Investors in Ningbo Zhoushan Port (SHSE:601018) Have Unfortunately Lost 8.9% Over the Last Three Years
Investors in Ningbo Zhoushan Port (SHSE:601018) Have Unfortunately Lost 8.9% Over the Last Three Years
No-one enjoys it when they lose money on a stock. But when the market is down, you're bound to have some losers. The Ningbo Zhoushan Port Company Limited (SHSE:601018) is down 15% over three years, but the total shareholder return is -8.9% once you include the dividend. That's better than the market which declined 19% over the last three years.
當他們在股票上虧損時,沒有人會喜歡它。但是,當市場下跌時,你肯定會有一些輸家。寧波舟山港務股份有限公司(SHSE: 601018)在三年內下跌了15%,但計入股息後,股東總回報率爲-8.9%。這比過去三年下跌19%的市場要好。
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.
考慮到這一點,值得一看公司的基本面是否是長期業績的驅動力,或者是否存在一些差異。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
用本傑明·格雷厄姆的話來說:從短期來看,市場是一臺投票機器,但從長遠來看,它是一臺稱重機。評估公司情緒變化的一種有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
Ningbo Zhoushan Port saw its EPS decline at a compound rate of 1.1% per year, over the last three years. The share price decline of 5% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
在過去三年中,寧波舟山港的每股收益複合下降幅度爲每年1.1%。5%的股價下跌實際上比每股收益的下滑幅度更大。因此,過去市場似乎對該業務過於自信。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下圖中看到 EPS 隨時間推移的變化(點擊圖表查看確切值)。
It might be well worthwhile taking a look at our free report on Ningbo Zhoushan Port's earnings, revenue and cash flow.
也許值得一看我們關於寧波舟山港收益、收入和現金流的免費報告。
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. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Ningbo Zhoushan Port the TSR over the last 3 years was -8.9%, 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!
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。基於股息再投資的假設,股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。可以說,股東總回報率更全面地描述了股票產生的回報。我們注意到,寧波舟山港在過去3年的股東總回報率爲-8.9%,好於上述股價回報率。而且,猜測股息支付在很大程度上解釋了這種分歧是沒有好處的!
A Different Perspective
不同的視角
Although it hurts that Ningbo Zhoushan Port returned a loss of 0.9% in the last twelve months, the broader market was actually worse, returning a loss of 16%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 0.5% over the last half decade. 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. 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. Take risks, for example - Ningbo Zhoushan Port has 1 warning sign we think you should be aware of.
儘管寧波舟山港在過去十二個月中回報了0.9%的虧損令人痛心,但整個市場實際上更糟,虧損了16%。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年0.5%的年化虧損還要糟糕。儘管羅斯柴爾德男爵確實告訴投資者 “街上有血時買入,即使血是你自己的”,但買家需要仔細檢查數據,以確定業務本身是健全的。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。冒險吧,例如,寧波舟山港有 1 個警示標誌,我們認爲您應該注意。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果你想看看另一家公司——一家財務狀況可能優異的公司——那麼千萬不要錯過這份已經證明自己可以增加收益的公司的免費名單。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
請注意,本文引用的市場回報反映了目前在中國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。