The Five-year Shareholder Returns and Company Earnings Persist Lower as Health and Happiness (H&H) International Holdings (HKG:1112) Stock Falls a Further 7.1% in Past Week
The Five-year Shareholder Returns and Company Earnings Persist Lower as Health and Happiness (H&H) International Holdings (HKG:1112) Stock Falls a Further 7.1% in Past Week
Long term investing works well, but it doesn't always work for each individual stock. It hits us in the gut when we see fellow investors suffer a loss. Imagine if you held Health and Happiness (H&H) International Holdings Limited (HKG:1112) for half a decade as the share price tanked 78%. The falls have accelerated recently, with the share price down 12% in the last three months.
長期投資很有效,但並不總是適用於每個個體股票。看到其他投資者蒙受損失,我們會感到很沉重。試想一下如果持有康健國際控股1112股票的時間超過半個十年,股價暴跌了78%。最近跌幅加劇,過去三個月股價下跌了12%。
After losing 7.1% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
過去一週下跌7.1%後,值得調查公司的基本面,以了解我們可以從過去的表現中推斷出什麼。
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.
引用本傑明·格雷厄姆的話:在短期內,市場是投票機,但在長期內,市場是稱重機。通過比較每股收益(EPS)和股票價格的時間變化,我們可以感受到投資者對公司的態度隨時間而變化。
During the five years over which the share price declined, Health and Happiness (H&H) International Holdings' earnings per share (EPS) dropped by 7.4% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 26% per year, over the period. This implies that the market was previously too optimistic about the stock. The less favorable sentiment is reflected in its current P/E ratio of 9.96.
在股價下跌的五年中,康健國際控股的每股收益(EPS)年均下降7.4%。讀者應注意,股價下跌的速度比EPS快,期間爲每年26%的速度。這意味着市場先前對該股持有過於樂觀的態度。不太優惠的情緒反映在其當前的市盈率爲9.96。
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(隨時間的推移)如下圖所示(單擊可查看確切數字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240618/0-17deb9682d4d6ca863ee120db80b1e7e-0-4309183bd11c00d0d1b11e28ff472108.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,我們始終建議對歷史增長趨勢進行仔細研究,可以在這裏找到相關信息。
What About Dividends?
那麼分紅怎麼樣呢?
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Health and Happiness (H&H) International Holdings' TSR for the last 5 years was -73%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時,重要的是考慮總股東回報(TSR)和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集(基於股息被重新投資的假設),以及任何股息。因此,對於支付慷慨的股息公司而言,TSR通常比股票回報高得多。就中國神威藥業集團而言,其TSR在過去5年中達到了75%。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報而股價回報僅反映了股價的變化,TSR包括股息價值(假設它們被再投資)以及任何優惠資本籌集或分拆的好處。可以說,對於支付股息的股票,TSR提供了更完整的圖片。恰好,康健國際控股過去5年的TSR爲-73%,超過了前面提到的股價回報。而且,毫無疑問,分紅支付大大解釋了這種差異!
A Different Perspective
不同的觀點
While the broader market gained around 1.1% in the last year, Health and Happiness (H&H) International Holdings shareholders lost 1.9% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. However, the loss over the last year isn't as bad as the 12% per annum loss investors have suffered over the last half decade. 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. For instance, we've identified 3 warning signs for Health and Happiness (H&H) International Holdings (1 makes us a bit uncomfortable) that you should be aware of.
儘管市場整體上一年漲了約1.1%,但康健國際控股股東虧損了1.9%(包括股息)。即使好股票的股價有時會下跌,但我們想看到企業的基本指標有所改善,然後再有興趣。然而,在過去一年中的損失並不像投資者在過去半個十年中蒙受的每年12%的損失那麼嚴重。在認爲股價將穩定之前,我們需要清楚的信息來表明公司將增長。我發現觀察股價的長期表現作爲業務表現的代理很有趣。但是,要獲得真正的見解,我們還需要考慮其他信息。例如,我們已經確定康健國際控股存在3個警告信號(其中1個使我們有點不舒服),您應該知道。
But note: Health and Happiness (H&H) International Holdings 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:健康和幸福國際控股可能不是最好的買入股票,因此可以查看這個免費的有趣公司列表,其中包括了過去的盈利增長(以及未來的增長預期)。
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當前在香港證券交易所交易的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com