Shareholders 4.0% Loss in Swire Pacific (HKG:19) Partly Attributable to the Company's Decline in Earnings Over Past Five Years
Shareholders 4.0% Loss in Swire Pacific (HKG:19) Partly Attributable to the Company's Decline in Earnings Over Past Five Years
While it may not be enough for some shareholders, we think it is good to see the Swire Pacific Limited (HKG:19) share price up 25% in a single quarter. It's not great that the stock is down 33% over the last five years. But the market returned an even less impressive return of 9.7%.
儘管這對某些股東來說可能還不夠,但我們認爲看到太古有限公司(HKG: 19)股價在單季度內上漲25%是件好事。該股在過去五年中下跌了33%,這並不好。但是市場的回報率甚至不那麼令人印象深刻,爲9.7%。
While the last five years has been tough for Swire Pacific shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
儘管過去五年對太古太平洋的股東來說是艱難的,但過去一週卻顯示出希望的跡象。因此,讓我們來看看長期基本面,看看它們是否是負回報的驅動力。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
雖然市場是一種強大的定價機制,但股價反映了投資者的情緒,而不僅僅是潛在的業務表現。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
During five years of share price growth, Swire Pacific moved from a loss to profitability. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics might give us a better handle on how its value is changing over time.
在五年的股價增長中,太古太平洋從虧損轉爲盈利。大多數人會認爲這是一件好事,因此股價下跌是違反直覺的。其他指標可能會讓我們更好地了解其價值如何隨着時間的推移而變化。
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. It's not immediately clear to us why the stock price is down but further research might provide some answers.
我們注意到股息一直保持健康,因此這並不能真正解釋股價下跌的原因。我們目前尚不清楚爲什麼股價下跌,但進一步的研究可能會提供一些答案。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下圖描述了收入和收入隨時間推移而發生的變化(點擊圖片即可顯示確切的數值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240219/0-17b180796ba1da14beb59a9eaccb27be-0-d0c341fea1fa003e6befe43f332f3993.png/big)
It is of course excellent to see how Swire Pacific has grown profits over the years, but the future is more important for shareholders. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
看到太古太平洋多年來如何增加利潤當然是件好事,但未來對股東來說更爲重要。可能值得一看我們的免費報告,了解其財務狀況如何隨着時間的推移而變化。
What About Dividends?
分紅呢?
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Swire Pacific, it has a TSR of -4.0% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
重要的是要考慮任何給定股票的股東總回報率和股價回報率。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。就太古太平洋而言,過去5年的股東總回報率爲-4.0%。這超過了我們之前提到的其股價回報率。因此,該公司支付的股息提高了 總 股東回報。
A Different Perspective
不同的視角
It's good to see that Swire Pacific has rewarded shareholders with a total shareholder return of 15% in the last twelve months. And that does include the dividend. That certainly beats the loss of about 0.8% per year over the last half decade. This makes us a little wary, but the business might have turned around its fortunes. 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. Even so, be aware that Swire Pacific is showing 1 warning sign in our investment analysis , you should know about...
很高興看到太古在過去十二個月中向股東提供了15%的總股東回報率。這確實包括股息。這無疑超過了過去五年中每年約0.8%的損失。這使我們有點警惕,但該企業可能已經扭轉了命運。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。即便如此,請注意,太古太平洋在我們的投資分析中顯示了1個警告信號,您應該知道...
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你想與管理層一起購買股票,那麼你可能會喜歡這份免費的公司名單。(提示:業內人士一直在購買它們)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
請注意,本文引用的市場回報反映了目前在香港交易所交易的股票的市場加權平均回報。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。