Yechiu Metal Recycling (China)'s (SHSE:601388 Three-year Decrease in Earnings Delivers Investors With a 32% Loss
Yechiu Metal Recycling (China)'s (SHSE:601388 Three-year Decrease in Earnings Delivers Investors With a 32% Loss
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But if you try your hand at stock picking, you risk returning less than the market. We regret to report that long term Yechiu Metal Recycling (China) Ltd. (SHSE:601388) shareholders have had that experience, with the share price dropping 35% in three years, versus a market decline of about 23%. Even worse, it's down 12% in about a month, which isn't fun at all. We do note, however, that the broader market is down 5.8% in that period, and this may have weighed on the share price.
爲了證明選擇個股的努力是值得的,值得努力以擊敗市場指數基金的回報率。但如果你嘗試股票擇時,你冒着比市場回報率更低的風險。不幸的是,長達三年的時間裏,典嘉鋼鐵(中國)有限公司 (SHSE:601388) 的股東們遭受了這種經歷,股價下跌了35%,而市場下跌了約23%。更糟糕的是,它在一個月時間內下跌了12%,這一點也不有趣。但我們注意到,這一時期更廣泛的市場下跌了5.8%,這可能對股價產生了壓力。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
考慮到過去一週對股東來說是艱難的,讓我們調查一下基本面並看看我們能學到什麼。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
引用巴菲特的話順便說一下,“船隻將環遊世界,但支持地球平面學會的人將大有可爲。 在市場上,價格和價值之間將繼續存在巨大的差異...”通過比較EPS和股價變化,我們可以了解到投資者對公司的態度隨時間的變化程度。
Yechiu Metal Recycling (China) saw its EPS decline at a compound rate of 48% per year, over the last three years. This fall in the EPS is worse than the 13% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines. This positive sentiment is also reflected in the generous P/E ratio of 59.57.
典嘉再生金屬(中國)的每股收益年複合下降率過去三年爲48%。這種EPS下降的情況比每股年複合下跌13%的情況更糟。這表明,儘管過去的EPS下降,市場仍存有一定的盈利穩定性的樂觀情緒。這種積極情緒也反映在股票的大比例市盈率上,達到了59.57。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化(單擊圖表以查看確切的價值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-df6aa1efb28eea183e593df3bca7ebeb-0-ec30b8ef82b46febe9e96da5f5afbda2.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在購買或出售股票之前,我們始終建議仔細研究歷史增長趨勢,此處提供。
What About Dividends?
那麼分紅怎麼樣呢?
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 Yechiu Metal Recycling (China) the TSR over the last 3 years was -32%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
對於任何特定的股票,考慮總股東回報和股價回報同樣重要。TSR是一種回報率計算方法,它考慮了現金分紅價值(假設任何收到的股息都是再投資的)和任何折扣融資和股份剝離的計算價值。可以說,TSR爲支付股息的股票提供了更完整的圖像。我們注意到,針對典嘉再生金屬(中國)而言,過去3年的TSR爲-32%,比上述股價回報率更好。公司支付的股息因此提高了股東的回報。總股東回報。
A Different Perspective
不同的觀點
While the broader market lost about 12% in the twelve months, Yechiu Metal Recycling (China) shareholders did even worse, losing 13% (even including dividends). 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 5%, 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. 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. Case in point: We've spotted 2 warning signs for Yechiu Metal Recycling (China) you should be aware of.
儘管更廣泛的市場在過去的一年中下跌了約12%,典嘉再生金屬(中國)的股東們卻表現得更差,包括股息在內下跌了13%。話雖如此,在下跌的市場中,一些股票不可避免地會被過度拋售。關鍵是要關注基本面的發展。長期投資者不會感到如此不滿,因爲在五年內,他們每年可以獲得5%的回報。如果基本數據繼續表明長期可持續增長,當前的拋售可能值得考慮。我認爲,長期股價作爲業務表現的代理非常有趣。但是爲了真正獲得洞察力,我們也需要考慮其他信息。即使是這樣:我們已經發現了典嘉再生金屬(中國)的兩個警示信號,您應該知道。
But note: Yechiu Metal Recycling (China) 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).
但要注意:典嘉再生金屬(中國)可能不是最好的股票購買選擇。因此,請查看此免費列表,其中包含以往盈利增長(以及未來增長預測)的有趣公司。
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上市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.
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。