CNOOC Energy Technology & Services' (SHSE:600968) Investors Will Be Pleased With Their Notable 82% Return Over the Last Three Years
CNOOC Energy Technology & Services' (SHSE:600968) Investors Will Be Pleased With Their Notable 82% Return Over the Last Three Years
By buying an index fund, you can roughly match the market return with ease. But if you pick the right individual stocks, you could make more than that. Just take a look at CNOOC Energy Technology & Services Limited (SHSE:600968), which is up 69%, over three years, soundly beating the market decline of 30% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 43%, including dividends.
通過購買指數基金，您可以輕鬆地接近市場回報水平。但是如果您選擇了正確的個別股票，您可能會獲得更高的收益。看看中國海洋石油（SHSE：600968），在三年內上漲了69％，遠遠超過市場下跌30％（不包括分紅）。另一方面，近期收益並不那麼好，包括股東分紅在內，股東僅上漲43％。
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。
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. 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.
雖然一些人仍然相信有效市場假說，但已經證明市場是過度反應的動態系統，投資者並不總是理性的。一個不完美但簡單的方法來考慮公司市場看法的變化是比較每股收益（EPS）的變化和股價的波動。
CNOOC Energy Technology & Services was able to grow its EPS at 25% per year over three years, sending the share price higher. This EPS growth is higher than the 19% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat.
三年來，中國海洋石油（SHSE：600968）的每股收益以每年25％的速度增長，推高了股價。這種每股收益增長高於股價19％的年均增長率。因此，市場似乎已經適度降低了對增長的預期。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況（點擊圖像以顯示確切值）。
We know that CNOOC Energy Technology & Services has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我們知道，中國海洋石油（SHSE：600968）最近已經改善了其底線，但是它是否會增長營業收入？您可以查看此免費報告，其中顯示了分析師的營收預測。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, CNOOC Energy Technology & Services' TSR for the last 3 years was 82%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票價格回報外，投資者還應考慮總股東回報（TSR）。 TSR基於以下假設：將股息重新投資。 TSR包括任何剝離或折價的融資的價值以及任何分紅。可以說，TSR爲支付股息的股票提供了更完整的圖片。事實上，中國海洋石油（SHSE：600968）過去3年的TSR爲82％，超過了前面提到的股價回報。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're pleased to report that CNOOC Energy Technology & Services shareholders have received a total shareholder return of 43% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 6% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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. Case in point: We've spotted 1 warning sign for CNOOC Energy Technology & Services you should be aware of.
我們很高興地報告，中國海洋石油（SHSE：600968）股東在一年內獲得了43％的總股東回報，包括股息。由於一年的TSR優於五年的TSR（後者爲每年6％），因此股票的表現似乎在最近有所改善。在最好的情況下，這可能暗示了一些真正的業務動力，這意味着現在可能是深入了解的好時機。我發現將股票價格長期作爲業務表現的代理非常有趣。但是爲了真正獲得洞察力，我們還需要考慮其他信息。勸退：我們發現中國海洋石油（SHSE：600968）的1個警告信號，您應該注意。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您願意查看另一家公司（具有潛在的更好財務狀況），請不要錯過這個免費的公司列表，證明它們可以增長收益。
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。