China Yangtze Power's (SHSE:600900) Investors Will Be Pleased With Their Decent 83% Return Over the Last Five Years
China Yangtze Power's (SHSE:600900) Investors Will Be Pleased With Their Decent 83% Return Over the Last Five Years
Stock pickers are generally looking for stocks that will outperform the broader market. And in our experience, buying the right stocks can give your wealth a significant boost. For example, the China Yangtze Power Co., Ltd. (SHSE:600900) share price is up 55% in the last 5 years, clearly besting the market decline of around 2.2% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 36% in the last year, including dividends.
選股者通常在尋找表現優於大盤的股票。根據我們的經驗,購買合適的股票可以顯著增加您的財富。例如,中國長江電力股份有限公司(SHSE: 600900)的股價在過去5年中上漲了55%,明顯超過了市場約2.2%(不計股息)的跌幅。但是,最近的回報並不那麼令人印象深刻,該股去年的回報率僅爲36%,包括股息。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們來看看長期的基本面,看看它們是否與股東的回報一致。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
儘管一些人繼續教導高效市場假說,但事實證明,市場是反應過度的動態系統,投資者並不總是理性的。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
During five years of share price growth, China Yangtze Power achieved compound earnings per share (EPS) growth of 1.8% per year. This EPS growth is slower than the share price growth of 9% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
在五年的股價增長中,中國長江電力實現了每年1.8%的複合每股收益(EPS)增長。每股收益的增長低於同期每年9%的股價增長。這表明,如今,市場參與者對公司的重視程度更高。考慮到五年的收益增長記錄,這並不一定令人驚訝。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-31277a4b9a3627c268f128d1fc5c9292-0-42c25ec17fa1ccd8da6e4bf932a43c0c.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. This free interactive report on China Yangtze Power's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
可能值得注意的是,首席執行官的薪水低於類似規模公司的中位數。但是,儘管首席執行官的薪酬總是值得檢查的,但真正重要的問題是公司未來能否增加收益。如果你想進一步調查長江電力股票,這份關於中國長江電力收益、收入和現金流的免費互動報告是一個很好的起點。
What About Dividends?
分紅呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, China Yangtze Power's TSR for the last 5 years was 83%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考慮任何給定股票的股東總回報率和股價回報率。基於股息再投資的假設,股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。碰巧的是,中國長江電力過去5年的股東總回報率爲83%,超過了前面提到的股價回報率。因此,公司支付的股息提高了股東的總回報率。
A Different Perspective
不同的視角
It's nice to see that China Yangtze Power shareholders have received a total shareholder return of 36% over the last year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 13% per year), it would seem that the stock's performance has improved in recent times. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. 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. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for China Yangtze Power you should know about.
很高興看到中國長江電力股東去年獲得了 36% 的總股東回報率。這包括股息。由於一年期股東總回報率好於五年期股東總回報率(後者爲每年13%),因此該股的表現似乎在最近有所改善。鑑於股價勢頭仍然強勁,可能值得仔細研究該股,以免錯過機會。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,考慮風險。每家公司都有它們,我們發現了一個你應該知道的中國長江電力警告標誌。
But note: China Yangtze Power may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意:中國長江電力可能不是最好的買入股票。因此,來看看這份過去盈利增長(以及進一步增長預測)的有趣公司的免費清單。
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.
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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。