Investors Three-year Losses Continue as DaShenLin Pharmaceutical Group (SHSE:603233) Dips a Further 11% This Week, Earnings Continue to Decline
Investors Three-year Losses Continue as DaShenLin Pharmaceutical Group (SHSE:603233) Dips a Further 11% This Week, Earnings Continue to Decline
If you love investing in stocks you're bound to buy some losers. Long term DaShenLin Pharmaceutical Group Co., Ltd. (SHSE:603233) shareholders know that all too well, since the share price is down considerably over three years. So they might be feeling emotional about the 57% share price collapse, in that time. And more recent buyers are having a tough time too, with a drop of 45% in the last year. Furthermore, it's down 27% in about a quarter. That's not much fun for holders.
如果你喜歡投資股票，你就有可能會買入一些失敗者。長期持股東大參林藥業股份有限公司 (SHSE:603233) 就深有體會，自股價下跌至今已有三年之久，跌幅相當大。所以股民們可能會對該公司的股價暴跌57%感到情感化，尤其是那段時間內。而最近購買的股東也遇到了困難，去年跌了45%。此外，這是在一個季度內下跌了27%。這對於持有者來說沒有什麼樂趣。
With the stock having lost 11% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.
由於股票在過去一週中下跌了11％，因此值得看一下業務表現，看看是否有任何紅旗。
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...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
引用巴菲特的話：“船隻將周遊世界，而‘地平派’仍會興旺。市場上的價格和價值仍會存在廣泛的差距……”考慮一家公司在市場上的認知如何變化的一個不完美但簡單的方法是比較每股收益（EPS）的變化和股價的波動。
During the three years that the share price fell, DaShenLin Pharmaceutical Group's earnings per share (EPS) dropped by 1.7% each year. This reduction in EPS is slower than the 25% annual reduction in the share price. So it's likely that the EPS decline has disappointed the market, leaving investors hesitant to buy.
在股票下跌的三年裏，大參林藥業股份有限公司 (SHSE:603233) 的每股收益 (EPS) 每年下降了1.7%。而這個收益每年的下降速度比股價下跌的25%要慢。所以很可能是 EPS 的下降令市場失望，讓投資者猶豫不決。
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）。
It might be well worthwhile taking a look at our free report on DaShenLin Pharmaceutical Group's earnings, revenue and cash flow.
我們建議您查看我們免費的大參林藥業股份有限公司的收益、收入和現金流的報告。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of DaShenLin Pharmaceutical Group, it has a TSR of -55% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了計算股價回報之外，投資者也應考慮總股東回報 (TSR)。TSR 包括任何分拆或折價的資本募集價值，以及任何分紅派息，基於這樣一個假設，即分紅會再次投資。因此，對於付出慷慨的股息的公司，TSR 常常比股價回報高出很多。對於大參林藥業股份有限公司來說，在過去的3年中，它的 TSR 達到了-55%。超過了我們之前提到的股價回報。公司支付的股息因此提高了 TSR。總股東回報。
A Different Perspective
不同的觀點
We regret to report that DaShenLin Pharmaceutical Group shareholders are down 44% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 14%. 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, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 4% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered 1 warning sign for DaShenLin Pharmaceutical Group that you should be aware of before investing here.
我們很遺憾地報告，包括分紅在內，大參林藥業股份有限公司的股東今年跌了44%。不幸的是，這比整個市場下跌的14%要糟糕。話雖如此，在下跌的市場中，難免會有一些股票被過度出售。關鍵是要保持對基本面的關注。不幸的是，去年的表現可能表明仍存在未解決的挑戰，因爲其比過去半個世紀的年度虧損率4%還要糟糕。一般來說，長期的股價疲軟可能是一個不好的信號，儘管叛逆投資者可能希望在希望有所好轉時研究這隻股票。儘管考慮市場條件對股價的影響非常重要，但還有其他更加重要的因素。例如，我們已發現大參林藥業股份有限公司的1個警告信號，您在此投資之前應該了解。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一樣，就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
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。
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。或者，發送電子郵件至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。或者發送電子郵件至editorial-team@simplywallst.com。