Shareholders 32% Loss in China Hongqiao Group (HKG:1378) Partly Attributable to the Company's Decline in Earnings Over Past Year
Shareholders 32% Loss in China Hongqiao Group (HKG:1378) Partly Attributable to the Company's Decline in Earnings Over Past Year
Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. But if you buy individual stocks, you can do both better or worse than that. That downside risk was realized by China Hongqiao Group Limited (HKG:1378) shareholders over the last year, as the share price declined 36%. That contrasts poorly with the market decline of 20%. At least the damage isn't so bad if you look at the last three years, since the stock is down 15% in that time. Furthermore, it's down 22% in about a quarter. That's not much fun for holders.
被动投资指数基金是确保自己的回报与整个市场大致相匹配的好方法。但是,如果你买入个股,你的表现可能比这更好或更差。去年,由于股价下跌了36%,中国虹桥集团有限公司(HKG: 1378)的股东意识到了这种下行风险。这与20%的市场下跌形成鲜明对比。如果你看一下过去的三年,至少损失还不错,因为当时该股下跌了15%。此外,它在大约一个季度内下降了22%。对于持有者来说,这没什么好玩的。
While the stock has risen 5.2% in the past week but long term shareholders are still in the red, let's see what the fundamentals can tell us.
尽管该股在过去一周上涨了5.2%,但长期股东仍处于亏损状态,但让我们看看基本面能告诉我们什么。
View our latest analysis for China Hongqiao Group
查看我们对中国宏桥集团的最新分析
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
尽管一些人继续教导高效市场假说,但事实证明,市场是反应过度的动态系统,投资者并不总是理性的。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
Unfortunately China Hongqiao Group reported an EPS drop of 80% for the last year. This fall in the EPS is significantly worse than the 36% the share price fall. It may have been that the weak EPS was not as bad as some had feared.
不幸的是,中国虹桥集团报告称,去年每股收益下降了80%。每股收益的下降要比股价下跌的36%严重得多。疲软的每股收益可能没有某些人所担心的那么糟糕。
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)。
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized 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. It might be well worthwhile taking a look at our free report on China Hongqiao Group's earnings, revenue and cash flow.
我们很高兴地向大家报告,首席执行官的薪酬比资本相似公司的大多数首席执行官要适中。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。可能值得一看我们关于中国虹桥集团收益、收入和现金流的免费报告。
What About Dividends?
分红呢?
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. In the case of China Hongqiao Group, it has a TSR of -32% for the last 1 year. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股价回报率外,投资者还应考虑股东总回报率(TSR)。尽管股价回报率仅反映股价的变化,但股东总回报率包括股息的价值(假设已进行再投资)以及任何折扣融资或分拆的收益。可以说,股东总回报率更全面地描述了股票产生的回报。就中国虹桥集团而言,其过去1年的股东总回报率为-32%。这超过了我们之前提到的其股价回报率。而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!
A Different Perspective
不同的视角
While the broader market lost about 20% in the twelve months, China Hongqiao Group shareholders did even worse, losing 32% (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. Longer term investors wouldn't be so upset, since they would have made 12%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for China Hongqiao Group you should know about.
尽管整个市场在十二个月中下跌了约20%,但中国虹桥集团股东的表现甚至更糟,损失了32%(甚至包括股息)。但是,可能只是股价受到了更广泛的市场紧张情绪的影响。如果有很好的机会,可能值得关注基本面。长期投资者不会那么沮丧,因为他们将在五年内每年赚12%。如果基本面数据继续显示长期可持续增长,那么当前的抛售可能是一个值得考虑的机会。我发现将长期股价视为业务绩效的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。例如,考虑风险。每家公司都有它们,我们发现了两个你应该知道的中国虹桥集团的警告标志。
We will like China Hongqiao Group better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
如果我们看到一些大规模的内幕收购,我们会更喜欢中国虹桥集团。在我们等待的同时,请查看这份免费清单,列出了最近有大量内幕收购的成长型公司。
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。