Kerry Properties (HKG:683) Investors Are Sitting on a Loss of 0.6% If They Invested Five Years Ago
Kerry Properties (HKG:683) Investors Are Sitting on a Loss of 0.6% If They Invested Five Years Ago
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term Kerry Properties Limited (HKG:683) shareholders for doubting their decision to hold, with the stock down 38% over a half decade.
爲了證明選擇個別股票的努力是合理的,爭取超過市場指數基金的回報是值得的。但幾乎每位投資者都肯定會擁有表現優異和表現不佳的股票。因此,我們不會責怪長揸嘉裏建設(adr)(HKG:683)股票的股東懷疑他們的持有決策,因爲該股票在過去五年中下跌了38%。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
鑑於此,值得看看該公司的基本面是否一直是長期業績的驅動因素,或者是否存在一些不一致之處。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
引用巴菲特的話:「船隻將周遊世界,而『地平派』仍會興旺。市場上的價格和價值仍會存在廣泛的差距……」考慮一家公司在市場上的認知如何變化的一個不完美但簡單的方法是比較每股收益(EPS)的變化和股價的波動。
Looking back five years, both Kerry Properties' share price and EPS declined; the latter at a rate of 20% per year. The share price decline of 9% per year isn't as bad as the EPS decline. So the market may previously have expected a drop, or else it expects the situation will improve.
回顧五年,嘉裏建設的股價和每股收益均有所下降;後者以每年20%的速度下降。股價每年下跌9%並不像每股收益的下降那麼嚴重。因此,市場可能之前預期會有下滑,或者它預期情況會改善。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。

We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. It might be well worthwhile taking a look at our free report on Kerry Properties' earnings, revenue and cash flow.
我們喜歡在過去的十二個月裏內部人士買入股份。 話雖如此,大多數人認爲盈利和營業收入增長趨勢是評估業務更有意義的指導。 看一下我們關於嘉裏建設(adr)的盈利、營業收入和現金流的免費報告可能是非常值得的。
What About Dividends?
關於分紅派息的問題
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. In the case of Kerry Properties, it has a TSR of -0.6% 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.
考慮任何股票的總股東回報以及股價回報是很重要的。 總股東回報包括任何分拆或折扣融資的價值,以及任何分紅,基於分紅再投資的假設。因此,對於支付慷慨分紅的公司,總股東回報往往遠高於股價回報。在嘉裏建設(adr)的案例中,過去5年的總股東回報爲-0.6%。這超過了我們之前提到的股價回報。公司的分紅因此提升了總股東回報。
A Different Perspective
另一種看法
It's good to see that Kerry Properties has rewarded shareholders with a total shareholder return of 34% in the last twelve months. That's including the dividend. Notably the five-year annualised TSR loss of 0.1% 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. 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. Even so, be aware that Kerry Properties is showing 2 warning signs in our investment analysis , and 1 of those is a bit unpleasant...
看到嘉裏建設(adr)在過去的十二個月中爲股東帶來了34%的總股東回報,真是令人高興。 這其中包括了分紅。 值得注意的是,五年年化總股東回報下降0.1%與最近的股價表現相比,顯得非常不利。 長期的虧損讓我們保持謹慎,但短期的總股東回報增長無疑暗示了更光明的未來。 我覺得長期關注股價作爲業務表現的代理非常有趣。 但要真正獲得洞察,我們還需要考慮其他信息。 即便如此,要注意的是,嘉裏建設(adr)在我們的投資分析中顯示出2個警告信號,其中1個有點不愉快……
Kerry Properties is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying.
嘉裏建設(adr)並不是內部人士唯一購買的股票。因此,來看看這個免費的小盤公司列表,這些公司在吸引人的估值下被內部人士購買。
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,本文引述的市場回報率反映了目前在香港交易所上市的股票的市場加權平均回報率。
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。