Inspur Software's (SHSE:600756) Earnings Have Declined Over Five Years, Contributing to Shareholders 51% Loss
Inspur Software's (SHSE:600756) Earnings Have Declined Over Five Years, Contributing to Shareholders 51% Loss
Inspur Software Co., Ltd. (SHSE:600756) shareholders should be happy to see the share price up 14% in the last week. But that can't change the reality that over the longer term (five years), the returns have been really quite dismal. In that time the share price has delivered a rude shock to holders, who find themselves down 52% after a long stretch. So we're hesitant to put much weight behind the short term increase. We'd err towards caution given the long term under-performance.
浪潮軟件股份有限公司(SHSE: 600756)的股東應該高興地看到該股近一週的股價上漲了14%,但長期來看(五年),回報確實相當慘淡。在此期間,股價給持有者帶來了惡劣的震盪,長時間以來股價下跌了52%。因此,我們對短期增長不抱太大希望。考慮到長期的低表現,我們傾向於謹慎一些。
On a more encouraging note the company has added CN¥450m to its market cap in just the last 7 days, so let's see if we can determine what's driven the five-year loss for shareholders.
令人鼓舞的是,該公司在過去7天中市值增加了人民幣4.5億元,因此讓我們看看是什麼導致了股東的五年虧損。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
爲了概述本傑明·格雷厄姆(Benjamin Graham)的話:短期內,市場是一臺投票機,但長期來看,它是一臺衡重機。思考一家公司的市場感知如何轉變的一種不完美但簡單的方法是將每股收益(EPS)變化與股價變動進行比較。
During five years of share price growth, Inspur Software moved from a loss to profitability. That would generally be considered a positive, so we are surprised to see the share price is down. Other metrics might give us a better handle on how its value is changing over time.
在股價增長的五年期間,浪潮軟件從虧損轉爲盈利。這通常被認爲是一件好事,因此我們很驚訝股價下跌了。其他指標可能可以更好地幫助我們了解其價值如何隨時間變化。
We don't think that the 0.3% is big factor in the share price, since it's quite small, as dividends go. In contrast to the share price, revenue has actually increased by 15% a year in the five year period. So it seems one might have to take closer look at the fundamentals to understand why the share price languishes. After all, there may be an opportunity.
我們認爲0.3%不是股價的重要因素,因爲它相當小,以分紅來看。相比之下,營業收入在五年期間實際上每年增長了15%。因此,似乎需要更深入地了解基本面,以理解爲什麼股價持續低迷。畢竟,可能有機會。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的圖表顯示了收益和營收隨時間的變化情況(通過單擊圖像揭示確切的值)。
Take a more thorough look at Inspur Software's financial health with this free report on its balance sheet.
通過對其資產負債表進行免費分析,更全面地了解浪潮軟件的財務狀況。
A Different Perspective
不同的觀點
While the broader market lost about 16% in the twelve months, Inspur Software shareholders did even worse, losing 33% (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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 9% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Inspur Software (at least 1 which is significant) , and understanding them should be part of your investment process.
儘管整個市場在過去12個月損失了約16%,但浪潮軟件的股東表現得更差,甚至包括股息在內的虧損達到了33%。話雖如此,隨着市場下跌,一些股票必然會被賣過度。關鍵在於關注基本面的發展。不幸的是,去年的表現可能表明存在未解決的挑戰,因爲它比過去半個十年的年化損失9%還要糟糕。我們意識到巴倫·羅斯柴爾德曾說過投資者應在“街頭出血時購買”,但我們警告投資者首先要確信他們正在購買高質量的企業。雖然考慮市場條件可能會對股價產生不同的影響,但還有其他更重要的因素。例如,請考慮投資風險的常在幽靈。我們已經確定了2個警告信號,其中至少有1個具有重要性,了解它們應該是您投資過程的一部分。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然,您可能在其他地方找到一家出色的企業進行投資。因此,請查看我們預計將實現盈利增長的公司的免費列表。
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。
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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。
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