The Past Three-year Earnings Decline for Shenzhen Jinjia GroupLtd (SZSE:002191) Likely Explains Shareholders Long-term Losses
The Past Three-year Earnings Decline for Shenzhen Jinjia GroupLtd (SZSE:002191) Likely Explains Shareholders Long-term Losses
Shenzhen Jinjia Group Co.,Ltd. (SZSE:002191) shareholders should be happy to see the share price up 11% in the last month. But that is small recompense for the exasperating returns over three years. Tragically, the share price declined 65% in that time. So it is really good to see an improvement. Perhaps the company has turned over a new leaf.
深圳勁嘉股份股份有限公司(SZSE:002191)的股東應該很高興看到上個月股價上漲11%。但對於過去三年中令人懊惱的回報來說,這點不算什麼補償。可悲的是,在那段時間內,股價下跌了65%。因此,看到有所改善確實令人振奮。也許公司已經洗心革面。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週對股東來說更令人放心,但在過去的三年中,他們仍然處於虧損狀態,因此讓我們看看基本業務是否對下降負責。
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。
During five years of share price growth, Shenzhen Jinjia GroupLtd moved from a loss to profitability. That would generally be considered a positive, so we are surprised to see the share price is down. So given the share price is down it's worth checking some other metrics too.
在五年的股價增長中,勁嘉股份股份有限公司從虧損轉爲盈利。這通常被認爲是積極的,所以看到股價下跌我們感到驚訝。因此,鑑於股價下跌,值得檢查一些其他指標。
We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. On the other hand, the uninspired reduction in revenue, at 11% each year, may have shareholders ditching the stock. This could have some investors worried about the longer term growth potential (or lack thereof).
我們注意到分紅派息看起來足夠健康,因此這可能不能解釋股價下跌。另一方面,每年營業收入以11%的不盡人意的速度下降,可能導致股東拋售股票。這可能讓一些投資者對長期增長潛力(或缺乏潛力)感到擔憂。
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)。
We know that Shenzhen Jinjia GroupLtd has improved its bottom line lately, but what does the future have in store? This free report showing analyst forecasts should help you form a view on Shenzhen Jinjia GroupLtd
我們知道勁嘉股份最近改善了其底線,但未來會有什麼呢?該免費報告展示分析師的預測,應該幫助您對勁嘉股份形成看法
What About Dividends?
那麼分紅怎麼樣呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for Shenzhen Jinjia GroupLtd the TSR over the last 3 years was -58%, 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!
考慮任何給定股票的總股東回報以及股價回報都很重要。 股價回報僅反映了股價的變化,TSR還包括了股利的價值(假設它們被再投資)以及任何折價的增資或剝離的利益。 可以說,TSR更全面地展現了股票的回報情況。 我們注意到,勁嘉股份過去3年的TSR爲-58%,比上述股價回報要好。 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 lost about 10% in the twelve months, Shenzhen Jinjia GroupLtd shareholders did even worse, losing 34% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 9% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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 3 warning signs with Shenzhen Jinjia GroupLtd (at least 2 which shouldn't be ignored) , and understanding them should be part of your investment process.
雖然整體市場在過去十二個月損失約10%,但是勁嘉股份股東的表現甚至更糟,虧損34%(包括分紅派息在內)。 話雖如此,在下跌市場中一些股票將過度拋售是不可避免的。關鍵在於保持關注基本發展。 不幸的是,去年的表現爲股東畫上了糟糕的一筆,五年來每年總虧損率達到9%。我們意識到羅斯柴爾德男爵曾說投資者應在「街上有血的時候買入」,但我們提醒投資者首先要確定他們正在購買的是一家高質量的企業。 我發現長期股價作爲業務表現的一種代理是非常有趣的。但要真正獲得洞察,我們也需要考慮其他信息。 比如,不斷存在的投資風險陰影。 我們已經確定了勁嘉股份有限公司的3個警示信號(至少2個不應被忽視),理解它們應該成爲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 Chinese exchanges.
請注意,本文引用的市場回報反映了目前在中國交易所上市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。