Malion New Materials (SZSE:300586) Shareholders Notch a 12% CAGR Over 5 Years, yet Earnings Have Been Shrinking
Malion New Materials (SZSE:300586) Shareholders Notch a 12% CAGR Over 5 Years, yet Earnings Have Been Shrinking
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. For example, long term Malion New Materials Co., Ltd. (SZSE:300586) shareholders have enjoyed a 78% share price rise over the last half decade, well in excess of the market return of around 20% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 19% in the last year, including dividends.
一般來說,積極選股的目標是找到提供超越市場平均回報的公司。雖然積極選股涉及風險(並需要分散投資),但它也可以提供超額回報。例如,長揸美聯新材(SZSE:300586)的股東在過去五年中享受了78%的股價上漲,這遠超市場約20%的回報(不包括分紅派息)。然而,最近的回報並沒有那麼令人印象深刻,過去一年該股票的回報僅爲19%,包括分紅派息。
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
在穩定的七天表現之後,讓我們看看公司的基本面對長期股東回報的影響。
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. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
禾倫·巴菲特在他的論文《格雷厄姆-道德斯維爾的超級投資者》中描述了股票價格並不總是合理地反映企業的價值。通過比較每股收益(EPS)和股價隨時間變化的變化,我們可以了解到投資者對某家公司的態度如何隨時間而變化。
During the last half decade, Malion New Materials became profitable. That's generally thought to be a genuine positive, so investors may expect to see an increasing share price.
在過去的五年中,美聯新材實現了盈利。這通常被認爲是一個真正的積極信號,因此投資者可能期待看到股價的上漲。
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)。
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。
A Different Perspective
另一種看法
It's good to see that Malion New Materials has rewarded shareholders with a total shareholder return of 19% in the last twelve months. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 12% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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. For instance, we've identified 2 warning signs for Malion New Materials that you should be aware of.
很高興看到美聯新材在過去12個月內爲股東帶來了19%的總股東回報。而這還包括分紅派息。由於一年期的總股東回報率優於五年期總股東回報率(後者爲每年12%),這似乎表明該股票近期的表現有所改善。持樂觀態度的人可能會將最近的總股東回報率改善視爲業務本身隨着時間的推移而變得更好的一個信號。雖然考慮市場狀況對股票價格的不同影響非常重要,但還有其他因素更爲關鍵。例如,我們已經識別出美聯新材的2個警示信號,您需要注意。
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,您可能通過在其他地方尋找會找到一筆極好的投資。因此,請查看我們預計會增長收入的公司免費名單。
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,本文中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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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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。