Anhui Expressway's (HKG:995) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Anhui Expressway's (HKG:995) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Anhui Expressway Company Limited (HKG:995) shareholders might be concerned after seeing the share price drop 11% in the last month. But that doesn't undermine the rather lovely longer-term return, if you measure over the last three years. Indeed, the share price is up a very strong 110% in that time. To some, the recent share price pullback wouldn't be surprising after such a good run. The thing to consider is whether the underlying business is doing well enough to support the current price.
安徽高速公路有限責任公司(HKG:995)股東在看到股價在上個月下跌11%後可能會感到擔憂。但如果你衡量過去三年的情況,這並不會破壞相當不錯的長期回報。事實上,在這段時間裡,該公司股價強勁上漲了110%。對一些人來說,在經歷瞭如此好的表現後,最近股價的回落並不令人意外。需要考慮的是,基礎業務的表現是否足以支撐當前的價格。
While the stock has fallen 5.0% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.
雖然該股本週下跌了5.0%,但值得關注的是更長期的,看看這些股票的歷史回報是否受到基本面因素的推動。
See our latest analysis for Anhui Expressway
查看我們對安徽高速公路的最新分析
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
雖然有效市場假說繼續被一些人傳授,但事實證明,市場是過度反應的動態系統,投資者並不總是理性的。評估圍繞一家公司的情緒變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
During three years of share price growth, Anhui Expressway achieved compound earnings per share growth of 35% per year. The average annual share price increase of 28% is actually lower than the EPS growth. Therefore, it seems the market has moderated its expectations for growth, somewhat. We'd venture the lowish P/E ratio of 7.31 also reflects the negative sentiment around the stock.
在股價增長的三年中,安徽高速公路實現了每股收益年均35%的復合增長。平均每年28%的股價漲幅實際上低於每股收益的增長。因此,市場似乎在一定程度上降低了對增長的預期。我們敢說,7.31的低本益比也反映了圍繞該股的負面情緒。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
您可以在下面看到EPS是如何隨著時間的推移而變化的(通過單擊圖像來了解確切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231025/0-00fa517abd175118b0620dcf7db3ea76-0-45e05f6239c3500b9dfce91744dcf5ae.png/big)
It is of course excellent to see how Anhui Expressway has grown profits over the years, but the future is more important for shareholders. Take a more thorough look at Anhui Expressway's financial health with this free report on its balance sheet.
看到安徽高速多年來的盈利增長當然很好,但對股東來說,未來更重要。更徹底地瞭解安徽高速公路的財務健康狀況免費報告其資產負債表。
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. 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. As it happens, Anhui Expressway's TSR for the last 3 years was 163%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考慮任何給定股票的總股東回報以及股價回報。雖然股價回報只反映股價的變動,但TSR包括股息的價值(假設股息再投資),以及任何折價集資或分拆所帶來的利益。因此,對於支付豐厚股息的公司來說,TSR往往比股價回報高得多。碰巧的是,安徽高速公路最近3年的TSR為163%,超過了前面提到的股價回報。而且,猜測股息支付在很大程度上解釋了這種差異是沒有好處的!
A Different Perspective
不同的視角
We're pleased to report that Anhui Expressway shareholders have received a total shareholder return of 67% over one year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 20%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. Keeping this in mind, a solid next step might be to take a look at Anhui Expressway's dividend track record. This free interactive graph is a great place to start.
我們很高興地報告,安徽高速公路的股東在一年內獲得了67%的總股東回報。當然,這包括股息。這一收益好於五年內每年20%的TSR。因此,最近圍繞該公司的情緒似乎一直是積極的。鑑於股價勢頭依然強勁,仔細觀察這只股票可能是值得的,以免錯過預期和機會。考慮到這一點,下一步可靠的舉措可能是看看安徽高速公路的分紅記錄。這免費互動式圖形是一個很好的起點。
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.
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費我們預計收益將會增長的公司名單。
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,本文引用的市場回報反映了目前在香港交易所交易的股票的市場加權平均回報。
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對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.