Investors in Guangdong HEC Technology Holding (SHSE:600673) Have Seen Favorable Returns of 44% Over the Past Three Years
Investors in Guangdong HEC Technology Holding (SHSE:600673) Have Seen Favorable Returns of 44% Over the Past Three Years
It hasn't been the best quarter for Guangdong HEC Technology Holding Co., Ltd (SHSE:600673) shareholders, since the share price has fallen 23% in that time. But that shouldn't obscure the pleasing returns achieved by shareholders over the last three years. In the last three years the share price is up, 35%: better than the market.
這一季度對於東陽光(SHSE:600673)的股東來說並不是最好的,因爲股票價格在此期間下跌了23%。但這並不應該掩蓋股東在過去三年中所取得的令人滿意的回報。在過去三年中,股票價格上漲了35%:超過了市場水平。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們長期看一下潛在的基本面,看看它們是否與股東回報一致。
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。
During the three years of share price growth, Guangdong HEC Technology Holding actually saw its earnings per share (EPS) drop 24% per year.
在股票價格增長的三年中,東陽光的每股收益(EPS)實際上每年下降了24%。
So we doubt that the market is looking to EPS for its main judge of the company's value. 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.
因此,我們懷疑市場不會將EPS作爲公司價值的主要判斷依據。由於EPS的變化似乎與股價的變化無關,因此值得關注其他指標。
We doubt the dividend payments explain the share price rise, since we don't see any improvement in that regard. Given the modest revenue growth, we doubt it explains the share price rise. But a closer look at the numbers might enlighten.
我們懷疑股息支付並不是解釋股票價格上漲的原因,因爲我們沒有看到任何相關方面的改善。鑑於營業收入的適度增長,我們懷疑它也不能解釋股票價格上漲。但對數字進行更仔細的分析可能會使人豁然開朗。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以看到以下收益和營收的變化情況(通過單擊圖像了解精確值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240705/0-33628518f36d7fc3737583e3d5fc23b0-0-fdbce0f17534d4266bc280871a82161a.png/big)
Take a more thorough look at Guangdong HEC Technology Holding's financial health with this free report on its balance sheet.
通過此有關它的資產負債表的免費報告,更全面地了解東陽光的財務狀況。
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). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Guangdong HEC Technology Holding the TSR over the last 3 years was 44%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股票價格回報之外,投資者還應考慮總股東回報(TSR)。儘管股票價格回報只反映了股票價格的變化,但TSR包括股息價值(假設它們被再投資)以及任何折價的出售或剝離的利益。可以說,TSR給出了一種更全面的股票回報圖像。我們注意到,東陽光在過去的3年中的TSR爲44%,這比上述股票價格回報要好。這主要是由於它的股息支付!
A Different Perspective
不同的觀點
Although it hurts that Guangdong HEC Technology Holding returned a loss of 1.6% in the last twelve months, the broader market was actually worse, returning a loss of 17%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 1.0% over the last half decade. Whilst Baron Rothschild does tell the investor "buy when there's blood in the streets, even if the blood is your own", buyers would need to examine the data carefully to be comfortable that the business itself is sound. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Guangdong HEC Technology Holding (of which 2 make us uncomfortable!) you should know about.
儘管東陽光在過去的12個月中回報爲負1.6%,但整個市場的回報實際上更糟糕,爲負17%。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5年中每年化的1.0%的虧損還要糟糕。儘管羅斯柴爾德男爵告訴投資者“在街上充滿了鮮血時買進,即使這血是你自己的”,買家仍需要仔細檢查數據,以確定企業本身是否健康。我認爲,從股票價格的長期表現來看,它可以作爲業務表現的一種代理。但要真正獲得洞察力,我們還需要考慮其他信息。例如風險。每個公司都有風險,我們已經發現了東陽光的3個警示標誌(其中2個讓我們感到不舒服!),您應該知道。
Of course Guangdong HEC Technology Holding may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,東陽光可能不是最好的股票買入選擇。因此,您可能希望查看這些增長型股票的免費收藏。
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