China Taiping Insurance Holdings (HKG:966) Investors Are Sitting on a Loss of 69% If They Invested Five Years Ago
China Taiping Insurance Holdings (HKG:966) Investors Are Sitting on a Loss of 69% If They Invested Five Years Ago
We think intelligent long term investing is the way to go. But along the way some stocks are going to perform badly. For example the China Taiping Insurance Holdings Company Limited (HKG:966) share price dropped 73% over five years. That is extremely sub-optimal, to say the least. The falls have accelerated recently, with the share price down 15% in the last three months.
我们认为明智的长期投资是必经之路。但在此过程中,一些股票将表现不佳。例如,中国太平保险控股有限公司(HKG:966)的股价在五年内下跌了73%。至少可以说,这非常不理想。最近,跌幅加快,股价在过去三个月中下跌了15%。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
值得评估的是,该公司的经济状况是否与这些令人难以置信的股东回报步调一致,或者两者之间是否存在一些差距。所以我们就这么做吧。
View our latest analysis for China Taiping Insurance Holdings
查看我们对中国太平保险控股的最新分析
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.
用本杰明·格雷厄姆的话来说:从短期来看,市场是一台投票机器,但从长远来看,它是一台称重机。通过比较每股收益(EPS)和一段时间内的股价变化,我们可以了解投资者对公司的态度是如何随着时间的推移而变化的。
Looking back five years, both China Taiping Insurance Holdings' share price and EPS declined; the latter at a rate of 17% per year. Readers should note that the share price has fallen faster than the EPS, at a rate of 23% per year, over the period. So it seems the market was too confident about the business, in the past. The low P/E ratio of 7.64 further reflects this reticence.
回顾五年,中国太平保险控股的股价和每股收益均有所下降;后者每年下降17%。读者应注意,在此期间,股价的下跌速度快于每股收益,每年下降23%。因此,过去市场似乎对该业务过于自信。7.64的低市盈率进一步反映了这种沉默。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图描述了 EPS 随着时间的推移是如何变化的(点击图片可以看到确切的值)。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free interactive report on China Taiping Insurance Holdings' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
可能值得注意的是,首席执行官的薪水低于类似规模公司的中位数。始终值得关注首席执行官的薪酬,但更重要的问题是公司多年来是否会增加收益。如果你想进一步调查该股,这份关于中国太平保险控股收益、收入和现金流的免费互动报告是一个不错的起点。
What About Dividends?
分红呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, China Taiping Insurance Holdings' TSR for the last 5 years was -69%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
在考虑投资回报时,重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。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。可以公平地说,股东总回报率为支付股息的股票提供了更完整的画面。碰巧的是,中国太平保险控股在过去5年的股东总回报率为-69%,超过了前面提到的股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
It's nice to see that China Taiping Insurance Holdings shareholders have received a total shareholder return of 6.7% over the last year. That's including the dividend. Notably the five-year annualised TSR loss of 11% per year compares very unfavourably with the recent share price performance. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. It's always interesting to track share price performance over the longer term. But to understand China Taiping Insurance Holdings better, we need to consider many other factors. For example, we've discovered 2 warning signs for China Taiping Insurance Holdings that you should be aware of before investing here.
很高兴看到中国太平保险控股的股东在去年获得了6.7%的股东总回报率。这包括股息。值得注意的是,五年期年化股东总回报率每年亏损11%,与最近的股价表现相比非常不利。我们通常更看重短期内的长期业绩,但最近的改善可能暗示业务将出现(积极的)转折点。从长远来看,追踪股价表现总是很有意思的。但是,要更好地了解中国太平保险控股,我们需要考虑许多其他因素。例如,我们发现了中国太平保险控股的两个警告信号,在这里投资之前,你应该注意这些信号。
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 Hong Kong 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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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。