The One-year Decline in Earnings for Youngor Fashion SHSE:600177) Isn't Encouraging, but Shareholders Are Still up 47% Over That Period
The One-year Decline in Earnings for Youngor Fashion SHSE:600177) Isn't Encouraging, but Shareholders Are Still up 47% Over That Period
During the last year, Youngor Fashion actually saw its earnings per share drop 9.0%. If you want to compound wealth in the stock market, you can do so by buying an index fund. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). To wit, the Youngor Fashion Co., Ltd. (SHSE:600177) share price is 33% higher than it was a year ago, much better than the market return of around 9.8% (not including dividends) in the same period. That's a solid performance by our standards! Longer term, the stock is up 27% in three years.
如果你想在股市中複利增值，可以通過購買指數基金來實現。但是，通過選擇表現優於平均水平的股票（作爲多元化投資組合的一部分），可以得到更好的回報。值得注意的是，雅戈爾時尚有限公司（上證所代碼：600177）的股價比一年前上漲了33%，遠遠超過同期市場約9.8%的回報（不包括分紅派息）。按照我們的標準，這是相當出色的表現！從長遠來看，這隻股票在三年內上漲了27%。
Since the long term performance has been good but there's been a recent pullback of 5.1%, let's check if the fundamentals match the share price.
鑑於長期業績良好，但最近回調了5.1%，讓我們檢查一下基本面是否與股價相符。
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 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.
引用巴菲特的話，『船會在世界各地航行，但地平線協會將蓬勃發展。市場上價格和價值之間將繼續存在廣泛的差異……』 一種有缺陷但合理的評估公司情緒變化的方法是比較每股收益（EPS）與股價。
During the last year, Youngor Fashion actually saw its earnings per share drop 9.0%.
在過去的一年中，雅戈爾時尚的每股收益實際上下降了9.0%。
Given the share price gain, we doubt the market is measuring progress with EPS. Therefore, it seems likely that investors are putting more weight on metrics other than EPS, at the moment.
考慮到股價上漲，我們懷疑市場在用每股收益來衡量進展。因此，目前投資者似乎更看重除每股收益之外的其他指標。
We haven't seen Youngor Fashion increase dividend payments yet, so the yield probably hasn't helped drive the share higher. Rather, we'd posit that the revenue increase of 55% might be more meaningful. After all, it's not necessarily a bad thing if a business sacrifices profits today in pursuit of profit tomorrow (metaphorically speaking).
我們尚未看到雅戈爾時尚增加分紅派息，因此收益可能並未推動股價上漲。相反，我們認爲55%的營業收入增長可能更有意義。畢竟，如果一個業務爲了明天的利潤而犧牲今天的收益（比喻來說），這未必是壞事。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以在下面看到盈利和營業收入隨時間的變化（通過點擊圖片發現確切值）。
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
您可以通過這個免費的互動圖形查看其資產負債表隨時間的增強（或減弱）。
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. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Youngor Fashion the TSR over the last 1 year was 47%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
考慮到股東的總回報以及任意股票的股價回報是很重要的。股價回報僅反映股價的變化，而總股東回報則包括分紅的價值（假設這些分紅被再投資）以及任何折扣融資或分拆的好處。因此，對於那些支付慷慨分紅的公司，總股東回報往往遠高於股價回報。我們注意到，雅戈爾時尚過去一年的總股東回報爲47%，這比上述提到的股價回報更好。公司支付的分紅因此提升了總股東回報。
A Different Perspective
不同的視角
It's nice to see that Youngor Fashion shareholders have received a total shareholder return of 47% over the last year. That's including 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. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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. Take risks, for example - Youngor Fashion has 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
很高興看到雅戈爾時尚的股東在過去一年中獲得了47%的總股東回報。這包括分紅。由於一年期的總股東回報率優於五年期的總股東回報率（後者的年回報率爲12%），這似乎表明該股票的表現近期有所改善。在最佳情況下，這可能暗示一些真正的業務動力，這意味着現在可能是更深入研究的好時機。雖然考慮市場條件對股價的不同影響非常重要，但還有其他因素更爲重要。例如風險 - 雅戈爾時尚實際上有3個警告信號（還有1個不容忽視），我們認爲你應該了解這些。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於喜歡尋找贏家投資的人來說，這份關於最近有內部人士購買的被低估公司的免費名單，可能正是你所需要的。
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.
對本文有反饋？對內容有疑慮？請直接與我們聯繫。或者，發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議，也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。
