Maoyan Entertainment (HKG:1896 Investor Five-year Losses Grow to 36% as the Stock Sheds HK$622m This Past Week
Maoyan Entertainment (HKG:1896 Investor Five-year Losses Grow to 36% as the Stock Sheds HK$622m This Past Week
For many, the main point of investing is to generate higher returns than the overall market. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment in Maoyan Entertainment (HKG:1896), since the last five years saw the share price fall 36%. Furthermore, it's down 21% in about a quarter. That's not much fun for holders.
對於許多人來說,投資的主要目的是產生比整個市場更高的回報。但每個投資者幾乎肯定會擁有表現良好和表現不佳的股票。此時,一些股東可能會質疑自己在貓眼娛樂(HKG:1896)的投資,因爲過去五年股價下跌了36%。此外,股價在一個季度左右下跌了21%。對於持有者來說,這並不好玩。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
考慮到過去一週對股東來說是艱難的,讓我們調查一下基本面並看看我們能學到什麼。
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 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.
在他的文章《格雷厄姆-多德斯維爾的超級投資人》中,禾倫·巴菲特描述了股票價格並不總是理性地反映公司價值的情況。一種有缺陷但合理的評估公司情緒如何變化的方法是將每股收益(EPS)與股票價格進行比較。
During five years of share price growth, Maoyan Entertainment moved from a loss to profitability. That would generally be considered a positive, so we are surprised to see the share price is down. Other metrics might give us a better handle on how its value is changing over time.
在五年的股價增長期間,貓眼娛樂從虧損轉爲盈利,這通常被認爲是積極的,所以我們很驚訝股價下跌了。其他指標可能能更好地幫助我們了解其價值如何隨時間變化。
The revenue fall of 1.0% per year for five years is neither good nor terrible. But if the market expected durable top line growth, then that could explain the share price weakness.
過去五年每年的營業收入下降1.0%,既不好也不差。但如果市場希望持續的頂線增長,那麼這可能解釋了股價的疲軟。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收益和營收隨時間變化的情況(如果你點擊圖像,可以看到更多細節):
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240731/0-18ae8c93bc80f5a400ac83037d01fc48-0-e61043d38ac68db6d4af4f71e45ef8f8.png/big)
Maoyan Entertainment is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. Given we have quite a good number of analyst forecasts, it might be well worth checking out this free chart depicting consensus estimates.
貓眼娛樂是一支廣受關注的股票,有很多分析師的覆蓋,表明未來有一定的增長空間。考慮到我們有相當數量的分析師預測,檢查這張免費圖表以描繪共識預測可能非常值得。
A Different Perspective
不同的觀點
While the broader market lost about 2.4% in the twelve months, Maoyan Entertainment shareholders did even worse, losing 14%. 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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 6% over the last half decade. 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. Before deciding if you like the current share price, check how Maoyan Entertainment scores on these 3 valuation metrics.
雖然整個市場在12個月內損失了約2.4%,但貓眼娛樂的股東遭受了更大的損失,損失了14%。話雖如此,在下跌的市場中,某些股票被低估是不可避免的。關鍵是關注基本面的發展情況。不幸的是,去年的表現可能表明存在未解決的挑戰,因爲它比過去半個十年的年化損失6%還要糟糕。我們意識到,羅斯柴爾德男爵曾說過投資者應該“在街上有流血時買股票”,但我們提醒投資者首先要確定他們正在購買一個高質量的業務。在決定是否喜歡當前的股價之前,請檢查貓眼娛樂在這3個估值指標上的得分。
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 Hong Kong exchanges.
請注意,本文引用的市場回報反映了當前在香港證券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。