Sembcorp Industries (SGX:U96) Sheds 3.8% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Sembcorp Industries (SGX:U96) Sheds 3.8% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Sembcorp Industries Ltd (SGX:U96) shareholders might be concerned after seeing the share price drop 14% in the last quarter. But that doesn't undermine the rather lovely longer-term return, if you measure over the last three years. The share price marched upwards over that time, and is now 125% higher than it was. It's not uncommon to see a share price retrace a bit, after a big gain. Only time will tell if there is still too much optimism currently reflected in the share price.
勝科工業有限公司（新加坡證券交易所股票代碼：U96）股東在看到上個季度股價下跌14％後可能會感到擔憂。但是，如果你衡量過去三年的情況，這並不能破壞相當可觀的長期回報。在此期間，股價上漲，現在比以前高出125％。股價在大幅上漲之後略有回調的情況並不少見。只有時間才能證明目前股價中是否還反映出過多的樂觀情緒。
Since the long term performance has been good but there's been a recent pullback of 3.8%, let's check if the fundamentals match the share price.
由於長期表現良好，但最近出現了3.8％的回調，因此讓我們來看看基本面是否與股價相符。
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 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.
禾倫·巴菲特在他的文章《格雷厄姆和多茲維爾的超級投資者》中描述了股價如何並不總是能合理地反映企業的價值。考慮市場對公司的看法如何變化的一種不完美但簡單的方法是將每股收益（EPS）的變化與股價變動進行比較。
Sembcorp Industries was able to grow its EPS at 94% per year over three years, sending the share price higher. This EPS growth is higher than the 31% average annual increase in the share price. So it seems investors have become more cautious about the company, over time. We'd venture the lowish P/E ratio of 7.89 also reflects the negative sentiment around the stock.
勝科工業得以在三年內以每年94％的速度增長每股收益，從而推動股價上漲。每股收益的增長高於股價平均年增長31％。因此，隨着時間的推移，投資者似乎對該公司變得更加謹慎了。我們認爲，7.89的低市盈率也反映了該股的負面情緒。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖描述了 EPS 隨着時間的推移是如何變化的（點擊圖片可以看到確切的值）。
We know that Sembcorp Industries has improved its bottom line over the last three years, but what does the future have in store? If you are thinking of buying or selling Sembcorp Industries stock, you should check out this FREE detailed report on its balance sheet.
我們知道勝科工業在過去三年中提高了利潤，但是未來會怎樣？如果您正在考慮買入或賣出勝科工業股票，則應在其資產負債表上查看這份免費的詳細報告。
What About Dividends?
分紅呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Sembcorp Industries' TSR for the last 3 years was 143%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股價回報率外，投資者還應考慮股東總回報率（TSR）。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。可以說，股東總回報率更全面地描述了股票產生的回報。碰巧的是，勝科工業過去三年的股東總回報率爲143％，超過了前面提到的股價回報率。這在很大程度上是其股息支付的結果！
A Different Perspective
不同的視角
While the broader market gained around 0.5% in the last year, Sembcorp Industries shareholders lost 24% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 35%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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. For instance, we've identified 3 warning signs for Sembcorp Industries (1 is a bit concerning) that you should be aware of.
儘管去年整體市場上漲了約0.5％，但勝科工業的股東損失了24％（甚至包括股息）。但是，請記住，即使是最好的股票有時也會在十二個月內表現不如市場。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到35％。如果基本面數據繼續顯示長期可持續增長，那麼當前的拋售可能是一個值得考慮的機會。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，我們已經確定了勝科工業的3個警告信號（其中一個有點令人擔憂），你應該注意這些信號。
We will like Sembcorp Industries better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些重大的內幕收購，我們會更喜歡勝科工業。在我們等待的同時，請查看這份被低估的股票（主要是小盤股）的免費清單，這些股票最近有大量的內幕買盤。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Singaporean exchanges.
請注意，本文引用的市場回報反映了目前在新加坡交易所交易的股票的市場加權平均回報。
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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