Yunnan Tin's (SZSE:000960) Five-year Earnings Growth Trails the 10% YoY Shareholder Returns
Yunnan Tin's (SZSE:000960) Five-year Earnings Growth Trails the 10% YoY Shareholder Returns
Stock pickers are generally looking for stocks that will outperform the broader market. Buying under-rated businesses is one path to excess returns. To wit, the Yunnan Tin share price has climbed 57% in five years, easily topping the market decline of 0.02% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 2.2% in the last year, including dividends.
股票選手通常尋找能夠在整個市場中表現更好的股票。購買被低估的企業是實現超額回報的一種途徑。比如,雲南錫業的股價在過去5年中上漲了57%,遠高於市場下跌0.02%(不包括股息)。然而,最近的回報並不像那樣印象深刻,股票在過去一年中僅獲得了2.2%的回報,包括股息。
The past week has proven to be lucrative for Yunnan Tin investors, so let's see if fundamentals drove the company's five-year performance.
過去的一週被證明對雲南錫業的投資者是有利可圖的,那麼讓我們來看看這家公司的五年業績是否是基本面所驅動的。
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 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.
禾倫·巴菲特在他的文章《格雷厄姆與多德維爾的超級投資者》中描述了股票價格並不總是合理地反映了一家企業的價值。考慮市場對一家公司的看法如何轉變的一種不完美但簡單的方法,是將每股收益(EPS)的變化與股價的動態進行比較。
Over half a decade, Yunnan Tin managed to grow its earnings per share at 10% a year. So the EPS growth rate is rather close to the annualized share price gain of 9% per year. This indicates that investor sentiment towards the company has not changed a great deal. Indeed, it would appear the share price is reacting to the EPS.
在半個多世紀的時間裏,雲南錫業設法以每年10%的速度增加其每股收益。因此,每股收益增長率與每年9%的股價年化收益率相當接近。這表明投資者對該公司的情緒並沒有發生很大變化。實際上,看起來股價是對每股收益反應的。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-727996a1d6531765bf3f0b1e88fd2ccf-0-a79fe1cf9a17063576cd0241277a8007.png/big)
We know that Yunnan Tin has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
考慮到股票的總收益率以及股票的收益率是重要的。TSR包括任何股息再投資的分紅或折價增資的價值。因此,對於那些支付慷慨的股息的公司,TSR通常比股票的收益率要高得多。實際上,雲南錫業過去5年的TSR爲62%,超過了前面提到的股票收益率。毫不意外的是,股息支付在很大程度上解釋了這種差異!您可以查看一份免費報告,了解分析師的營收預測情況,以判斷雲南錫業是否會增長營業收入。
What About Dividends?
那麼分紅怎麼樣呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. As it happens, Yunnan Tin's TSR for the last 5 years was 62%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
考慮到股票的總收益率以及股票的收益率是重要的。TSR包括任何股息再投資的分紅或折價增資的價值,基於股息再投資的假設。因此,對於那些支付慷慨的股息的公司,TSR通常比股票的收益率要高得多。實際上,雲南錫業過去5年的TSR爲62%,超過了前面提到的股票收益率。毫不意外的是,股息支付在很大程度上解釋了這種差異!
A Different Perspective
不同的觀點
We're pleased to report that Yunnan Tin shareholders have received a total shareholder return of 2.2% over one year. That's including the dividend. However, the TSR over five years, coming in at 10% per year, is even more impressive. Potential buyers might understandably feel they've missed the opportunity, but it's always possible business is still firing on all cylinders. It's always interesting to track share price performance over the longer term. But to understand Yunnan Tin better, we need to consider many other factors. Even so, be aware that Yunnan Tin is showing 1 warning sign in our investment analysis , you should know about...
我們很高興地報道,雲南錫業股東在過去一年中獲得了總股東回報率爲2.2%的回報,其中包括股息。然而,過去五年的TSR,每年達到10%,更爲令人印象深刻。潛在的買家可能會認爲他們已經錯過了機會,但可能仍有業務正處於高速增長中。長期以來觀察股價表現總是有趣的。但要更好地了解雲南錫業,我們需要考慮許多其他因素。即便如此,請注意,我們的投資分析顯示,雲南錫業顯示出1個警告標誌,您應該知道…
We will like Yunnan Tin better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些大型內部交易,我們會更喜歡雲南錫業。與此同時,您可以查看這份免費的低估股票列表(主要是小市值股票),其中包括最近的內部交易。
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?對內容感到擔憂?請直接與我們聯繫。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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。