Zhejiang Xinao Textiles' (SHSE:603889) Earnings Growth Rate Lags the 33% CAGR Delivered to Shareholders
Zhejiang Xinao Textiles' (SHSE:603889) Earnings Growth Rate Lags the 33% CAGR Delivered to Shareholders
It might be of some concern to shareholders to see the Zhejiang Xinao Textiles Inc. (SHSE:603889) share price down 11% in the last month. In contrast, the return over three years has been impressive. In fact, the share price is up a full 107% compared to three years ago. It's not uncommon to see a share price retrace a bit, after a big gain. Only time will tell if there is still too much optimism currently reflected in the share price.
上个月,浙江新奥纺织股份有限公司(SHSE: 603889)的股价下跌了11%,这可能会引起股东的担忧。相比之下,三年来的回报令人印象深刻。实际上,与三年前相比,股价上涨了整整107%。股价在大幅上涨之后略有回调的情况并不少见。只有时间才能证明目前股价中是否还反映出过多的乐观情绪。
While the stock has fallen 6.8% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.
尽管该股本周下跌了6.8%,但值得关注长期情况,看看股票的历史回报是否是由基础基本面推动的。
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。
Zhejiang Xinao Textiles was able to grow its EPS at 57% per year over three years, sending the share price higher. This EPS growth is higher than the 27% average annual increase in the share price. So one could reasonably conclude that the market has cooled on the stock.
浙江新奥纺织得以在三年内以每年57%的速度增长每股收益,从而推动股价上涨。每股收益的增长高于股价平均年增长27%。因此,人们可以合理地得出结论,该股市场已经降温。
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/7781/20240229/0-7101e9a3b6f14cf3f83280b357979091-0-aa59019b2e6320eb9644dd803d0ddc73.png/big)
We know that Zhejiang Xinao Textiles has improved its bottom line over the last three years, but what does the future have in store? You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
我们知道浙江新奥纺织在过去三年中提高了利润,但是未来会发生什么?您可以在这张免费的交互式图片中看到其资产负债表如何随着时间的推移而增强(或减弱)。
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. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Zhejiang Xinao Textiles' TSR for the last 3 years was 137%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
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。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。可以说,股东总回报率更全面地描述了股票产生的回报。碰巧的是,浙江新奥纺织在过去3年的股东总回报率为137%,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
We're pleased to report that Zhejiang Xinao Textiles shareholders have received a total shareholder return of 24% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 8% per year), it would seem that the stock's performance has improved in recent times. 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 Zhejiang Xinao Textiles better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Zhejiang Xinao Textiles (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
我们很高兴地向大家报告,浙江新奥纺织的股东在一年内获得了24%的总股东回报率。这包括股息。由于一年期股东总回报率好于五年期股东总回报率(后者为每年8%),因此该股的表现似乎在最近有所改善。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,要更好地了解浙江新奥纺织,我们需要考虑许多其他因素。例如,投资风险的幽灵无处不在。我们已经发现浙江新奥纺织有两个警告信号(至少有一个有点不愉快),了解它们应该是你投资过程的一部分。
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
对于那些喜欢寻找中奖投资的人来说,这份最近有内幕收购的成长型公司的免费名单可能只是门票。
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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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.
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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。