CEVIA Enviro (SZSE:000885) Stock Performs Better Than Its Underlying Earnings Growth Over Last Three Years
CEVIA Enviro (SZSE:000885) Stock Performs Better Than Its Underlying Earnings Growth Over Last Three Years
By buying an index fund, investors can approximate the average market return. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, CEVIA Enviro Inc. (SZSE:000885) shareholders have seen the share price rise 24% over three years, well in excess of the market decline (30%, not including dividends).
通過購買指數基金,投資者可以近似於市場平均回報。但如果你以較優惠的價格買入好的企業,你的投資組合回報可能超過市場平均回報。例如,CEVIA環保股份有限公司(SZSE:000885)的股東在三年內看到股價上漲了24%,遠遠超過市場下跌的30%(不包括分紅派息)。
Since it's been a strong week for CEVIA Enviro shareholders, let's have a look at trend of the longer term fundamentals.
既然CEVIA環保股份有限公司的股東收益不錯,讓我們一起來看看更長期的基本面趨勢。
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《格雷厄姆和多德斯維爾超級投資者》中,禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式在股價上漲的5年中,新加坡交易所由虧損逐漸轉爲盈利。而在之後的12個月內,該公司的財務報表則呈虧損狀態,這表明它的盈利能力不可靠。其他指標可能會更好地反映公司的價值變化。
CEVIA Enviro was able to grow its EPS at 0.5% per year over three years, sending the share price higher. In comparison, the 7% per year gain in the share price outpaces the EPS growth. This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. It is quite common to see investors become enamoured with a business, after a few years of solid progress.
CEVIA環保股份有限公司能夠在三年內以每年0.5%的速度增長其每股收益,從而推高了股價。相比之下,股價每年增長7%,超過了每股收益的增長。這表明,隨着企業在過去幾年中的發展,它獲得了市場參與者的信心。投資者在企業經歷幾年的穩步進展後,很容易會着迷於它。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-b2e46c8872a5eb9ed1b29224f95a1426-0-3e9bbbc2ce982939a1d96ef2ff487cff.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在購買或出售股票之前,我們始終建議仔細研究歷史增長趨勢,此處提供。
What About Dividends?
那麼分紅怎麼樣呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. As it happens, CEVIA Enviro's TSR for the last 3 years was 28%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股價回報之外,投資者還應考慮股東總回報率(TSR)。TSR是一種回報計算,考慮到現金股利的價值(假設任何股息收入都是再投資),以及任何折扣的股本增發和分拆的計算價值。有理由認爲,TSR給出了一種更全面的股票回報圖畫。事實上,CEVIA環保股份有限公司過去3年的TSR爲28%,超過了前面提到的股價回報。這主要是由於其分紅派息的影響!
A Different Perspective
不同的觀點
While it's certainly disappointing to see that CEVIA Enviro shares lost 12% throughout the year, that wasn't as bad as the market loss of 14%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 4% for each year. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. 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 CEVIA Enviro (at least 1 which is concerning) , and understanding them should be part of your investment process.
雖然CEVIA環保股份有限公司股價在這一年中下跌了12%,但這並沒有比市場的14%下跌更糟糕。當然,長期回報更爲重要,好消息是,在過去的五年中,這支股票每年回報4%。可能企業只是面臨一些短期問題,但股東應該密切注意其基本面。雖然考慮市場狀況對股價的影響是值得的,但更重要的是考慮投資風險的存在。我們已經確定了CEVIA環保股份有限公司的2個警示信號(至少1個令人擔憂的信號),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 undervalued small caps that insiders are buying.
如果您像我一樣,就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
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。或電郵 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,也可以發送電子郵件至editorial-team@simplywallst.com