Changjiang Publishing & MediaLtd (SHSE:600757) Shareholders Notch a 20% CAGR Over 3 Years, yet Earnings Have Been Shrinking
Changjiang Publishing & MediaLtd (SHSE:600757) Shareholders Notch a 20% CAGR Over 3 Years, yet Earnings Have Been Shrinking
By buying an index fund, investors can approximate the average market return. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example, the Changjiang Publishing & Media Co.,Ltd (SHSE:600757) share price is up 56% in the last three years, clearly besting the market decline of around 26% (not including dividends).
通過購買指數基金,投資者可以近似獲得市場的平均回報。但是我們許多人都夢想獲得更大的回報並自己構建投資組合。例如,長江出版傳媒股份有限公司(SHSE:600757)股價在過去三年中上漲了56%,明顯優於市場下跌約26%(不含分紅) 。
Since the stock has added CN¥607m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由於該股票在過去一週內將CN¥60700萬添加到其市值中,讓我們看看基礎業績是否推動了長期回報。
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 flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中,禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式禾倫·巴菲特曾經描述過,股價並不總是理性地反映了企業的價值。評估市場對一家公司的情緒如何變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
During the three years of share price growth, Changjiang Publishing & MediaLtd actually saw its earnings per share (EPS) drop 2.0% per year.
在股價增長的三年期間,長江出版傳媒股份有限公司實際上看到其每股收益(EPS)每年下降2.0%。
Given the share price resilience, we don't think the (declining) EPS numbers are a good measure of how the business is moving forward, right now. So other metrics may hold the key to understanding what is influencing investors.
考慮到股價的彈性,我們認爲(下降的)EPS數據不是目前了解業務走勢的良好指標。因此,其他指標可能是了解影響投資者的關鍵。
We note that the dividend is higher than it was preciously, so that may have assisted the share price. Sometimes yield-chasing investors will flock to a company if they think the dividend can grow over time.
我們注意到,股息比之前高了,因此可能已經有助於股票價格。有時,追求收益的投資者會湧向一家公司,如果他們認爲股息可以隨着時間增長而增長。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下圖像顯示了公司的營業收入和盈利(隨時間變化)(單擊以查看準確的數字)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-48a60c6245a1d0f4477d106f0b21dc28-0-6d7ce5a740eda04d115c1481571a30e8.png/big)
Take a more thorough look at Changjiang Publishing & MediaLtd's financial health with this free report on its balance sheet.
通過免費報告查看長江出版傳媒股份有限公司的資產負債表,更全面地了解其財務狀況。
What About Dividends?
那麼分紅怎麼樣呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Changjiang Publishing & MediaLtd, it has a TSR of 72% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報之外,投資者還應考慮股東總回報(TSR)。 TSR是一種回報計算,它考慮到現金股利的價值(假設任何收到的股息都已經再投資)和任何折價的資本籌集和分拆的計算價值。可以說,TSR給出了股票所產生的更全面的回報圖景。在長江出版傳媒股份有限公司的情況下,過去3年其TSR爲72%。這超過了我們之前提到的股價回報。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的觀點
We regret to report that Changjiang Publishing & MediaLtd shareholders are down 15% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 12%. 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 10%, 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. It's always interesting to track share price performance over the longer term. But to understand Changjiang Publishing & MediaLtd better, we need to consider many other factors. Case in point: We've spotted 1 warning sign for Changjiang Publishing & MediaLtd you should be aware of.
很遺憾地報告,長江出版傳媒股份有限公司的股東今年下跌了15%(包括股息)。不幸的是,這比整個市場下跌的12%更糟糕。話雖如此,在逐漸下滑的市場中,某些股票將被超賣。關鍵是關注基本發展。長期投資者不會如此沮喪,因爲他們每年都會獲得10%的收益,達到五年。如果基本數據繼續表明長期可持續增長,那麼當前的拋售可能值得考慮。追蹤股價的長期表現總是很有趣的。但是要更好地了解長江出版傳媒股份有限公司,我們需要考慮許多其他因素。研究要點:我們已經發現了1個有關長江出版傳媒股份有限公司的警告標誌,您應該注意這一點。
But note: Changjiang Publishing & MediaLtd 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:長江出版傳媒股份有限公司可能不是最好的股票。因此,請查看此免費列表,其中包含過去收益增長(以及進一步的增長預測)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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。