Hong Kong and China Gas (HKG:3) Shareholders Have Endured a 44% Loss From Investing in the Stock Five Years Ago
Hong Kong and China Gas (HKG:3) Shareholders Have Endured a 44% Loss From Investing in the Stock Five Years Ago
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long term The Hong Kong and China Gas Company Limited (HKG:3) shareholders for doubting their decision to hold, with the stock down 54% over a half decade.
股票挑選的主要目的是找到市場領先的股票。但在任何組合中,個別股票的結果將會有所不同。因此,在過去的半個十年中,長揸中國香港燃料幣燃氣公司有限公司(HKG:3)的股東對持有該股產生懷疑,該股票下跌了54%。
Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.
由於股東們長期以來都虧損了,因此讓我們回顧過去一段時間的基本面,看看是否一直與收益相一致。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just 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.
雖然市場是一個強大的定價機制,但股價反映了投資者情緒,不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益(EPS)與股價進行比較。
Looking back five years, both Hong Kong and China Gas' share price and EPS declined; the latter at a rate of 8.2% per year. This reduction in EPS is less than the 15% annual reduction in the share price. So it seems the market was too confident about the business, in the past.
回顧過去五年,中國香港燃料幣燃氣的股價和每股收益都有所下降;每股收益下降速度爲8.2%。這種每股收益減少幅度小於股價的15%年度減少率。因此,市場過去過於自信的業務,似乎是存在問題的。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況(點擊圖像以顯示確切值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240820/0-daee6e0d661d8454268cb193a4cd76bb-0-603bd2e2992e623d08bdec8423831d2f.png/big)
Dive deeper into Hong Kong and China Gas' key metrics by checking this interactive graph of Hong Kong and China Gas's earnings, revenue and cash flow.
通過查看中國香港燃料幣燃氣的收入、營業收入和現金流量的交互式圖表,更深入地了解其關鍵指標。
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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Hong Kong and China Gas, it has a TSR of -44% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了測量股票的股價回報,投資者還應考慮總股東回報(TSR)。股價回報僅反映股價的變化,而TSR包括股息的價值(假設它們被再投資)和任何折扣資本籌集或剝離的收益。可以說,TSR給出了股票所產生的回報更全面的圖像。在中國香港燃料幣燃氣的情況下,其過去5年的TSR爲負44%。這超過了我們之前提到的股價回報。該公司支付的股息因此提高了總股東回報。
A Different Perspective
不同的觀點
We're pleased to report that Hong Kong and China Gas shareholders have received a total shareholder return of 17% over one year. Of course, that includes the dividend. Notably the five-year annualised TSR loss of 8% per year compares very unfavourably with the recent share price performance. The long term loss makes us cautious, but the short term TSR gain certainly hints at a brighter future. 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. To that end, you should be aware of the 2 warning signs we've spotted with Hong Kong and China Gas .
我們很高興報道,中國香港燃料幣燃氣股東在過去一年中收到了總股東回報率爲17%的回報。當然,這包括股息。值得注意的是,過去5年年化的TSR損失每年達到8%,與最近的股價表現相比非常不利。長期損失使我們謹慎,但短期TSR的收益則暗示着更加美好的未來。雖然值得考慮市場條件可能對股價產生的不同影響,但還有其他更重要的因素。爲此,您應該了解我們發現的2箇中國香港燃料幣燃氣的警示信號。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。