Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Increases 7.8% This Past Week
Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Increases 7.8% This Past Week
As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. Unfortunately, that's been the case for longer term Tangshan Sanyou Chemical Industries Co.,Ltd (SHSE:600409) shareholders, since the share price is down 49% in the last three years, falling well short of the market decline of around 27%. On the other hand the share price has bounced 7.8% over the last week.
作爲投資者，努力確保你的整體投資組合超過市場平均水平是值得的。但很可能有時你會買進的股票表現不如市場平均回報。不幸的是，長揸三友化工的股東們正面臨這種情況，因爲股票價格在過去三年中下跌了49%，遠低於市場27%的跌幅。另一方面，在過去的一週中，股價已經反彈了7.8%。
On a more encouraging note the company has added CN¥805m to its market cap in just the last 7 days, so let's see if we can determine what's driven the three-year loss for shareholders.
更令人鼓舞的是，三友化工的市值在過去7天內增加了80500萬元人民幣，所以讓我們看看是什麼推動了股東們的三年虧損。
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 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.
引用本傑明·格雷厄姆的話：短期內市場是一個投票機，但長期來看它是一個稱重機。評估公司周邊環境的情緒變化的一種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 that the share price fell, Tangshan Sanyou Chemical IndustriesLtd's earnings per share (EPS) dropped by 21% each year. This change in EPS is reasonably close to the 20% average annual decrease in the share price. So it seems like sentiment towards the stock hasn't changed all that much over time. It seems like the share price is reflecting the declining earnings per share.
在股價下跌的三年中，三友化工的每股收益(EPS)每年下降了21%。這種EPS變化與股價每年下降的20%的平均值相當接近。因此，股票的情緒似乎並沒有隨着時間而改變。似乎股價反映了每股收益的下降。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益隨時間的變化情況（通過點擊圖像來查看確切數值）。
We know that Tangshan Sanyou Chemical IndustriesLtd has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我們知道，三友化工的底線近來有所提高，但它是否會增長營業收入呢？你可以查看這份顯示分析師營業收入預測的免費報告。
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). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Tangshan Sanyou Chemical IndustriesLtd's TSR for the last 3 years was -45%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率外，投資者還應考慮總股東回報率(TSR)。股價回報率僅反映股價的變化，而TSR包括股息的價值(假設它們被再投資)以及任何折價的資本籌集或分拆的利益。可以說，TSR更全面地反映了股票的回報情況。事實上，三友化工過去3年的TSR爲-45%，超過了前面提到的股價回報。公司支付的股息因此提高了股東回報。總股東回報。
A Different Perspective
不同的觀點
Although it hurts that Tangshan Sanyou Chemical IndustriesLtd returned a loss of 1.1% in the last twelve months, the broader market was actually worse, returning a loss of 17%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 1.9% for each year. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. 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 example, we've discovered 1 warning sign for Tangshan Sanyou Chemical IndustriesLtd that you should be aware of before investing here.
儘管唐山三友化工工業有限公司在過去的十二個月中虧損了1.1％，但整個市場的表現實際上更糟糕，虧損了17％。 當然，長期回報更爲重要，好消息是，在過去的五年中，該股票每年的回報率爲1.9％。 在最好的情況下，去年只是通往更美好未來旅程中的暫時挫折。 我覺得從長期代表業務表現的股票價格很有趣。 但是，爲了真正獲得洞察力，我們還需要考慮其他信息。 例如，我們發現了唐山三友化工工業有限公司的1個警告信號，你在投資之前應該意識到。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
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
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