them don't sit too well with us.
儘管Metro Land在過去十二個月中回報了7.7%的虧損令人痛心,但整個市場實際上更糟,回報了12%的虧損。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1.1%的年化虧損還要糟糕。儘管羅斯柴爾德男爵確實告訴投資者 “街上有血時買入,即使血是你自己的”,但買家需要仔細檢查數據,以確定業務本身是健全的。長期跟蹤股價表現總是很有意思的。但是,爲了更好地了解Metro Land,我們需要考慮許多其他因素。一個很好的例子:我們發現了 3 個你應該注意的 Metro Land 警告標誌,其中 2 個不太適合我們。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,請看一下我們預計收益將增加的這份免費公司名單。
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。
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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。