China Resources Land (HKG:1109) Shareholders Have Earned a 0.2% CAGR Over the Last Five Years
China Resources Land (HKG:1109) Shareholders Have Earned a 0.2% CAGR Over the Last Five Years
While not a mind-blowing move, it is good to see that the China Resources Land Limited (HKG:1109) share price has gained 19% in the last three months. But if you look at the last five years the returns have not been good. You would have done a lot better buying an index fund, since the stock has dropped 20% in that half decade.
華潤置地有限公司（HKG: 1109）的股價在過去三個月中上漲了19％，雖然這並不是一個令人興奮的舉動。但是，如果你看看過去的五年，回報並不理想。購買指數基金的表現要好得多，因爲該股在那五年中下跌了20％。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
考慮到這一點，值得一看公司的基本面是否是長期業績的驅動力，或者是否存在一些差異。
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...' 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.
引用巴菲特的話說：“船隻將在世界各地航行，但Flat Earth Society將蓬勃發展。市場上的價格和價值之間將繼續存在巨大差異...”通過比較每股收益（EPS）和一段時間內的股價變化，我們可以了解投資者對公司的態度是如何隨着時間的推移而變化的。
During the unfortunate half decade during which the share price slipped, China Resources Land actually saw its earnings per share (EPS) improve by 4.7% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.
在股價下滑的不幸五年中，華潤置地的每股收益（EPS）實際上每年增長4.7％。因此，每股收益似乎不是了解市場如何估值股票的好指南。或者，過去的增長預期可能不合理。
Given that EPS has increased, but the share price has fallen, it's fair to say that market sentiment around the stock has become more negative. Generally speaking, though, if the company can keep growing EPS then the share price will eventually follow.
鑑於每股收益增加了，但股價下跌了，可以公平地說，圍繞該股的市場情緒變得更加消極。但是，總的來說，如果公司能夠繼續增長每股收益，那麼股價最終將隨之增長。
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 在一段時間內的跟蹤情況（如果你點擊圖片，你可以看到更多細節）。
We know that China Resources Land has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我們知道華潤置地最近提高了利潤，但它會增加收入嗎？如果你感興趣，可以查看這份顯示共識收入預測的免費報告。
What About Dividends?
分紅呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of China Resources Land, it has a TSR of 1.1% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考慮任何給定股票的股東總回報率和股價回報率。股東總回報率是一種回報計算方法，它考慮了現金分紅的價值（假設收到的任何股息都經過再投資）以及任何貼現資本籌集和分拆的計算價值。因此，對於支付豐厚股息的公司來說，股東總回報率通常遠高於股價回報率。就華潤置地而言，其過去5年的股東回報率爲1.1％。這超過了我們之前提到的其股價回報率。而且，猜測股息支付在很大程度上解釋了這種分歧是沒有好處的！
A Different Perspective
不同的視角
Investors in China Resources Land had a tough year, with a total loss of 7.8% (including dividends), against a market gain of about 6.4%. 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. Longer term investors wouldn't be so upset, since they would have made 0.2%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. Take risks, for example - China Resources Land has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
華潤置地的投資者經歷了艱難的一年，總虧損爲7.8％（包括股息），而市場漲幅約爲6.4％。即使是優質股票的股價有時也會下跌，但我們希望在過於感興趣之前看到企業基本指標的改善。長期投資者不會那麼沮喪，因爲他們本可以在五年內每年賺0.2％。最近的拋售可能是一個機會，因此可能值得查看基本面數據以尋找長期增長趨勢的跡象。儘管市場狀況可能對股價產生的不同影響值得考慮，但還有其他因素更爲重要。例如，冒險吧——華潤置地有兩個警告標誌（其中一個不容忽視），我們認爲你應該知道。
Of course China Resources Land may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然，華潤置地可能不是最好的買入股票。因此，您可能希望看到這批免費的成長股。
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目前在香港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.
對這篇文章有反饋嗎？對內容感到擔憂嗎？請直接聯繫我們。或者，也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎？擔心內容嗎？直接聯繫我們。或者，發送電子郵件至 editorial-team@simplywallst.com