Investors in China Merchants Securities (SHSE:600999) Have Unfortunately Lost 26% Over the Last Three Years
Investors in China Merchants Securities (SHSE:600999) Have Unfortunately Lost 26% Over the Last Three Years
Many investors define successful investing as beating the market average over the long term. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term China Merchants Securities Co., Ltd. (SHSE:600999) shareholders have had that experience, with the share price dropping 31% in three years, versus a market decline of about 16%.
許多投資者將成功的投資定義爲長期超過市場平均水平。但是在任何投資組合中,都可能有一些股票未達到該基準。我們遺憾地報告,招商證券股份有限公司(SHSE: 600999)的長期股東有過這樣的經歷,股價在三年內下跌了31%,而市場跌幅約爲16%。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
因此,讓我們來看看公司的長期表現是否與基礎業務的進展一致。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
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。通過比較每股收益(EPS)和一段時間內的股價變化,我們可以了解投資者對公司的態度是如何隨着時間的推移而變化的。
During the three years that the share price fell, China Merchants Securities' earnings per share (EPS) dropped by 1.7% each year. The share price decline of 12% is actually steeper than the EPS slippage. So it seems the market was too confident about the business, in the past.
在股價下跌的三年中,招商證券的每股收益(EPS)每年下降1.7%。股價下跌12%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)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240309/0-828f0963d84a89472fbfdddd63205d39-0-dfe297f5fb8a6f7cf6c2fecb823e272e.png/big)
It might be well worthwhile taking a look at our free report on China Merchants Securities' earnings, revenue and cash flow.
可能值得一看我們關於招商證券收益、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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, China Merchants Securities' TSR for the last 3 years was -26%, 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。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。碰巧的是,招商證券過去3年的股東總回報率爲-26%,超過了前面提到的股價回報率。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
It's good to see that China Merchants Securities has rewarded shareholders with a total shareholder return of 3.0% in the last twelve months. Of course, that includes the dividend. That's better than the annualised return of 1.3% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Even so, be aware that China Merchants Securities is showing 1 warning sign in our investment analysis , you should know about...
很高興看到招商證券在過去十二個月中向股東提供了3.0%的總股東回報率。當然,這包括股息。這比五年來1.3%的年化回報率要好,這意味着該公司最近的表現更好。鑑於股價勢頭仍然強勁,可能值得仔細研究該股,以免錯過機會。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。即便如此,請注意,招商證券在我們的投資分析中顯示了1個警告信號,您應該知道...
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找中獎投資的人來說,這份最近有內幕收購的成長型公司的免費名單可能只是門票。
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。