The Three-year Decline in Earnings Might Be Taking Its Toll on Astro-century Education&TechnologyLtd (SZSE:300654) Shareholders as Stock Falls 13% Over the Past Week
The Three-year Decline in Earnings Might Be Taking Its Toll on Astro-century Education&TechnologyLtd (SZSE:300654) Shareholders as Stock Falls 13% Over the Past Week
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. While Astro-century Education&Technology Co.,Ltd (SZSE:300654) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 26% in the last quarter. But don't let that distract from the very nice return generated over three years. In fact, the company's share price bested the return of its market index in that time, posting a gain of 79%.
While Astro-Century 教育科技股份有限公司, Ltd（深圳证券交易所代码：300654）的股东们可能普遍感到高兴，该股最近表现不佳，上个季度股价下跌了26％。但是，不要让这分散人们对三年来产生的非常可观的回报的注意力。实际上，该公司的股价在当时超过了其市场指数的回报率，涨幅为79％。
Although Astro-century Education&TechnologyLtd has shed CN¥466m from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
尽管Astro-Century Education&TechnologyLtd本周的市值下跌了4.66亿元人民币，但让我们来看看其长期基本面趋势，看看它们是否推动了回报。
Check out our latest analysis for Astro-century Education&TechnologyLtd
查看我们对天文世纪教育科技有限公司的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
不可否认，市场有时是有效的，但价格并不总是能反映潜在的业务表现。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。
During the three years of share price growth, Astro-century Education&TechnologyLtd actually saw its earnings per share (EPS) drop 6.5% per year.
在股价增长的三年中，Astro-Century Education&TechnologyLtd的每股收益（EPS）实际上每年下降6.5％。
Thus, it seems unlikely that the market is focussed on EPS growth at the moment. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
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。由于每股收益的变化似乎与股价的变化无关，因此值得一看其他指标。
The modest 0.6% dividend yield is unlikely to be propping up the share price. It could be that the revenue growth of 10% per year is viewed as evidence that Astro-century Education&TechnologyLtd is growing. In that case, the company may be sacrificing current earnings per share to drive growth, and maybe shareholder's faith in better days ahead will be rewarded.
0.6％的适度股息收益率不太可能支撑股价。每年10％的收入增长可能被视为Astro-Century Education&TechnologyLtd正在增长的证据。在这种情况下，公司可能会牺牲当前的每股收益来推动增长，也许股东对未来更美好时光的信心将得到回报。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以在下面看到收入和收入如何随着时间的推移而变化（点击图片了解确切的值）。
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. You can see what analysts are predicting for Astro-century Education&TechnologyLtd in this interactive graph of future profit estimates.
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。在这张未来利润估计的交互式图表中，你可以看到分析师对Astro-Century Education&TechnologyLtd的预测。
What About Dividends?
分红呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Astro-century Education&TechnologyLtd's TSR for the last 3 years was 83%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考虑任何给定股票的股东总回报率和股价回报率。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。碰巧的是，Astro-Century Education&TechnologyLtd在过去三年的股东总回报率为83％，超过了前面提到的股价回报率。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
It's good to see that Astro-century Education&TechnologyLtd has rewarded shareholders with a total shareholder return of 39% in the last twelve months. Of course, that includes the dividend. That's better than the annualised return of 4% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand Astro-century Education&TechnologyLtd better, we need to consider many other factors. For example, we've discovered 1 warning sign for Astro-century Education&TechnologyLtd that you should be aware of before investing here.
很高兴看到，Astro-Century Education&TechnologyLtd在过去十二个月中向股东提供了39％的总股东回报率。当然，这包括股息。这比五年来4％的年化回报率要好，这意味着该公司最近的表现更好。持乐观态度的人可能会将最近股东总回报率的改善视为业务本身随着时间的推移而变得更好。长期跟踪股价表现总是很有意思的。但是，为了更好地了解Astro-Century Education&TechnologyLtd，我们需要考虑许多其他因素。例如，我们发现了Astro-Century Education&TechnologyLtd的1个警告信号，在投资这里之前，你应该注意这个信号。
But note: Astro-century Education&TechnologyLtd may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意：Astro-Century Education&TechnologyLted可能不是最好的买入股票。因此，来看看这份过去盈利增长（以及进一步增长预测）的有趣公司的免费清单。
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。
