The Three-year Underlying Earnings Growth at Man Wah Holdings (HKG:1999) Is Promising, but the Shareholders Are Still in the Red Over That Time
The Three-year Underlying Earnings Growth at Man Wah Holdings (HKG:1999) Is Promising, but the Shareholders Are Still in the Red Over That Time
If you love investing in stocks you're bound to buy some losers. But the last three years have been particularly tough on longer term Man Wah Holdings Limited (HKG:1999) shareholders. Sadly for them, the share price is down 72% in that time. The falls have accelerated recently, with the share price down 34% in the last three months.
如果您熱愛投資股票,那麼一定會買一些失敗者。但過去三年對長揸者Man Wah Holdings Limited (HKG:1999)的股東來說尤其艱難。很遺憾,股價在這段時間裏下跌了72%。最近股價下跌勢頭加劇,過去三個月下跌了34%。
Since Man Wah Holdings has shed HK$853m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
自Man Wah Holdings在過去7天中蒸發了85300萬港幣的價值以來,讓我們看看長期下滑是否受到業務經濟的推動。
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。
During the unfortunate three years of share price decline, Man Wah Holdings actually saw its earnings per share (EPS) improve by 5.7% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed.
在不幸的三年股價下滑期間,Man Wah Holdings實際上看到其每股收益(EPS)年均增長了5.7%。這是一個謎,表明股價可能暫時有些支撐。或者公司過去被過度炒作,因此其增長令人失望。
It's worth taking a look at other metrics, because the EPS growth doesn't seem to match with the falling share price.
值得關注其他指標,因爲EPS增長似乎與股價下跌不符。
We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. Man Wah Holdings has maintained its top line over three years, so we doubt that has shareholders worried. So it might be worth looking at how revenue growth over time, in greater detail.
我們注意到股息看起來足夠健康,所以這可能不是股價下跌的原因。曼華傢俱在過去三年內保持了穩定的收入,因此我們懷疑這不會讓股東們擔心。因此,值得更詳細地關注收入的增長情況。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的圖表顯示了收益和營收隨時間的變化情況(通過單擊圖像揭示確切的值)。
![1724451264814](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42819668-0-2faa0b74036c6cd21ebfdd86c1af2cf3.webp/bigjpg)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. You can see what analysts are predicting for Man Wah Holdings in this interactive graph of future profit estimates.
我們喜歡看到內部人在過去的十二個月裏購買股票。即便如此,未來的收益對於現有股東是否能夠賺錢來說更加重要。您可以通過這個互動圖表了解分析師對曼華傢俱未來利潤預測的情況。
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 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. In the case of Man Wah Holdings, it has a TSR of -68% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報之外,投資者還應考慮總股東回報(TSR)。TSR考慮了任何拆分股份或折價增發股份的價值,以及任何紅利,基於紅利再投資的假設。可以說TSR爲支付分紅的股票提供了一個更完整的圖片。在曼華傢俱的情況下,過去3年的TSR爲-68%。這超過了我們之前提到的股價回報。這在很大程度上是其紅利支付的結果!
A Different Perspective
不同的觀點
Man Wah Holdings shareholders are down 18% for the year (even including dividends), but the market itself is up 8.3%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 8% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. It's always interesting to track share price performance over the longer term. But to understand Man Wah Holdings better, we need to consider many other factors. To that end, you should be aware of the 1 warning sign we've spotted with Man Wah Holdings .
萬華持有人在今年的收益率下降了18%(含分紅派息),但整個市場的收益率卻上漲了8.3%。然而,要記住,即使是最好的股票有時候也會在十二個月的時間內表現不佳。好消息是,長揸股東獲利,每年獲利率在過去五年的時間裏達到8%。最近的拋售可能是一個機會,所以值得檢查基本數據是否存在長期增長趨勢的跡象。通過跟蹤股價在較長時間內的表現,可以更好地了解萬華控股。但爲了更好地了解萬華控股,我們需要考慮許多其他因素。爲此,您應該了解到我們在萬華控股中發現的1個警告信號。
Man Wah Holdings is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
萬華控股不是唯一一個內部人員正在購買的股票。對於那些喜歡發現不太知名的公司的人,最近有內部購買行爲的正在增長的公司的免費列表可能正是您需要的。
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。