C&D International Investment Group (HKG:1908) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
C&D International Investment Group (HKG:1908) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years
When we invest, we're generally looking for stocks that outperform the market average. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. To wit, the C&D International Investment Group share price has climbed 61% in five years, easily topping the market decline of 19% (ignoring dividends).
當我們投資時,我們通常是在尋找表現超過市場平均水平的股票。而且,儘管主動選股涉及風險(並且需要分散投資),但它也可以提供超額回報。換句話說,建發國際投資集團的股價在五年內上漲了61%,輕鬆超過了19%的市場跌幅(不計股息)。
Since it's been a strong week for C&D International Investment Group shareholders, let's have a look at trend of the longer term fundamentals.
由於對於建發國際投資集團股東來說,這是強勁的一週,讓我們來看看長期基本面的趨勢。
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 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.
在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
Over half a decade, C&D International Investment Group managed to grow its earnings per share at 3.4% a year. This EPS growth is slower than the share price growth of 10% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. And that's hardly shocking given the track record of growth.
在過去的五年中,建發國際投資集團設法將其每股收益增長到每年3.4%。每股收益的增長低於同期每年10%的股價增長。因此,可以公平地假設市場對該業務的看法比五年前更高。考慮到增長的記錄,這並不令人震驚。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(隨着時間的推移)如下圖所示(點擊查看確切數字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240502/0-025da02a6e95da6dd333ade146b3657d-0-0246a2ae8c42415b2f99185378ed07ea.png/big)
It's good to see that there was some significant insider buying in the last three months. That's a positive. On the other hand, we think the revenue and earnings trends are much more meaningful measures of the business. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
很高興看到在過去三個月中出現了一些大規模的內幕買盤。這是積極的。另一方面,我們認爲收入和收益趨勢是衡量業務的更有意義的指標。在買入或賣出股票之前,我們始終建議仔細研究歷史增長趨勢,可在此處查閱。
What About Dividends?
分紅呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for C&D International Investment Group the TSR over the last 5 years was 209%, 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!
在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。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。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。我們注意到,建發國際投資集團過去5年的股東總回報率爲209%,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
We regret to report that C&D International Investment Group shareholders are down 27% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 4.0%. 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. On the bright side, long term shareholders have made money, with a gain of 25% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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 C&D International Investment Group is showing 2 warning signs in our investment analysis , you should know about...
我們遺憾地報告,建發國際投資集團的股東今年下跌了27%(甚至包括股息)。不幸的是,這比整個市場4.0%的跌幅還要嚴重。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。好的一面是,長期股東賺了錢,在過去的五年中,每年增長25%。如果基本面數據繼續顯示長期可持續增長,那麼當前的拋售可能是一個值得考慮的機會。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,建發國際投資集團在我們的投資分析中顯示出兩個警告信號,您應該知道...
C&D International Investment Group is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
建發國際投資集團並不是內部人士唯一買入的股票。對於那些喜歡尋找獲利投資的人來說,這份最近有內幕收購的成長型公司的免費清單可能就是入場券。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
請注意,本文引用的市場回報反映了目前在香港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。