Aluminum Corporation of China's (HKG:2600) Five-year Earnings Growth Trails the Decent Shareholder Returns
Aluminum Corporation of China's (HKG:2600) Five-year Earnings Growth Trails the Decent Shareholder Returns
While Aluminum Corporation of China Limited (HKG:2600) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 22% in the last quarter. On the bright side the returns have been quite good over the last half decade. Its return of 86% has certainly bested the market return!
儘管中國鋁業股票(HKG:2600)的股東可能整體上感到滿意,但股票近期表現不佳,上個季度的股價下跌了22%。 光明面是,在過去的五年裏,回報確實相當不錯。其回收率爲86%,當然優於市場的回報率!
Since the stock has added HK$3.8b to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由於上週股票市值增加了380億港元,讓我們看看潛在的業績是否推動了長期回報。
There is no denying that markets are sometimes efficient, but prices do not always reflect 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.
市場有時毫無疑問是有效的,但股票價格並不總是反映基本業務表現。一種有缺陷但合理的方法是比較每股收益(EPS)和股票價格,以評估圍繞公司的情緒如何變化。
During five years of share price growth, Aluminum Corporation of China achieved compound earnings per share (EPS) growth of 53% per year. This EPS growth is higher than the 13% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 9.66 also suggests market apprehension.
在股價增長的五年裏,中國鋁業的每股收益(COMPOUND)實現了53%的年均增長。 這種每股收益的增長高於股價的平均年增長率13%。 因此,人們可以得出結論,整個市場對該股變得更加謹慎。而其較低的市盈率9.66也表明市場的擔憂。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益隨時間的變化情況(通過點擊圖像來查看確切數值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-b26e1e3ecd89f307109bc778c12a4994-0-02a8f121835f6fbe53912f45386c537f.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. Dive deeper into the earnings by checking this interactive graph of Aluminum Corporation of China's earnings, revenue and cash flow.
值得注意的是,中國鋁業的CEO的薪酬低於同等規模公司的中位數。但是,雖然CEO的報酬值得檢查,但真正重要的問題是公司未來是否能增加收益。通過查看中國鋁業利潤、收入和現金流的互動圖表,深入了解利潤。
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 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Aluminum Corporation of China, it has a TSR of 93% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
投資者除了測量股價回報外,還應考慮總股東回報(TSR)。 TSR是一種回報計算方法,考慮到現金分紅的價值(假設任何收到的分紅都會再投資)以及任何折價資本募集和拆分計算的價值。可以說,對於支付股息的股票來說,TSR更能提供完整的畫面。在中國鋁業的情況下,過去5年它的TSR爲93%。這超過了我們之前提到的股價回報。這在很大程度上是因爲其分紅!
A Different Perspective
不同的觀點
We're pleased to report that Aluminum Corporation of China shareholders have received a total shareholder return of 24% over one year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 14% 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. For instance, we've identified 1 warning sign for Aluminum Corporation of China that you should be aware of.
我們很高興地報告,中國鋁業的股東在過去一年中獲得了總股東回報率達24%。 而這確實包括了分紅。由於一年的TSR比五年的TSR要好(後者每年14%),因此似乎該股的表現在最近有所提高。考慮到股價動量仍然強勁,不容錯過這隻股票的投資機會。儘管股價受市場狀況的影響值得考慮,但有其他更重要的因素。例如,我們已經發現了中國鋁業的1個警示信號,你應該注意。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然,您可能在其他地方找到一家出色的企業進行投資。因此,請查看我們預計將實現盈利增長的公司的免費列表。
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。
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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。