Even After Rising 3.2% This Past Week, Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Are Still Down 22% Over the Past Three Years
Even After Rising 3.2% This Past Week, Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Are Still Down 22% Over the Past Three Years
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Shandong Buchang Pharmaceuticals Co., Ltd. (SHSE:603858) shareholders have had that experience, with the share price dropping 29% in three years, versus a market decline of about 10%. Shareholders have had an even rougher run lately, with the share price down 15% in the last 90 days. But this could be related to the weak market, which is down 8.7% in the same period.
为了证明选择个股的努力是合理的,值得努力击败市场指数基金的回报。但是选股的风险在于,你可能会买入表现不佳的公司。我们遗憾地报告,山东步长制药股份有限公司(SHSE:603858)的长期股东也有这样的经历,股价在三年内下跌了29%,而市场跌幅约为10%。股东们最近的表现更加艰难,在过去的90天中,股价下跌了15%。但这可能与疲软的市场有关,同期市场下跌了8.7%。
While the last three years has been tough for Shandong Buchang Pharmaceuticals shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
尽管过去三年对山东步长制药的股东来说是艰难的,但过去一周已经显示出希望的迹象。因此,让我们来看看长期基本面,看看它们是否是负回报的驱动力。
Check out our latest analysis for Shandong Buchang Pharmaceuticals
查看我们对山东步长制药的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
不可否认,市场有时是有效的,但价格并不总是能反映潜在的业务表现。研究市场情绪如何随着时间的推移而变化的一种方法是研究公司股价与其每股收益(EPS)之间的相互作用。
Shandong Buchang Pharmaceuticals saw its share price decline over the three years in which its EPS also dropped, falling to a loss. This was, in part, due to extraordinary items impacting earnings. Due to the loss, it's not easy to use EPS as a reliable guide to the business. But it's safe to say we'd generally expect the share price to be lower as a result!
在每股收益也下降的三年中,山东步长制药的股价下跌,跌至亏损。这在一定程度上是由于非同寻常的项目影响了收益。由于亏损,使用EPS作为可靠的业务指南并不容易。但是可以肯定地说,我们通常预计股价会因此而降低!
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了 EPS 在一段时间内的跟踪情况(如果你点击图片,你可以看到更多细节)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231102/0-35100460ecdb3d7dc31af03d2b5d0bfb-0-a41a2ecc208eed75b899e16cdfe49844.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在买入或卖出股票之前,我们始终建议仔细研究历史增长趋势,可在此处查阅。
What About Dividends?
分红呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Shandong Buchang Pharmaceuticals the TSR over the last 3 years was -22%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股价回报外,投资者还应考虑股东总回报(TSR)。股东总回报率是一种回报计算方法,它考虑了现金分红的价值(假设收到的任何股息已被再投资)以及任何贴现资本筹集和分拆的计算价值。可以说,股东总回报率可以更全面地描述股票产生的回报。我们注意到,山东步长制药在过去3年的股东总回报率为-22%,好于上述股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
While the broader market lost about 2.5% in the twelve months, Shandong Buchang Pharmaceuticals shareholders did even worse, losing 7.6% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Longer term investors wouldn't be so upset, since they would have made 0.2%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. It's always interesting to track share price performance over the longer term. But to understand Shandong Buchang Pharmaceuticals better, we need to consider many other factors. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Shandong Buchang Pharmaceuticals you should know about.
尽管整个市场在十二个月内下跌了约2.5%,但山东步长制药的股东表现更差,损失了7.6%(甚至包括股息)。话虽如此,在下跌的市场中,一些股票不可避免地会被超卖。关键是要密切关注基本发展。长期投资者不会那么沮丧,因为他们本可以在五年内每年赚0.2%。最近的抛售可能是一个机会,因此可能值得查看基本面数据以寻找长期增长趋势的迹象。从长远来看,追踪股价表现总是很有意思的。但是,要更好地了解山东步长制药,我们需要考虑许多其他因素。例如,以风险为例。每家公司都有它们,我们已经发现了你应该知道的山东步长制药的两个警告信号。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你想与管理层一起购买股票,那么你可能会喜欢这份免费的公司名单。(提示:业内人士一直在购买它们)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所交易的股票的市场加权平均回报。
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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.
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。