China Overseas Land & Investment (HKG:688) Sheds HK$9.6b, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
China Overseas Land & Investment (HKG:688) Sheds HK$9.6b, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
China Overseas Land & Investment Limited (HKG:688) shareholders should be happy to see the share price up 13% in the last quarter. But if you look at the last five years the returns have not been good. After all, the share price is down 53% in that time, significantly under-performing the market.
中國海外發展股份有限公司(HKG:688)的股東應該很高興看到上個季度股價上漲了13%。但如果看過去五年,回報率並不好。畢竟,股價在那段時間下跌了53%,明顯表現不佳。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
考慮到過去一週對股東來說是艱難的,讓我們調查一下基本面並看看我們能學到什麼。
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 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.
雖然一些人仍然在教授高效市場假說,但已經證明市場是過度反應的動態系統,投資者不總是理性的。一種有缺陷但合理的評估公司情緒變化的方法是比較每股收益 (EPS) 與股價。
During the five years over which the share price declined, China Overseas Land & Investment's earnings per share (EPS) dropped by 7.4% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 14% per year, over the period. This implies that the market was previously too optimistic about the stock. The low P/E ratio of 5.18 further reflects this reticence.
在股價下跌的五年期間,中國海外發展股份有限公司的每股收益(EPS)每年下降7.4%。讀者應該注意到,股價在此期間以每年14%的速度下跌,速度比EPS快。這意味着市場之前對這隻股票的樂觀情緒過高。低的市盈率比率(P/E)爲5.18,進一步反映了市場對該股票的保留態度。
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/7781/20240720/0-24e600eb6f269dc667e817336dc4dec9-0-018a8196b71b455f4d44801fa126d0c3.png/big)
We know that China Overseas Land & Investment has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我們知道中國海外發展股份有限公司的底線最近有所提高,但是它將會增加營業收入嗎?如果您感興趣,可以查看這份免費報告,展示了一致的營收預測。
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. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for China Overseas Land & Investment the TSR over the last 5 years was -40%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在看投資回報時,重要的是要考慮總股東回報(TSR)和股價回報之間的差異。TSR包含任何分拆股權或折價融資的價值,以及任何股息,假設股息被再投資。可以說,TSR提供了一張更全面的股票回報圖片。我們注意到,對於中國海外發展股份有限公司,過去5年的TSR爲-40%,比上述股價回報要好。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的觀點
Investors in China Overseas Land & Investment had a tough year, with a total loss of 17% (including dividends), against a market gain of about 5.8%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 7% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand China Overseas Land & Investment better, we need to consider many other factors. For instance, we've identified 1 warning sign for China Overseas Land & Investment that you should be aware of.
中國海外發展股份有限公司的投資者經歷了艱難的一年,總虧損達17%(包括股息),而市場收益率約爲5.8%。即使好股票的股價有時會下跌,但我們希望在對商業基本指標有所改善之前,投資者能夠看到進展。可悲的是,去年的表現結束了一波不佳的行情,股東在過去五年中每年面臨總虧損7%。我們知道羅斯柴爾德男爵曾說過投資者應該“當街上有血流時買入”,但我們要提醒投資者首先要確信自己在買入一家高質量的企業。了解股價在更長的時間範圍內的表現總是有趣的。但爲了更好地了解中國海外發展股份有限公司,我們需要考慮許多其他因素。例如,我們已經找到一項警告信號,提醒您注意中國海外發展股份有限公司。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一樣,就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
請注意,本文引用的市場回報反映了當前在香港證券交易所交易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。