Digital China Holdings (HKG:861) Sheds HK$418m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Three Years
Digital China Holdings (HKG:861) Sheds HK$418m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Three Years
If you are building a properly diversified stock portfolio, the chances are some of your picks will perform badly. But the last three years have been particularly tough on longer term Digital China Holdings Limited (HKG:861) shareholders. Sadly for them, the share price is down 66% in that time. And the ride hasn't got any smoother in recent times over the last year, with the price 48% lower in that time. And the share price decline continued over the last week, dropping some 11%.
如果你正在建立一個適當多元化的股票投資組合,那麼你的某些選擇很可能會表現不佳。但是,對於神州數碼控股有限公司(HKG: 861)的長期股東來說,過去三年尤其艱難。對他們來說,可悲的是,當時股價下跌了66%。而且在過去的一年裏,行程並沒有變得更加順利,同期價格下降了48%。上週股價繼續下跌,下跌了約11%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鑑於過去一週對股東來說很艱難,讓我們調查一下基本面,看看我們能學到什麼。
View our latest analysis for Digital China Holdings
查看我們對神州數碼控股的最新分析
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
During the three years that the share price fell, Digital China Holdings' earnings per share (EPS) dropped by 32% each year. So do you think it's a coincidence that the share price has dropped 30% per year, a very similar rate to the EPS? We don't. So it seems that investor expectations of the company are staying pretty steady, despite the disappointment. In this case, it seems that the EPS is guiding the share price.
在股價下跌的三年中,神州數碼控股的每股收益(EPS)每年下降32%。那麼,你認爲股價每年下跌30%,與每股收益非常相似是巧合嗎?我們沒有。因此,儘管令人失望,但投資者對該公司的預期似乎保持穩定。在這種情況下,每股收益似乎在指導股價。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了 EPS 在一段時間內的跟蹤情況(如果你點擊圖片,你可以看到更多細節)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240109/0-e0d59d0c9fd446ae80951f3d5c002a08-0-cc141936a367916c6f967c366c4a04e8.png/big)
It's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. This free interactive report on Digital China Holdings' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
很高興看到在過去三個月中出現了一些大規模的內幕買盤。這是積極的。話雖如此,我們認爲收益和收入增長趨勢是更重要的考慮因素。如果你想進一步調查該股,這份關於神州數碼控股收益、收入和現金流的免費互動報告是一個很好的起點。
What About Dividends?
分紅呢?
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. In the case of Digital China Holdings, it has a TSR of -63% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
重要的是要考慮任何給定股票的股東總回報率和股價回報率。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。就神州數碼控股而言,其過去三年的股東總回報率爲-63%。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
While the broader market lost about 13% in the twelve months, Digital China Holdings shareholders did even worse, losing 47% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 6% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand Digital China Holdings better, we need to consider many other factors. For instance, we've identified 2 warning signs for Digital China Holdings that you should be aware of.
儘管整個市場在十二個月中下跌了約13%,但神州控股股東的表現甚至更糟,損失了47%(甚至包括股息)。但是,可能只是股價受到了更廣泛的市場緊張情緒的影響。如果有很好的機會,可能值得關注基本面。遺憾的是,去年的業績結束了糟糕的表現,股東在五年內每年面臨6%的總虧損。我們意識到羅斯柴爾德男爵曾說過,投資者應該 “在街頭流血時買入”,但我們警告說,投資者應首先確保他們購買的是高質量的企業。長期跟蹤股價表現總是很有意思的。但是,爲了更好地了解神州數碼控股,我們需要考慮許多其他因素。例如,我們已經確定了神州數碼控股的兩個警告信號,你應該注意這些信號。
There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.
還有很多其他公司有內部人士購買股票。你可能不想錯過這份業內人士正在收購的成長型公司的免費名單。
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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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。