Even After Rising 4.2% This Past Week, Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Are Still Down 22% Over the Past Three Years
Even After Rising 4.2% This Past Week, Shandong Buchang Pharmaceuticals (SHSE:603858) Shareholders Are Still Down 22% Over the Past Three Years
Investors are understandably disappointed when a stock they own declines in value. But when the market is down, you're bound to have some losers. While the Shandong Buchang Pharmaceuticals Co., Ltd. (SHSE:603858) share price is down 29% in the last three years, the total return to shareholders (which includes dividends) was -22%. And that total return actually beats the market decline of 24%.
當投資者擁有的股票價值下跌時,其自然會感到失望。但是當市場下跌時,你避免不了要面對一些失敗者。儘管近三年來山東步長製藥股份有限公司(SHSE:603858)的股價下跌了29%,但包括股息在內的股東總回報卻爲-22%。並且其總回報實際上超過了市場下跌24%。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週對股東來說更令人放心,但在過去的三年中,他們仍然處於虧損狀態,因此讓我們看看基本業務是否對下降負責。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
儘管一些人繼續教授有效市場假說,但已經證明市場是過度反應的動態系統,並且投資者並不總是理性的。通過比較每股收益(EPS)和股價的變化情況,我們可以了解投資者對公司的態度如何隨着時間變化而變化。
Shandong Buchang Pharmaceuticals has made a profit in the past. However, it made a loss in the last twelve months, suggesting profit may be an unreliable metric at this stage. Other metrics might give us a better handle on how its value is changing over time.
山東步長製藥過去曾盈利。但是,過去12個月中,其出現虧損,這表明利潤可能在這個階段是一種不可靠的指標。其他指標可能會更好地幫助我們了解其價值隨時間的變化情況。
The modest 0.8% dividend yield is unlikely to be guiding the market view of the stock. We think that the revenue decline over three years, at a rate of 8.1% per year, probably had some shareholders looking to sell. And that's not surprising, since it seems unlikely that EPS growth can continue for long in the absence of revenue growth.
適度的0.8%股息收益率不太可能影響市場對該股票的看法。我們認爲,三年中營收以每年8.1%的速度下降,可能導致一些股東想要出售股份。這並不令人意外,因爲在缺乏營業收入增長的情況下,似乎不太可能繼續盈利增長。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收益和營收隨時間變化的情況(如果你點擊圖像,可以看到更多細節):
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240622/0-a0517ffd29bc62399a931635b7704800-0-4f54fdbcab8b578ec250d0c891e05a88.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.
資產負債表強度至關重要。查看我們關於其財務狀況如何隨時間變化的免費報告可能很值得一看。
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. 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 Shandong Buchang Pharmaceuticals the TSR over the last 3 years was -22%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
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TSR還考慮了任何股權分拆或折價資本籌集的價值,以及任何股息,基於這樣一個假設:股息是再投資的。因此,對於支付豐厚股息的公司來說,TSR通常比股票價格回報要高得多。我們注意到,對於山東步長製藥來說,過去三年的TSR爲-22%,比上述股票價格回報要好。公司支付的股息因此提高了…總股東回報。
A Different Perspective
不同的觀點
We regret to report that Shandong Buchang Pharmaceuticals shareholders are down 19% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 14%. 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. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 0.6% per year over five years. 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. It's always interesting to track share price performance over the longer term. But to understand Shandong Buchang Pharmaceuticals better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Shandong Buchang Pharmaceuticals , and understanding them should be part of your investment process.
我們非常遺憾地報告,山東步長製藥股東在今年下跌了19%(包括股息)。不幸的是,這比整個市場下跌14%還要更糟。話雖如此,在下行市場中,一些股票被過度拋售是不可避免的。關鍵是要關注基本發展。遺憾的是,去年的表現結束了一輪糟糕的週期,股東在過去五年中每年面臨0.6%的總損失。一般來說,長期的股價疲軟可能是一個不好的跡象,儘管價值投資者可能會研究該股票以期逆轉。跟蹤股票長期表現總是很有趣的,但要更好地了解山東步長製藥,我們需要考慮許多其他因素。例如,投資風險這個威脅總是存在的。我們已經確定了2個警示標誌,了解它們應該是你的投資過程的一部分。
We will like Shandong Buchang Pharmaceuticals better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些內部大規模買入,我們將更喜歡山東步長製藥。在等待時,可以查看這個免費的低估股票列表(主要是小盤股),其中包括最近的內部買入。
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。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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@simplywallst.com。