Jiangxi Ganyue ExpresswayLTD's (SHSE:600269) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Jiangxi Ganyue ExpresswayLTD's (SHSE:600269) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
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. For example, the Jiangxi Ganyue Expressway CO.,LTD. (SHSE:600269) share price is up 52% in the last three years, clearly besting the market decline of around 30% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 39% in the last year, including dividends.
通過購買指數基金,您可以輕鬆地大致匹配市場回報。但是,如果您選擇正確的個體股票,則可能獲得比這更多的利潤。例如,江西贛粵高速公路股份有限公司(SHSE:600269)股價在過去三年中上漲了52%,明顯優於市場下跌約30%(不包括股息)。然而,最近的回報沒有那麼令人印象深刻,該股票包括股息在內的去年只有39%。
Although Jiangxi Ganyue ExpresswayLTD has shed CN¥490m from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
雖然江西贛粵高速公路股份有限公司本週市值下跌了49000萬人民幣,但讓我們看看其長期的基本趨勢並查看它們是否推動了回報。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否認的是,市場有時是高效的,但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益(EPS)變化和股價變動。
Jiangxi Ganyue ExpresswayLTD was able to grow its EPS at 4.8% per year over three years, sending the share price higher. This EPS growth is lower than the 15% average annual increase in the share price. This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. That's not necessarily surprising considering the three-year track record of earnings growth.
江西贛粵高速公路股份有限公司過去三年每年將其每股收益增長4.8%,從而提高了股價。這種每股收益增長低於股價平均年增長率的15%。這表明,隨着業務在過去幾年中的發展,它獲得了市場參與者的信心。這並不令人驚訝,考慮到收益增長的三年記錄。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240717/0-1a4f803cf2904be8bb2719fca3acdd33-0-de4313e69707721a742fa912eb54fa68.png/big)
It might be well worthwhile taking a look at our free report on Jiangxi Ganyue ExpresswayLTD's earnings, revenue and cash flow.
查看我們關於江西贛粵高速公路股份有限公司收益,營業收入和現金流的免費報告非常值得。
What About Dividends?
那麼分紅怎麼樣呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. In the case of Jiangxi Ganyue ExpresswayLTD, it has a TSR of 62% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
對於任何給定的股票,考慮總體股東回報和股票回報都非常重要。而股票回報僅反映股價的變化,TSR則包括股息的價值(假設它們被重新投資)以及任何優惠的資本籌集或剝離的好處。可以說,TSR提供了更全面的股票收益圖像。在江西贛粵高速公路股份有限公司的情況下,它在過去3年中的TSR爲62%。這超過了我們之前提到的股票回報。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 Jiangxi Ganyue ExpresswayLTD shareholders have received a total shareholder return of 39% over one year. That's including the dividend. That gain is better than the annual TSR over five years, which is 6%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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. For example, we've discovered 2 warning signs for Jiangxi Ganyue ExpresswayLTD (1 is a bit unpleasant!) that you should be aware of before investing here.
我們很高興地報告,江西贛粵高速公路股份有限公司的股東在過去一年中獲得了39%的總股東回報。包括股息在內。這種收益比五年期的年度TSR(6%)更高。因此,似乎最近對公司的情緒都是積極的。持有樂觀態度的人可能會把TSR的最近改善視爲企業本身隨着時間的推移變得越來越好的指標。我發現長期股票價格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。例如,我們發現江西贛粵高速公路股份有限公司有2個警告跡象(其中1個有點不快),在投資這裏之前您應該了解它們。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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。