Shanghai Yuyuan Tourist Mart (Group) (SHSE:600655) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Rises 3.1% This Past Week
Shanghai Yuyuan Tourist Mart (Group) (SHSE:600655) Earnings and Shareholder Returns Have Been Trending Downwards for the Last Three Years, but the Stock Rises 3.1% This Past Week
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. 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 Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. (SHSE:600655) shareholders, since the share price is down 53% in the last three years, falling well short of the market decline of around 26%. And more recent buyers are having a tough time too, with a drop of 23% in the last year. The falls have accelerated recently, with the share price down 11% in the last three months. But this could be related to the weak market, which is down 5.4% in the same period.
爲了證明挑選個別股票的努力得到了回報,值得努力打敗市場指數基金的回報。但幾乎可以肯定,有時你會買到表現不及市場平均水平的股票。可惜的是,長揸上海豫園旅遊商城股份有限公司(SHSE:600655)的股東在過去三年中,股價下跌了53%,遠遠低於市場下跌的26%。最近的買家也遭遇了困難,在過去一年中下降了23%。這些下跌最近加速,股價在過去三個月中下跌了11%。但這可能與疲軟的市場有關,該市場在同一時期下跌了5.4%。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週對股東來說更令人放心,但在過去的三年中,他們仍然處於虧損狀態,因此讓我們看看基本業務是否對下降負責。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否認的是,市場有時是高效的,但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益(EPS)變化和股價變動。
During the three years that the share price fell, Shanghai Yuyuan Tourist Mart (Group)'s earnings per share (EPS) dropped by 21% each year. The 22% average annual share price decline is remarkably close to the EPS decline. So it seems that investor expectations of the company are staying pretty steady, despite the disappointment. It seems like the share price is reflecting the declining earnings per share.
在股價下跌的三年中,上海豫園旅遊商城股份有限公司(集團)每股收益(EPS)每年下降了21%。22%的年平均股價下跌與每股收益下跌非常接近。因此,儘管失望,投資者對公司的期望似乎保持得很穩定。似乎股價反映了每股收益的下降。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況(點擊圖像以顯示確切值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-031b5b594cda318087c6a6fcf9240bb9-0-30354122376186b8047ee2341695aba1.png/big)
Dive deeper into Shanghai Yuyuan Tourist Mart (Group)'s key metrics by checking this interactive graph of Shanghai Yuyuan Tourist Mart (Group)'s earnings, revenue and cash flow.
通過查看上海豫園旅遊商城股份有限公司(集團)的收益,營業收入和現金流的互動圖表,可以更深入地了解其主要指標。
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). 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. In the case of Shanghai Yuyuan Tourist Mart (Group), it has a TSR of -47% for the last 3 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!
除了測量股價回報之外,投資者還應考慮總股東回報(TSR)。 TSR包括任何分拆或折價的增資,以及基於股息再投資的任何股息。因此,對於支付慷慨的股息的公司,TSR通常比股價回報高得多。就上海豫園旅遊商城股份有限公司而言,它在過去3年中的TSR爲-47%。這超過了我們先前提到的股價回報。而且,不難想象,股息支付很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
While the broader market lost about 17% in the twelve months, Shanghai Yuyuan Tourist Mart (Group) shareholders did even worse, losing 20% (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. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 3% per year over five years. 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. 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 instance, we've identified 3 warning signs for Shanghai Yuyuan Tourist Mart (Group) (1 is a bit concerning) that you should be aware of.
儘管廣泛市場在過去十二個月中損失約17%,但上海豫園旅遊商城股份有限公司的股東表現得更差,包括股息在內也損失了20%。話雖如此,在下跌的市場中,有些股票將被過度拋售是不可避免的。關鍵是要關注基本面的發展。遺憾的是,去年的表現爲五年中股東面臨每年3%的總虧損。我們意識到巴龍·洛斯柴爾德曾說過,投資者應“在街頭流血時買入”,但我們提醒投資者首先要確定他們購買的是高質量的企業。我發現長期觀察股價作爲業務績效的代理非常有趣。但爲了真正獲得洞察力,我們還需要考慮其他信息。例如,我們已經確定了上海豫園旅遊商城股份有限公司(集團)的3個警告信號(其中1個有些令人擔憂),您應該注意。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票,那麼您可能會喜歡這個公司的免費列表。 (提示:其中許多公司不爲人注意且具有吸引力的估值。)
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。