Western Securities (SZSE:002673) Investors Are Sitting on a Loss of 34% If They Invested Three Years Ago
Western Securities (SZSE:002673) Investors Are Sitting on a Loss of 34% If They Invested Three Years Ago
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Western Securities Co., Ltd. (SZSE:002673) shareholders, since the share price is down 36% in the last three years, falling well short of the market decline of around 24%.
为了证明选择个股的努力是合理的,值得努力超过市场指数基金的回报。但是选股的风险在于,你可能会买入表现不佳的公司。不幸的是,西方证券有限公司(SZSE:002673)的长期股东就是这种情况,因为股价在过去三年中下跌了36%,远低于市场24%左右的跌幅。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
考虑到这一点,值得一看公司的基本面是否是长期业绩的驱动力,或者是否存在一些差异。
Check out our latest analysis for Western Securities
查看我们对西方证券的最新分析
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。
During the three years that the share price fell, Western Securities' earnings per share (EPS) dropped by 14% each year. The 14% average annual share price decline is remarkably close to the EPS decline. So it seems that investor expectations of the company are staying pretty steady, despite the disappointment. Rather, the share price has approximately tracked EPS growth.
在股价下跌的三年中,西方证券的每股收益(EPS)每年下降14%。年平均股价下跌14%,与每股收益的下降非常接近。因此,尽管令人失望,但投资者对该公司的预期似乎保持稳定。相反,股价大致追踪了每股收益的增长。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了 EPS 在一段时间内的跟踪情况(如果你点击图片,你可以看到更多细节)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240131/0-7a576ba6e379d1420886ccad97e92c29-0-38099f39b2ed4ccd7d9725637a64afdd.png/big)
This free interactive report on Western Securities' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果你想进一步调查西方证券的收益、收入和现金流,这份关于西方证券收益、收入和现金流的免费互动报告是一个很好的起点。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Western Securities' TSR for the last 3 years was -34%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
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。因此,对于支付丰厚股息的公司来说,股东总回报率通常远高于股价回报率。碰巧的是,西方证券过去三年的股东总回报率为-34%,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
While it's certainly disappointing to see that Western Securities shares lost 8.6% throughout the year, that wasn't as bad as the market loss of 20%. Given the total loss of 4% per year over five years, it seems returns have deteriorated in the last twelve months. Whilst Baron Rothschild does tell the investor "buy when there's blood in the streets, even if the blood is your own", buyers would need to examine the data carefully to be comfortable that the business itself is sound. It's always interesting to track share price performance over the longer term. But to understand Western Securities better, we need to consider many other factors. Even so, be aware that Western Securities is showing 1 warning sign in our investment analysis , you should know about...
尽管西方证券股价全年下跌8.6%肯定令人失望,但这还不如20%的市场跌幅那么糟糕。鉴于五年来每年的总损失为4%,在过去的十二个月中,回报率似乎有所下降。尽管罗斯柴尔德男爵确实告诉投资者 “街上有血时买入,即使血液是你自己的”,但买家需要仔细检查数据,以确定业务本身是健全的。长期追踪股价表现总是很有意思的。但是,为了更好地了解西方证券,我们需要考虑许多其他因素。即便如此,请注意,西方证券在我们的投资分析中显示了1个警告信号,您应该知道...
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 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。