As Huaan Securities (SHSE:600909) Climbs 5.2% This Past Week, Investors May Now Be Noticing the Company's Five-year Earnings Growth
As Huaan Securities (SHSE:600909) Climbs 5.2% This Past Week, Investors May Now Be Noticing the Company's Five-year Earnings Growth
For many, the main point of investing is to generate higher returns than the overall market. But the main game is to find enough winners to more than offset the losers So we wouldn't blame long term Huaan Securities Co., Ltd. (SHSE:600909) shareholders for doubting their decision to hold, with the stock down 35% over a half decade. On the other hand the share price has bounced 5.2% over the last week.
对于许多人来说,投资的主要目的是获得高于整个市场的回报。但其主要游戏是找足够的赢家,以抵消失者的损失。因此,我们不会责怪长期持有华安证券股份有限公司(SHSE:600909)的股东对于持有股票5年半而导致股票下跌35%而怀疑自己的决定。另一方面,股价在过去一周回升了5.2%。
On a more encouraging note the company has added CN¥987m to its market cap in just the last 7 days, so let's see if we can determine what's driven the five-year loss for shareholders.
更令人鼓舞的是,公司在过去7天内为其市值增加了人民币98700万,因此让我们看看是否能够确定是什么导致了股东的五年亏损。
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.
虽然市场是一个强大的定价机制,但股价反映了投资者情绪,不仅仅是基本业绩。一种有缺陷但合理的评估公司周围情绪如何变化的方法是将每股收益(EPS)与股价进行比较。
During the unfortunate half decade during which the share price slipped, Huaan Securities actually saw its earnings per share (EPS) improve by 1.0% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
在不幸的五年半期间,股票价格下跌,但华安证券的每股收益(EPS)实际上每年提高了1.0%。因此,似乎EPS并不是了解市场如何评估该股票的良好指导。或者,市场以前非常乐观,所以尽管EPS有所改善,但股票仍然令人失望。
By glancing at these numbers, we'd posit that the the market had expectations of much higher growth, five years ago. Looking to other metrics might better explain the share price change.
通过看这些数字,我们认为市场五年前对更高的增长有更高的预期。查看其他指标可能更能说明股价变化。
Revenue is actually up 5.2% over the time period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.
营业收入实际上在该时间段内增长了5.2%。更详细地审查营收和收益可能会或可能不会解释股价停滞的原因;可能会有机会。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下图像显示了公司的营业收入和盈利(随时间变化)(单击以查看准确的数字)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-4941f5c052b023f567c8e39a0930ab1b-0-77ffb0baedf989aa5d184e312dad928a.png/big)
Take a more thorough look at Huaan Securities' financial health with this free report on its balance sheet.
通过这份有关华安证券资产负债表的免费报告,更全面地了解华安证券的财务状况。
What About Dividends?
那么分红怎么样呢?
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Huaan Securities the TSR over the last 5 years was -20%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股票价格回报之外,投资者还应考虑股东总回报(TSR)。 TSR是一种回报计算,考虑到现金股息(假设重新投资了任何收到的股息)以及任何折扣的融资和剥离资本的计算价值。因此,对于支付慷慨股息的公司,TSR通常比股票价格回报高得多。我们注意到,对于华安证券而言,过去5年的TSR为-20%,这比上述股票价格回报要好。这在很大程度上是其分红的结果!
A Different Perspective
不同的观点
While it's never nice to take a loss, Huaan Securities shareholders can take comfort that , including dividends,their trailing twelve month loss of 9.1% wasn't as bad as the market loss of around 17%. Given the total loss of 4% per year over five years, it seems returns have deteriorated in the last twelve months. While some investors do well specializing in buying companies that are struggling (but nonetheless undervalued), don't forget that Buffett said that 'turnarounds seldom turn'. It's always interesting to track share price performance over the longer term. But to understand Huaan Securities better, we need to consider many other factors. For example, we've discovered 2 warning signs for Huaan Securities (1 is significant!) that you should be aware of before investing here.
尽管承受了包括股息在内的追踪12个月的亏损9.1%,华安证券股东可以安慰自己,并不像市场亏损约17%那样糟糕。考虑到过去五年的总亏损率为每年4%,似乎回报在过去十二个月中有所恶化。虽然有些投资者专门购买正在努力挣扎(但仍被低估)的公司表现良好,但不要忘记巴菲特说过“拯救很少能够真正成功”。跟踪长期股价表现总是很有趣的,但要更好地了解华安证券,我们需要考虑许多其他因素。例如,我们已经发现华安证券存在2个预警信号(1个是重要的!),在投资此处之前应该注意。
Of course Huaan Securities may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,华安证券可能不是最好的股票购买。因此,您可能希望查看这些成长型股票的免费集合。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所上市的股票的市场加权平均回报。
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.
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。