Despite Delivering Investors Losses of 39% Over the Past 3 Years, Bright Dairy & FoodLtd (SHSE:600597) Has Been Growing Its Earnings
Despite Delivering Investors Losses of 39% Over the Past 3 Years, Bright Dairy & FoodLtd (SHSE:600597) Has Been Growing Its Earnings
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Bright Dairy & Food Co.,Ltd (SHSE:600597) shareholders have had that experience, with the share price dropping 42% in three years, versus a market decline of about 26%. The more recent news is of little comfort, with the share price down 24% in a year. Furthermore, it's down 11% in about a quarter. That's not much fun for holders. Of course, this share price action may well have been influenced by the 5.4% decline in the broader market, throughout the period.
爲了證明選擇個股的努力是值得的,值得努力去超越市場指數基金的回報。但是選股的風險在於,你可能會購買業績表現不佳的公司。我們很遺憾地報告說,長揸光明乳業股份有限公司(SHSE:600597)的股東們經歷了這種經歷,股價下跌了42%,而市場下跌了約26%。最近的消息更是讓人不安,股價在一年內下降了24%。此外,它在大約一個季度中下跌了11%。對持有者來說,這不是什麼好事。當然,這種股價變動可能很可能受到整個時期市場的5.4%下跌的影響。
On a more encouraging note the company has added CN¥400m 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,僅在過去的7天內,該公司市值增加了40000萬元人民幣,因此讓我們看看是什麼推動了股東的三年損失。
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 unfortunate three years of share price decline, Bright Dairy & FoodLtd actually saw its earnings per share (EPS) improve by 9.7% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
在不幸的三年股價下跌期間,光明乳業股份有限公司實際上看到其每股收益(EPS)每年提高9.7%。 鑑於股價反應,人們可能會懷疑在該期間內EPS不是企業績效的良好指標(可能由於一次性損失或收益)。或者,過去的增長預期可能是不合理的。
Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
由於EPS的變化似乎與股價的變化不相關,因此值得查看其他指標。
The company has kept revenue pretty healthy over the last three years, so we doubt that explains the falling share price. We're not entirely sure why the share price is dropped, but it does seem likely investors have become less optimistic about the business.
過去三年,該公司的營業收入保持得相當健康,因此我們懷疑這解釋不了股價下跌的原因。我們不是完全確定股價下跌的原因,但投資者對業務的樂觀程度似乎降低了。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下圖像顯示了公司的營業收入和盈利(隨時間變化)(單擊以查看準確的數字)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-366cde6471a9b7a2a376e948390ce8b2-0-b10105b5afd86ad470182ef263b680ec.png/big)
We know that Bright Dairy & FoodLtd has improved its bottom line lately, but what does the future have in store? You can see what analysts are predicting for Bright Dairy & FoodLtd in this interactive graph of future profit estimates.
我們知道,光明乳業股份有限公司近期有所盈利,但未來有何展望?您可以在未來利潤預估的交互式圖表中看到分析師對光明乳業股份有限公司的預測。
What About Dividends?
那麼分紅怎麼樣呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Bright Dairy & FoodLtd's TSR for the last 3 years was -39%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時,重要的是要考慮股東總回報(TSR)和股價回報之間的差異。 TSR是一種回報計算,它考慮了現金股息的價值(假設任何收到的股息都已再投資),以及任何折扣的增資和分拆的計算價值。可以說,TSR可以更全面地說明支付股息的股票的情況。事實上,近3年的TSR爲負39%,超過了前面提到的股價回報。猜測分紅派息很大程度上解釋了兩者不同的原因!
A Different Perspective
不同的觀點
While the broader market lost about 17% in the twelve months, Bright Dairy & FoodLtd shareholders did even worse, losing 22% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 5% 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. It's always interesting to track share price performance over the longer term. But to understand Bright Dairy & FoodLtd better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for Bright Dairy & FoodLtd (of which 1 is concerning!) you should know about.
儘管整個市場在12個月內下跌了約17%,但是光明乳業股份有限公司的股東們損失更大,損失了22%(包括股息在內)。但是,股價可能僅受到整個市場的擔憂影響。如果存在良好的機會,值得密切關注基本面。不幸的是,去年的表現可能表明存在未解決的挑戰,因爲它比過去半個世紀的平均虧損5%更糟糕。一般來說,長期的股價疲軟可能是一個不好的跡象,雖然反向投資者可能希望研究該股票以尋求拐點。跟蹤股價表現長期以來總是有趣的。但要更好地了解光明乳業股份有限公司,必須考慮許多其他因素。比如風險。每個公司都有風險,我們已經發現了光明乳業股份有限公司的2個警告信號(其中1個值得關注!)
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您願意查看另一家公司(具有潛在的更好財務狀況),請不要錯過這個免費的公司列表,證明它們可以增長收益。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。