Earnings Growth of 8.4% Over 3 Years Hasn't Been Enough to Translate Into Positive Returns for Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Shareholders
Earnings Growth of 8.4% Over 3 Years Hasn't Been Enough to Translate Into Positive Returns for Tangshan Sanyou Chemical IndustriesLtd (SHSE:600409) Shareholders
If you are building a properly diversified stock portfolio, the chances are some of your picks will perform badly. But the long term shareholders of Tangshan Sanyou Chemical Industries Co.,Ltd (SHSE:600409) have had an unfortunate run in the last three years. Sadly for them, the share price is down 55% in that time. The more recent news is of little comfort, with the share price down 25% in a year.
如果你正在建立一個適當多元化的股票投資組合,那麼你的某些選擇很可能會表現不佳。但是唐山三友化工股份有限公司的長期股東, Ltd(上海證券交易所代碼:600409)在過去三年中表現不佳。對他們來說,可悲的是,當時股價下跌了55%。最近的消息並不令人欣慰,股價在一年內下跌了25%。
Since Tangshan Sanyou Chemical IndustriesLtd has shed CN¥392m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
由於唐山三友化工有限公司在過去7天內已從其市值下跌了3.92億元人民幣,讓我們看看長期下跌是否是由該企業的經濟推動的。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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).
不可否認,市場有時是有效的,但價格並不總是能反映潛在的業務表現。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。
Although the share price is down over three years, Tangshan Sanyou Chemical IndustriesLtd actually managed to grow EPS by 27% per year in that time. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Alternatively, growth expectations may have been unreasonable in the past.
儘管股價在三年內下跌,但唐山三友化工有限公司實際上設法在此期間每年將每股收益增長27%。這真是個難題,表明可能會有一些東西暫時提振股價。或者,過去的增長預期可能不合理。
Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
由於每股收益的變化似乎與股價的變化無關,因此值得一看其他指標。
Revenue is actually up 7.8% over the three years, so the share price drop doesn't seem to hinge on revenue, either. This analysis is just perfunctory, but it might be worth researching Tangshan Sanyou Chemical IndustriesLtd more closely, as sometimes stocks fall unfairly. This could present an opportunity.
在過去的三年中,收入實際上增長了7.8%,因此股價下跌似乎也不取決於收入。這種分析只是敷衍了事,但可能值得對唐山三友化工有限公司進行更仔細的研究,因爲有時股票會不公平地下跌。這可能帶來機會。
You can see how earnings and revenue have 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收入和收入隨時間推移而發生的變化(點擊圖表查看確切值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-f82a24cd74145a8f769f45242bc82ed1-0-77b87e866feece7dd9941a568b838e56.png/big)
Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
資產負債表的強度至關重要。可能值得一看我們關於其財務狀況如何隨着時間的推移而變化的免費報告。
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 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. We note that for Tangshan Sanyou Chemical IndustriesLtd the TSR over the last 3 years was -50%, which is better than the share price return mentioned above. 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。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。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,唐山三友化工股份有限公司過去3年的股東總回報率爲-50%,好於上述股價回報率。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
While the broader market lost about 13% in the twelve months, Tangshan Sanyou Chemical IndustriesLtd shareholders did even worse, losing 23% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 4% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Tangshan Sanyou Chemical IndustriesLtd , and understanding them should be part of your investment process.
儘管整個市場在十二個月中下跌了約13%,但唐山三友化工有限公司股東的表現甚至更糟,損失了23%(甚至包括股息)。但是,可能只是股價受到了更廣泛的市場緊張情緒的影響。如果有很好的機會,可能值得關注基本面。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年中4%的年化虧損還要糟糕。總的來說,長期股價疲軟可能是一個壞兆頭,儘管逆勢投資者可能希望研究該股以期出現轉機。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。例如,投資風險的幽靈無處不在。我們已經向唐山三友化工有限公司確定了兩個警告信號,了解它們應該是您投資過程的一部分。
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
如果你像我一樣,那麼你不會想錯過這份業內人士正在收購的成長型公司的免費名單。
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。