The Three-year Loss for Wuhu Token Sciences (SZSE:300088) Shareholders Likely Driven by Its Shrinking Earnings
The Three-year Loss for Wuhu Token Sciences (SZSE:300088) Shareholders Likely Driven by Its Shrinking Earnings
Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Wuhu Token Sciences Co., Ltd. (SZSE:300088) shareholders have had that experience, with the share price dropping 43% in three years, versus a market decline of about 27%. And the ride hasn't got any smoother in recent times over the last year, with the price 24% lower in that time. On the other hand the share price has bounced 7.4% over the last week.
許多投資者定義成功的投資是長期跑贏市場平均水平。但股票選擇的風險在於您很可能買入表現不佳的公司。不幸的是，長揸長信科技股份有限公司(SZSE：300088)的股東已經有這樣的經歷，股價在三年內下跌了43%，而市場下跌了約27%。而最近一年中，股價下跌了24%。另一方面，股價在過去一週上漲了7.4%。
The recent uptick of 7.4% could be a positive sign of things to come, so let's take a look at historical fundamentals.
最近的上漲7.4%可能是未來走勢的積極信號，所以讓我們來看看歷史基本面。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
雖然市場是一個強大的定價機制，但股價反映了投資者情緒，不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益（EPS）與股價進行比較。
Wuhu Token Sciences saw its EPS decline at a compound rate of 40% per year, over the last three years. In comparison the 17% compound annual share price decline isn't as bad as the EPS drop-off. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines. With a P/E ratio of 63.20, it's fair to say the market sees a brighter future for the business.
過去三年間，長信科技的每股收益以40%的複合年增長率下降。與此相比，17%的複合年度股價下跌並不像每股收益下降那麼糟糕。這表明，儘管過去的每股收益下降了，市場仍然保持了一些長期收益穩定性的樂觀態度。考慮到市盈率爲63.20，可以說市場看到了企業更美好的未來。
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（隨時間的推移）如下圖所示（單擊可查看確切數字）。
Dive deeper into Wuhu Token Sciences' key metrics by checking this interactive graph of Wuhu Token Sciences's earnings, revenue and cash flow.
通過查看長信科技的收益、營業收入和現金流的交互式圖表，深入了解長信科技的關鍵指標。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Wuhu Token Sciences, it has a TSR of -40% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
在看待投資回報時，重要的是考慮總股東回報(TSR)和股價回報之間的差異。股價回報只反映了股價的變化，而TSR包括了股息的價值(假設它們被再投資)和任何折價的資本籌集或分拆的利益。因此，對於支付豐厚股息的公司，TSR通常比股價回報高得多。在長信科技的情況下，它在過去3年中的TSR爲-40%。這超過了我們之前提到的股價回報。顯然，股息支出在很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
While the broader market lost about 17% in the twelve months, Wuhu Token Sciences shareholders did even worse, losing 22% (even including dividends). 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 1.0% 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 Wuhu Token Sciences better, we need to consider many other factors. Even so, be aware that Wuhu Token Sciences is showing 3 warning signs in our investment analysis , and 1 of those is potentially serious...
儘管整個市場在12個月內大約下跌了17%，但長信科技的股東們表現得更差，包括股息在內的虧損了22%。儘管如此，在下跌的市場中必然會有一些股票被超賣。關鍵是要關注基本面的發展。遺憾的是，去年的表現爲股東們帶來了五年總損失率爲1.0%。一般來說，長期股價疲軟可能是一個不好的跡象，儘管逆勢投資者可能希望研究這隻股票，以期望逆轉趨勢。跟蹤長期的股價表現總是很有趣的。但是要更好地了解長信科技，我們需要考慮很多其他因素。儘管如此，請注意，我們的投資分析顯示，長信科技正顯示出3個警告信號，其中1個可能非常嚴重...
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
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？對內容感到擔憂？請直接與我們聯繫。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？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。