As China Tobacco International (HK) (HKG:6055) Climbs 5.9% This Past Week, Investors May Now Be Noticing the Company's Three-year Earnings Growth
As China Tobacco International (HK) (HKG:6055) Climbs 5.9% This Past Week, Investors May Now Be Noticing the Company's Three-year Earnings Growth
It is a pleasure to report that the China Tobacco International (HK) Company Limited (HKG:6055) is up 58% in the last quarter. But that cannot eclipse the less-than-impressive returns over the last three years. After all, the share price is down 17% in the last three years, significantly under-performing the market.
我很高兴地报告,中国烟草国际(香港)有限公司(HKG:6055)在上个季度上涨了58%。但这并不能盖过过去三年不那么令人印象深刻的回报。毕竟,该公司股价在过去三年里下跌了17%,表现明显逊于大盘。
While the stock has risen 5.9% in the past week but long term shareholders are still in the red, let's see what the fundamentals can tell us.
尽管该股在过去一周上涨了5.9%,但长期股东仍处于亏损状态,让我们看看基本面能告诉我们什么。
Check out our latest analysis for China Tobacco International (HK)
查看我们对中国烟草国际(香港)的最新分析
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
本杰明·格雷厄姆(Benjamin Graham)的原话是:短期内,市场是一台投票机,但从长远来看,它是一台称重机。通过比较每股收益(EPS)和股价随时间的变化,我们可以感受到投资者对一家公司的态度随着时间的推移发生了怎样的变化。
During the unfortunate three years of share price decline, China Tobacco International (HK) actually saw its earnings per share (EPS) improve by 3.3% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed.
在不幸的股价下跌的三年中,中国烟草国际(香港)实际上看到其每股收益(EPS)每年增长3.3%。这是一个相当令人费解的问题,表明可能有什么因素暂时提振了股价。或者,该公司过去被过度炒作,因此其增长令人失望。
It looks to us like the market was probably too optimistic around growth three years ago. Looking to other metrics might better explain the share price change.
在我们看来,三年前市场对增长可能过于乐观了。看看其他指标可能更好地解释了股价的变化。
With a rather small yield of just 1.3% we doubt that the stock's share price is based on its dividend. With revenue flat over three years, it seems unlikely that the share price is reflecting the top line. There doesn't seem to be any clear correlation between the fundamental business metrics and the share price. That could mean that the stock was previously overrated, or it could spell opportunity now.
由于收益率相当低,仅为1.3%,我们怀疑该股的股价是否基于其股息。由于三年来营收持平,股价似乎不太可能反映营收。基本面业务指标和股价之间似乎没有任何明确的关联。这可能意味着该股之前被高估了,也可能意味着现在有机会。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和收入随时间的变化情况(如果您点击该图,您可以看到更多详细信息)。
![earnings-and-revenue-growth](https://usnewsfile.futunn.com/pic/0-19296622-0-6360f063afbeef89e5466545b135a1df.png/big)
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
你可以看到它的资产负债表是如何随着时间的推移而加强(或削弱)的免费交互式图形。
What About Dividends?
那股息呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for China Tobacco International (HK) the TSR over the last 3 years was -14%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考虑任何给定股票的总股东回报以及股价回报。TSR是一种回报计算,计入了现金股息的价值(假设收到的任何股息都进行了再投资),以及任何贴现融资和剥离的计算价值。因此,对于支付丰厚股息的公司来说,TSR往往比股价回报高得多。我们注意到,中国烟草国际(香港)过去三年的总回报率为-14%,好于上述股价回报率。该公司支付的股息因此提振了总计股东回报。
A Different Perspective
不同的视角
The last twelve months weren't great for China Tobacco International (HK) shares, which performed worse than the market, costing holders 13%, including dividends. Meanwhile, the broader market slid about 5.7%, likely weighing on the stock. Shareholders have lost 5% per year over the last three years, so the share price drop has become steeper, over the last year; a potential symptom of as yet unsolved challenges. Although Baron Rothschild famously said to "buy when there's blood in the streets, even if the blood is your own", he also focusses on high quality stocks with solid prospects. 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. Case in point: We've spotted 1 warning sign for China Tobacco International (HK) you should be aware of.
过去12个月对中国烟草国际(香港)公司的股票来说不是很好,其表现逊于大盘,持股者损失了13%,其中包括股息。与此同时,大盘下跌约5.7%,可能令该股承压。股东在过去三年里每年损失5%,因此股价在过去一年里跌幅变得更大;这是尚未解决的挑战的潜在症状。尽管罗斯柴尔德男爵曾说过一句名言:“当街上有血的时候就买进,即使血是你自己的”,但他也专注于前景看好的高质量股票。虽然值得考虑市场状况对股价可能产生的不同影响,但还有其他更重要的因素。一个恰当的例子:我们发现了中国烟草国际(香港)的1个警告标志你应该意识到。
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
对于那些想要找到赢得投资这免费最近有内幕收购的不断增长的公司名单可能就是合适的选择。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
请注意,本文引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。