The One-year Returns for China Tobacco International (HK)'s (HKG:6055) Shareholders Have Been Favorable, yet Its Earnings Growth Was Even Better
The One-year Returns for China Tobacco International (HK)'s (HKG:6055) Shareholders Have Been Favorable, yet Its Earnings Growth Was Even Better
These days it's easy to simply buy an index fund, and your returns should (roughly) match the market. But you can significantly boost your returns by picking above-average stocks. To wit, the China Tobacco International (HK) Company Limited (HKG:6055) share price is 38% higher than it was a year ago, much better than the market return of around 4.4% (not including dividends) in the same period. If it can keep that out-performance up over the long term, investors will do very well! Having said that, the longer term returns aren't so impressive, with stock gaining just 3.5% in three years.
如今,購買指數基金變得相當容易,你的回報(大致上)應該與市場相匹配。但是,通過選擇高於平均水平的股票,你可以大大提升回報。充分說明了這一點,中國菸草國際(香港)有限公司(HKG:6055)的股價比一年前高出38%,遠好於同期大約4.4%(不包括分紅)的市場回報率。如果它能夠長期保持這種超額表現,投資者將會獲得很好的回報!話雖如此,從較長時間來看,回報並不那麼令人印象深刻,股票在三年內只漲了3.5%。
Since the stock has added HK$609m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由於該股票在過去一個星期內市值增加了60900萬港元,讓我們看看其潛在的表現是否推動了長期回報。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
禾倫·巴菲特在他的文章《格雷厄姆與多德維爾的超級投資者》中描述了股票價格並不總是合理地反映了一家企業的價值。考慮市場對一家公司的看法如何轉變的一種不完美但簡單的方法,是將每股收益(EPS)的變化與股價的動態進行比較。
China Tobacco International (HK) was able to grow EPS by 60% in the last twelve months. This EPS growth is significantly higher than the 38% increase in the share price. So it seems like the market has cooled on China Tobacco International (HK), despite the growth. Interesting.
中國菸草國際(香港)在過去十二個月內,每股收益增長了60%。這種每股收益的增長顯著高於股價的增長38%。所以儘管有增長,市場似乎對中國菸草國際(香港)有些冷淡。有趣。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化(單擊圖表以查看確切的價值)。
![1724807511701](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/42974382-0-78daad07c65edc04fa00c300eab543a6.webp/bigjpg)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. It might be well worthwhile taking a look at our free report on China Tobacco International (HK)'s earnings, revenue and cash flow.
我們很高興地報告說,CEO的薪酬比大多數同樣資本化的公司的CEO要適度。但是,儘管CEO的薪酬總是值得檢查,但真正重要的問題是該公司能否在未來增長收益。看看我們關於中國菸草國際(HK)的收益、營業收入和現金流量的免費報告可能很值得一看。
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). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, China Tobacco International (HK)'s TSR for the last 1 year was 41%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率,投資者還應考慮股東的總回報率(TSR)。TSR包含任何剝離或折價增資的價值,以及基於股息被再投資的假設,所以對於支付豐厚股息的公司來說,TSR往往遠高於股價回報率。恰好,中國菸草國際(HK)過去1年的TSR爲41%,超過了之前提到的股價回報率。公司支付的股息因此提升了股東的總回報率。
A Different Perspective
不同的觀點
It's good to see that China Tobacco International (HK) has rewarded shareholders with a total shareholder return of 41% in the last twelve months. That's including the dividend. There's no doubt those recent returns are much better than the TSR loss of 5% per year over five years. This makes us a little wary, but the business might have turned around its fortunes. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with China Tobacco International (HK) , and understanding them should be part of your investment process.
很高興看到中國菸草國際(HK)在過去12個月裏以總股東回報率41%回報股東,其中包括股息。毫無疑問,這些最近的回報要比過去五年每年虧損5%的TSR好得多。這讓我們有些擔心,但該業務可能已經扭轉了他們的命運。我發現長期股價作爲業務績效的替代很有趣,但要真正獲得洞察力,我們還需要考慮其他信息。請考慮投資風險這一永恒的威脅。我們已經發現了1個關於中國菸草國際(HK)的警示標誌,了解它們應該是您投資過程的一部分。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您願意查看另一家公司(具有潛在的更好財務狀況),請不要錯過這個免費的公司列表,證明它們可以增長收益。
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。