COSCO SHIPPING Holdings' (HKG:1919) Five-year Earnings Growth Trails the 57% YoY Shareholder Returns
COSCO SHIPPING Holdings' (HKG:1919) Five-year Earnings Growth Trails the 57% YoY Shareholder Returns
COSCO SHIPPING Holdings Co., Ltd. (HKG:1919) shareholders might be concerned after seeing the share price drop 13% in the last quarter. But over five years returns have been remarkably great. In fact, during that period, the share price climbed 410%. Impressive! Arguably, the recent fall is to be expected after such a strong rise. Of course what matters most is whether the business can improve itself sustainably, thus justifying a higher price.
中遠海控(HKG:1919)的股東可能會擔心股價在上個季度下跌了13%。但是在過去的五年中,回報率表現非常出色,事實上在該時期內,股價上漲了410%。令人印象深刻!可以說,在如此強勁的上漲之後,近期的下跌是可以預料的。當然,最重要的是業務能否持續改善,從而證明合理更高的價格。
Since it's been a strong week for COSCO SHIPPING Holdings shareholders, let's have a look at trend of the longer term fundamentals.
既然中遠海控股東的這一週表現強勁,讓我們來看看長期基本面的趨勢。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否認的是,市場有時是高效的,但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益(EPS)變化和股價變動。
During five years of share price growth, COSCO SHIPPING Holdings achieved compound earnings per share (EPS) growth of 64% per year. This EPS growth is higher than the 39% 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 6.88 also suggests market apprehension.
在股價增長的五年期間,中遠海控實現了每股收益複合增長率達到64%。這種每股收益增長高於股價的平均年增長率39%。因此,人們可以得出結論,股市已經對該股變得更加謹慎。相對較低的市盈率6.88也表明市場存在一定的擔憂。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-3535fef48e1377a5546eccb43e6ff7a8-0-442feadfdfb1e322584e50c88dae998a.png/big)
It might be well worthwhile taking a look at our free report on COSCO SHIPPING Holdings' earnings, revenue and cash flow.
我們的免費報告可以提供中遠海控的收入、營業收入和現金流信息,這可以值得一看。
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). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for COSCO SHIPPING Holdings the TSR over the last 5 years was 855%, 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!
除了衡量股價回報率之外,投資者還應考慮總股東回報率(TSR)。股價回報僅反映股價的變化,而TSR還包括股息的價值(假設它們被再投資)以及任何折扣融資或分拆的好處。因此,對於付出豐厚紅利的公司,TSR通常比股價回報率高得多。我們注意到,中遠海控在過去5年中的TSR爲855%,這比上述股價回報率更好。毫無疑問,紅利支付在很大程度上解釋了這種差異!
A Different Perspective
不同的觀點
It's nice to see that COSCO SHIPPING Holdings shareholders have received a total shareholder return of 61% over the last year. That's including the dividend. That's better than the annualised return of 57% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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. Case in point: We've spotted 3 warning signs for COSCO SHIPPING Holdings you should be aware of, and 1 of them makes us a bit uncomfortable.
很高興看到中遠海控的股東在過去一年中獲得了61%的總股東回報率。包括股息在內。這比半個十年的年化回報率57%要好,暗示公司近年來表現更好。樂觀的人可能會認爲,TSR的最近改善表明該企業本身隨着時間的推移變得更好。雖然考慮市場環境對股價的不同影響非常值得,但還有其他更重要的因素。這就是:我們發現有3個警示信號需要注意,其中1個讓我們有點不舒服。
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。
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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。