Despite the Downward Trend in Earnings at Cathay General Bancorp (NASDAQ:CATY) the Stock Jumps 15%, Bringing One-year Gains to 25%
Despite the Downward Trend in Earnings at Cathay General Bancorp (NASDAQ:CATY) the Stock Jumps 15%, Bringing One-year Gains to 25%
There's no doubt that investing in the stock market is a truly brilliant way to build wealth. But if you choose that path, you're going to buy some stocks that fall short of the market. For example, the Cathay General Bancorp (NASDAQ:CATY), share price is up over the last year, but its gain of 20% trails the market return. The longer term returns have not been as good, with the stock price only 16% higher than it was three years ago.
毫無疑問,在股市中投資是積累財富的絕佳方式。但如果你選擇這條路,你可能會購買一些表現不佳的股票。例如,國泰萬通金控 (納斯達克:CATY) 的股價在過去一年中上漲了20%,但其漲幅跑輸了市場回報。長期回報表現還不如,股價僅比三年前高出16%。
After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.
在過去的一週之內,獲得的強勁收益是否表明了長期回報受到基本面的推動值得關注。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
雖然市場是一個強大的定價機制,但股價反映了投資者情緒,不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益(EPS)與股價進行比較。
Over the last twelve months, Cathay General Bancorp actually shrank its EPS by 12%.
過去12個月,國泰萬通金控的每股收益實際上下降了12%。
Given the share price gain, we doubt the market is measuring progress with EPS. 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.
考慮到股價的上漲,我們懷疑市場不是根據每股收益來衡量公司的進展。由於每股收益的變化似乎與股價的變化不相關,因此值得查看其他指標。
Cathay General Bancorp's revenue actually dropped 5.6% over last year. So the fundamental metrics don't provide an obvious explanation for the share price gain.
國泰萬通金控的營業收入實際上比去年下降了5.6%。因此,基本指標不能提供股價上漲的明顯解釋。
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/7781/20240717/0-d432948f6797542c0f4dcce9a6694e74-0-cd5d1fb3aa3a9f5c892e07f0d44293d1.png/big)
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. You can see what analysts are predicting for Cathay General Bancorp in this interactive graph of future profit estimates.
值得注意的是,國泰萬通金控的CEO薪酬低於同等規模公司的中位數。但是,雖然CEO薪酬值得檢查,但真正重要的問題是公司未來是否能增長收益。你可以查看分析師對國泰萬通金控未來利潤預測的互動圖表。
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. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Cathay General Bancorp the TSR over the last 1 year was 25%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
考慮到任何給定股票的總股東回報率和股票價格回報率都是很重要的。股票價格回報率僅反映股票價格的變化,而TSR則包括股息價值(假設對其進行了再投資)以及任何優惠的資本籌資或剝離的好處。可以說,TSR爲支付股息的股票提供了更完整的圖片。我們注意到,國泰萬通金控在過去一年中的TSR爲25%,這比上面提到的股票價格回報率更好。毫無疑問,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
Cathay General Bancorp provided a TSR of 25% over the year (including dividends). That's fairly close to the broader market return. That gain looks pretty satisfying, and it is even better than the five-year TSR of 7% per year. It is possible that management foresight will bring growth well into the future, even if the share price slows down. 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. Case in point: We've spotted 1 warning sign for Cathay General Bancorp you should be aware of.
國泰萬通金控在一年內提供了TSR爲25%(包括股息)。那看起來相當令人滿意,甚至比五年的TSR每年7%還要好。即使股票價格放緩,管理層的遠見仍有可能將增長帶到未來。我發現,長期以股票價格作爲業務表現的代理非常有趣。但要真正獲得洞察力,我們還需要考慮其他信息。正如案例所示:我們發現有1個警告信號,有關國泰萬通金控的事項您應該知曉。
Of course Cathay General Bancorp may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,國泰萬通金控可能不是最好的股票選擇。因此,您可能希望查看這個自由的成長性股票集合。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文所引述的市場回報反映了目前在美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。