Shenzhou International Group Holdings (HKG:2313) Shareholders Have Endured a 64% Loss From Investing in the Stock Three Years Ago
Shenzhou International Group Holdings (HKG:2313) Shareholders Have Endured a 64% Loss From Investing in the Stock Three Years Ago
Investing in stocks inevitably means buying into some companies that perform poorly. But the last three years have been particularly tough on longer term Shenzhou International Group Holdings Limited (HKG:2313) shareholders. Regrettably, they have had to cope with a 66% drop in the share price over that period. Shareholders have had an even rougher run lately, with the share price down 22% in the last 90 days. Of course, this share price action may well have been influenced by the 10% decline in the broader market, throughout the period.
投資股票不可避免地意味着要買入一些表現不佳的公司。但是,近3年對長揸深圳市盛洲控股有限公司(HKG:2313)股票的股東來說尤其艱難。遺憾的是,他們不得不應對這段時間中股價下跌66%的情況。近90天來,股東們的情況更爲慘烈,股價下跌22%。當然,這個股價行動很可能受到整個週期中大市場下跌10%的影響。
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
現在讓我們看看這家公司的基本面,看看長期股東回報是否與基礎業務的表現相匹配。
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.
雖然一些人仍然相信有效市場假說,但已經證明市場是過度反應的動態系統,投資者並不總是理性的。一個不完美但簡單的方法來考慮公司市場看法的變化是比較每股收益(EPS)的變化和股價的波動。
Shenzhou International Group Holdings saw its EPS decline at a compound rate of 3.7% per year, over the last three years. The share price decline of 30% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
深圳市盛洲控股有限公司上市交易所:2313 每股收益過去3年以3.7%的複合年增長率下降。30%的股價下跌實際比每股收益下降要陡峭。因此看來市場過去對業務過於自信了。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(隨時間的推移)如下圖所示(單擊可查看確切數字)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-9bffd463f331dd5bcc6235385a280ae3-0-af6b529fd4d4cc143d31d5c1609d3ba7.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在購買或出售股票之前,我們始終建議對歷史增長趨勢進行仔細研究,可以在這裏找到相關信息。
What About Dividends?
那麼分紅怎麼樣呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Shenzhou International Group Holdings' TSR for the last 3 years was -64%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在評估投資回報時,考慮總股東回報率(TSR)和股價回報率之間的差異非常重要。TSR是一種回報計算,考慮到現金股息值(假設收到的任何股息都是再投資)和任何折價融資和股票分拆的計算價值。所以對於那些支付豐厚股息的公司,TSR通常比股價回報率高得多。恰好,深圳市盛洲控股有限公司過去3年的TSR爲-64%,超過了前面提到的股價回報率。毫無疑問,股息支付在很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
While the broader market gained around 8.0% in the last year, Shenzhou International Group Holdings shareholders lost 13% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 7% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Keeping this in mind, a solid next step might be to take a look at Shenzhou International Group Holdings' dividend track record. This free interactive graph is a great place to start.
雖然整個市場去年漲了約8.0%,深圳市盛洲控股有限公司的股東們(包括股息)損失了13%。然而,請記住,即使是最優秀的股票有時也會在12個月的時間內跑輸市場。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7%還要糟糕。一般來說,長期的股價疲弱可能是一個不好的跡象,儘管反向投資者可能希望研究股票,希望有所好轉。記住這一點,下一個穩健的步驟可能是查看深圳市盛洲控股有限公司的股息歷史紀錄。這個免費交互式圖表是一個很好的起點。
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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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。