Shareholders in China Zheshang Bank (HKG:2016) Are in the Red If They Invested Five Years Ago
Shareholders in China Zheshang Bank (HKG:2016) Are in the Red If They Invested Five Years Ago
Ideally, your overall portfolio should beat the market average. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term China Zheshang Bank Co., Ltd (HKG:2016) shareholders for doubting their decision to hold, with the stock down 52% over a half decade.
理想情況下,您的整體投資組合應超過市場平均水平。但是,幾乎每個投資者都肯定會有表現過硬和表現不佳的股票。因此,我們不會責怪中國浙商銀行股份有限公司(HKG: 2016)的長期股東對他們的持股決定表示懷疑,該股在五年內下跌了52%。
Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.
由於從長遠來看,股東會下跌,讓我們來看看那段時間的潛在基本面,看看它們與回報是否一致。
See our latest analysis for China Zheshang Bank
查看我們對中國浙商銀行的最新分析
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 沃倫·巴菲特描述了股價如何並不總是能合理地反映企業的價值。考慮市場對公司的看法如何變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價變動進行比較。
During the five years over which the share price declined, China Zheshang Bank's earnings per share (EPS) dropped by 4.3% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 14% per year, over the period. So it seems the market was too confident about the business, in the past. The less favorable sentiment is reflected in its current P/E ratio of 3.90.
在股價下跌的五年中,中國浙商銀行的每股收益(EPS)每年下降4.3%。讀者應注意,在此期間,股價的下跌速度快於每股收益,每年下降14%。因此,過去市場似乎對該業務過於自信。不太樂觀的情緒反映在其目前的市盈率3.90上。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(一段時間內)如下圖所示(點擊查看確切數字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240111/0-d0eba47fec24acc7d163029ddf0dd653-0-08fbfc06a98f282b4d652d95fc5e91fb.png/big)
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 Zheshang Bank's 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,首席執行官的薪水低於類似規模公司的中位數。始終值得關注首席執行官的薪酬,但更重要的問題是公司多年來是否會增加收益。如果你想進一步調查該股,這份關於中國浙商銀行收益、收入和現金流的免費互動報告是一個很好的起點。
What About Dividends?
那股息呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, China Zheshang Bank's TSR for the last 5 years was -39%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率外,投資者還應考慮股東總回報率(TSR)。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。可以說,股東總回報率更全面地描述了股票產生的回報。碰巧的是,中國浙商銀行過去5年的股東總回報率爲-39%,超過了前面提到的股價回報率。因此,該公司支付的股息提高了 總 股東回報。
A Different Perspective
不同的視角
We regret to report that China Zheshang Bank shareholders are down 19% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 15%. 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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 7% over the last half decade. 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. 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. To that end, you should be aware of the 2 warning signs we've spotted with China Zheshang Bank .
我們遺憾地報告,浙商銀行的股東今年下跌了19%(甚至包括股息)。不幸的是,這比整個市場15%的跌幅還要嚴重。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。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年中7%的年化虧損還要糟糕。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。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。爲此,你應該注意我們在中國浙商銀行發現的兩個警告信號。
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,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,請看一下我們預計收益將增加的這份免費公司名單。
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率。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。