Investors More Bullish on Nanjing Iron & Steel (SHSE:600282) This Week as Stock Rises 5.1%, Despite Earnings Trending Downwards Over Past Three Years
Investors More Bullish on Nanjing Iron & Steel (SHSE:600282) This Week as Stock Rises 5.1%, Despite Earnings Trending Downwards Over Past Three Years
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, Nanjing Iron & Steel Co., Ltd. (SHSE:600282) shareholders have seen the share price rise 23% over three years, well in excess of the market decline (26%, not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 17% in the last year , including dividends .
从股票市场中获益的一种简单方法是购买指数基金。但是,如果你以诱人的价格收购优秀的企业,你的投资组合回报率可能会超过平均市场回报。例如,南京钢铁股份有限公司(SHSE: 600282)股东的股价在三年内上涨了23%,远远超过了市场的跌幅(26%,不包括股息)。但是,最近的回报并不那么令人印象深刻,该股去年的回报率仅为17%,包括股息。
The past week has proven to be lucrative for Nanjing Iron & Steel investors, so let's see if fundamentals drove the company's three-year performance.
事实证明,过去一周对南京钢铁投资者来说是有利可图的,所以让我们看看基本面是否推动了该公司的三年业绩。
View our latest analysis for Nanjing Iron & Steel
查看我们对南京钢铁的最新分析
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 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).
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。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。
Over the last three years, Nanjing Iron & Steel failed to grow earnings per share, which fell 15% (annualized).
在过去三年中,南京钢铁未能增长每股收益,下降了15%(按年计算)。
Thus, it seems unlikely that the market is focussed on EPS growth at the moment. Therefore, we think it's worth considering other metrics as well.
因此,目前市场似乎不太可能将注意力集中在每股收益的增长上。因此,我们认为也值得考虑其他指标。
The dividend is no better now than it was three years ago, so that is unlikely to have driven the share price higher. But it's far more plausible that the revenue growth of 9.3% per year is viewed as evidence that Nanjing Iron & Steel is growing. In that case, the revenue growth might be more important to shareholders, for now, thus justifying a higer share price.
现在的股息并不比三年前好,因此这不太可能推动股价上涨。但是,每年9.3%的收入增长被视为南京钢铁正在增长的证据,这种说法要合理得多。在这种情况下,就目前而言,收入增长对股东来说可能更为重要,因此可以证明更高的股价是合理的。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
您可以在下图中看到收入和收入随时间推移而发生的变化(点击图表查看确切值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240127/0-1d249860b9b3bac407451db147d7ef65-0-70988dae6bbe3628b83c53356c9ad3f5.png/big)
Take a more thorough look at Nanjing Iron & Steel's financial health with this free report on its balance sheet.
通过这份免费的资产负债表报告,更全面地了解南京钢铁的财务状况。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Nanjing Iron & Steel, it has a TSR of 53% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股价回报率外,投资者还应考虑股东总回报率(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都经过再投资)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。就南京钢铁而言,其过去三年的股东总回报率为53%。这超过了我们之前提到的其股价回报率。因此,该公司支付的股息提高了 总 股东回报。
A Different Perspective
不同的视角
It's good to see that Nanjing Iron & Steel has rewarded shareholders with a total shareholder return of 17% in the last twelve months. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 9% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Nanjing Iron & Steel better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Nanjing Iron & Steel , and understanding them should be part of your investment process.
很高兴看到南京钢铁在过去十二个月中向股东提供了17%的总股东回报率。当然,这包括股息。由于一年期股东总回报率好于五年期股东总回报率(后者为每年9%),因此该股的表现似乎在最近有所改善。在最好的情况下,这可能暗示着一些真正的业务势头,这意味着现在可能是深入研究的好时机。长期跟踪股价表现总是很有意思的。但是,要更好地了解南京钢铁,我们需要考虑许多其他因素。例如,以永远存在的投资风险幽灵为例。我们已经向南京钢铁确定了两个警告信号,了解它们应该是您投资过程的一部分。
Of course Nanjing Iron & Steel may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,南京钢铁可能不是最好的买入股票。因此,您可能希望看到这批免费的成长股。
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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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。