Hong Kong and China Gas' (HKG:3) Earnings Have Declined Over Five Years, Contributing to Shareholders 55% Loss
Hong Kong and China Gas' (HKG:3) Earnings Have Declined Over Five Years, Contributing to Shareholders 55% Loss
Statistically speaking, long term investing is a profitable endeavour. But no-one is immune from buying too high. Zooming in on an example, the The Hong Kong and China Gas Company Limited (HKG:3) share price dropped 62% in the last half decade. That's an unpleasant experience for long term holders.
從統計學上講,長期投資是一項有利可圖的舉措。但是沒有人能倖免於買得太高。舉個例子,香港中華煤氣有限公司(HKG: 3)的股價在過去五年中下跌了62%。對於長揸者來說,這是一種不愉快的經歷。
Although the past week has been more reassuring for shareholders, they're still in the red over the last five years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週令股東更加放心,但在過去五年中,他們仍處於虧損狀態,所以讓我們看看基礎業務是否是造成下降的原因。
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
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。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。
During the five years over which the share price declined, Hong Kong and China Gas' earnings per share (EPS) dropped by 8.2% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 17% per year, over the period. This implies that the market is more cautious about the business these days.
在股價下跌的五年中,香港和中國天然氣的每股收益(EPS)每年下降8.2%。讀者應注意,在此期間,股價的下跌速度快於每股收益,每年下降17%。這意味着當今市場對該業務更加謹慎。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何隨着時間的推移而變化的(點擊圖片發現確切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240428/0-be89e4ca1087ed6f64ea6c8a44229d72-0-c6cb0160f74a55cb7f35874c558ad296.png/big)
We know that Hong Kong and China Gas has improved its bottom line lately, but is it going to grow revenue? Check if analysts think Hong Kong and China Gas will grow revenue in the future.
我們知道香港和中國燃氣最近提高了利潤,但它會增加收入嗎?檢查分析師是否認爲香港和中國燃氣未來會增加收入。
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. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Hong Kong and China Gas, it has a TSR of -55% for the last 5 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。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。可以說,股東總回報率更全面地描述了股票產生的回報。就香港和中國燃氣而言,其股東回報率在過去5年中爲-55%。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 Hong Kong and China Gas shareholders are down 9.4% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 4.6%. 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. Unfortunately, longer term shareholders are suffering worse, given the loss of 9% doled out over the last five years. We would want clear information suggesting the company will grow, before taking the view that the share price will stabilize. 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 - Hong Kong and China Gas has 2 warning signs we think you should be aware of.
我們遺憾地報告,香港和中國燃氣的股東今年下跌了9.4%(甚至包括股息)。不幸的是,這比整個市場4.6%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。不幸的是,鑑於過去五年中損失了9%,長期股東遭受的損失更加嚴重。在認爲股價將穩定之前,我們希望獲得明確的信息,表明該公司將增長。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——香港和中國燃氣有兩個警告信號,我們認爲你應該注意。
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 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。
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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。