The Total Return for Ganso (SHSE:603886) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Ganso (SHSE:603886) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But even the best stock picker will only win with some selections. So we wouldn't blame long term Ganso Co., Ltd. (SHSE:603886) shareholders for doubting their decision to hold, with the stock down 18% over a half decade. Furthermore, it's down 15% in about a quarter. That's not much fun for holders. However, one could argue that the price has been influenced by the general market, which is down 15% in the same timeframe.
为了证明选择个股的努力是合理的,值得努力超越市场指数基金的回报。但是,即使是最好的选股者也只能通过以下方式获胜 一些 选择。因此,我们不会责怪元素有限公司(SHSE: 603886)的长期股东对他们的持股决定表示怀疑,该股在五年内下跌了18%。此外,它在大约一个季度内下降了15%。对于持有者来说,这并不好玩。但是,有人可能会争辩说,价格受到了大盘的影响,同期股价下跌了15%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鉴于过去一周对股东来说很艰难,让我们调查一下基本面,看看我们能学到什么。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用巴菲特的话说:“船只将在世界各地航行,但Flat Earth Society将蓬勃发展。市场上的价格和价值之间将继续存在巨大差异...”通过比较每股收益(EPS)和一段时间内的股价变化,我们可以了解投资者对公司的态度是如何随着时间的推移而变化的。
During the unfortunate half decade during which the share price slipped, Ganso actually saw its earnings per share (EPS) improve by 0.4% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.
在股价下滑的不幸五年中,Ganso的每股收益(EPS)实际上每年增长0.4%。因此,每股收益似乎不是了解市场如何估值股票的好指南。或者,过去的增长预期可能不合理。
Given that EPS has increased, but the share price has fallen, it's fair to say that market sentiment around the stock has become more negative. Generally speaking, though, if the company can keep growing EPS then the share price will eventually follow.
鉴于每股收益增加了,但股价下跌了,可以公平地说,围绕该股的市场情绪变得更加消极。但是,总的来说,如果公司能够继续增长每股收益,那么股价最终将随之增长。
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)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240202/0-c745e39c49b27e6efe072a4344f989ed-0-371bc0d6eb8133c09b59f3b6cd7b8b49.png/big)
This free interactive report on Ganso's 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Ganso的股票,这份关于Ganso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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Ganso the TSR over the last 5 years was 6.1%, which is better than the share price return mentioned above. 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)。基于股息再投资的假设,股东总回报率纳入了任何分拆或贴现资本筹集的价值以及任何股息。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。我们注意到,对于Ganso而言,过去5年的股东总回报率为6.1%,好于上述股价回报率。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
Although it hurts that Ganso returned a loss of 12% in the last twelve months, the broader market was actually worse, returning a loss of 25%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 1.2% for each year. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. It's always interesting to track share price performance over the longer term. But to understand Ganso better, we need to consider many other factors. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for Ganso you should know about.
尽管Ganso在过去十二个月中回报了12%的亏损令人痛心,但整个市场实际上更糟,回报了25%的亏损。当然,长期回报要重要得多,好消息是,在过去的五年中,该股每年的回报率为1.2%。在最好的情况下,去年只是通往更光明未来之旅中的一个暂时阶段。长期跟踪股价表现总是很有意思的。但是,为了更好地理解 Ganso,我们需要考虑许多其他因素。例如,考虑风险。每家公司都有它们,我们发现了一个你应该知道的Ganso警告标志。
But note: Ganso 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:Ganso可能不是最值得购买的股票。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。