The Past Five Years for AVIC Industry-Finance Holdings (SHSE:600705) Investors Has Not Been Profitable
The Past Five Years for AVIC Industry-Finance Holdings (SHSE:600705) Investors Has Not Been Profitable
The main aim of stock picking is to find the market-beating stocks. But the main game is to find enough winners to more than offset the losers So we wouldn't blame long term AVIC Industry-Finance Holdings Co., Ltd. (SHSE:600705) shareholders for doubting their decision to hold, with the stock down 49% over a half decade. And we doubt long term believers are the only worried holders, since the stock price has declined 21% over the last twelve months.
股票挑選的主要目標是找到市場超越其他股票的股票。但是遊戲的主要點是要找到足夠的獲勝者來抵消失敗者,因此我們不會怪責長期艾衛公司(股票代碼:600705.SH)的股東對他們持有該股票的決定產生懷疑,該股票在五年中下跌了49%。我們懷疑長期的信徒不是唯一擔心的持有者,因爲股價在過去的十二個月中下跌了21%。
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
現在讓我們看看這家公司的基本面,看看長期股東回報是否與基礎業務的表現相匹配。
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.
雖然市場是一個強大的定價機制,但股價反映的不僅僅是企業的基本業績,還有投資者的情緒。一個不完美但簡單的方式來考慮公司市場意識的變化是比較每股收益(EPS)的變化和股價的變化。
Looking back five years, both AVIC Industry-Finance Holdings' share price and EPS declined; the latter at a rate of 38% per year. The share price decline of 13% per year isn't as bad as the EPS decline. So investors might expect EPS to bounce back -- or they may have previously foreseen the EPS decline. The high P/E ratio of 90.02 suggests that shareholders believe earnings will grow in the years ahead.
回顧五年,艾衛公司的股價和每股收益率都下降了;每股收益率下降了38%的速度。每年13%的股票跌幅並不像每股收益率下降那麼嚴重。因此投資者可能希望每股收益率會反彈--或者他們先前已經預見到每股收益率的下降。高達90.02的市盈率表明股東相信企業盈利將在未來幾年保持增長。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化(單擊圖表以查看確切的價值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240423/0-b76ba5ad44fbdc2f3bff859cd7d4487d-0-88c585c0b0d0ef0aac45f9809488431d.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
很高興地報告,該公司的CEO獲得的報酬比同等資本化公司的大多數CEO要適度。關注CEO的薪酬值得一提,但更重要的問題是公司是否將在今後的歲月中不斷增長收益。在買賣股票之前,我們總是建議仔細研究歷史增長趨勢,在此處提供。
What About Dividends?
那麼分紅怎麼樣呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of AVIC Industry-Finance Holdings, it has a TSR of -42% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是考慮總股東回報(TSR)和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集(基於股息被重新投資的假設),以及任何股息。因此,對於支付慷慨的股息公司而言,TSR通常比股票回報高得多。就中國神威藥業集團而言,其TSR在過去5年中達到了75%。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報相對於股票價格的回報只反映了股票價格變化,TSR包括股息的價值(假定它們被重新投資)以及任何折扣資本籌集或分拆帶來的好處。可以說TSR爲支付股息的股票提供了更完整的圖片。對於艾衛公司來說,該公司在過去5年中TSR爲-42%。這超過了我們先前提到的股票回報。這在很大程度上是其股息付款的結果!
A Different Perspective
不同的觀點
We regret to report that AVIC Industry-Finance Holdings shareholders are down 20% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 15%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 7% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand AVIC Industry-Finance Holdings better, we need to consider many other factors. Even so, be aware that AVIC Industry-Finance Holdings is showing 2 warning signs in our investment analysis , you should know about...
我們遺憾地報告,艾衛公司的股東今年下跌了20%(甚至包括股息)。不幸的是,這比整個市場的下跌15%還要糟糕。但是,不可避免地,一些股票在下跌的市場中被超賣。關鍵是關注基本面的發展。不幸的是,去年的表現可能表明存在未解決的挑戰,因爲這比過去半個十年的年化損失7%更糟糕。我們認識到,巴倫·羅斯柴爾德曾經說過,投資者應在“街上有血時買入”,但我們提醒投資者首先確定他們正在購買高質量的業務。長期追蹤股價表現總是很有趣的。但是要更好地了解艾衛公司,我們需要考慮許多其他因素。即便如此,請注意:艾衛公司在我們的投資分析中顯示了2個警示標誌,您應該了解這些標誌。
But note: AVIC Industry-Finance Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意:艾衛公司可能不是最好的股票。因此,請查看這份免費的有過去收益增長(以及未來收益預測)的有趣公司列表。
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上市的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。