ShenZhen Properties & Resources Development (Group)'s (SZSE:000011) Three-year Decline in Earnings Translates Into Losses for Shareholders
ShenZhen Properties & Resources Development (Group)'s (SZSE:000011) Three-year Decline in Earnings Translates Into Losses for Shareholders
ShenZhen Properties & Resources Development (Group) Ltd. (SZSE:000011) shareholders should be happy to see the share price up 12% in the last week. It's not great that the stock is down over the last three years. But on the bright side, its return of -29%, is better than the market, which is down 26%.
深圳房地產資源發展(集團)股份有限公司(SZSE:000011)的股東在過去一週中，看到股價上漲了12%，應該會感到高興。但在過去的三年裏，股價下跌並不好。但是好的一面是，它的回報率爲-29%，比市場要好，後者下跌了26%。
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
儘管過去一週對股東來說更令人放心，但在過去的三年中，他們仍然處於虧損狀態，因此讓我們看看基本業務是否對下降負責。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
市場有時候是有效的，但價格並不總是反映公司的基本業務表現。通過比較每股收益和股價變化，我們可以了解投資者對公司的看法如何隨着時間變化而變化。
ShenZhen Properties & Resources Development (Group) saw its EPS decline at a compound rate of 19% per year, over the last three years. This fall in the EPS is worse than the 11% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
深圳房地產資源發展(集團)每股收益以19%的複合年增長率下降，這比11%的年複合股價下跌還要糟糕。這表明，儘管過去的每股收益下降，市場仍對長期盈利穩定性保持着一些樂觀情緒。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益隨時間的變化情況（通過點擊圖像來查看確切數值）。
This free interactive report on ShenZhen Properties & Resources Development (Group)'s earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果你想進一步調查該股票，深圳房地產資源發展(集團)的收益、營業收入和現金流的這份免費互動報告是一個很好的開始。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for ShenZhen Properties & Resources Development (Group) the TSR over the last 3 years was -19%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在審視投資回報時，考慮到總股東回報(TSR)和股價回報之間的差異非常重要。股價回報只反映了股價的變化，而TSR包括股息的價值(假設它們已被再投資)以及任何折價的融資或分拆的好處。可以說，TSR爲支付股息的股票提供了更完整的圖景。我們注意到，對於深圳房地產資源發展(集團)而言，在過去的3年中TSR爲-19%，比上述股價回報要好，這在很大程度上是由於其股息支付所致！
A Different Perspective
不同的觀點
The total return of 20% received by ShenZhen Properties & Resources Development (Group) shareholders over the last year isn't far from the market return of -18%. The silver lining is that longer term investors would have made a total return of 3% per year over half a decade. If the fundamental data remains strong, and the share price is simply down on sentiment, then this could be an opportunity worth investigating. 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. Take risks, for example - ShenZhen Properties & Resources Development (Group) has 3 warning signs (and 2 which don't sit too well with us) we think you should know about.
深圳房地產資源發展(集團)股東在過去一年中獲得的總回報率爲20%，與市場回報率的-18%相差不遠。好的一面是，長期投資者在半個十年中每年可獲得3%的總回報。如果基本數據保持強勁，股價僅僅受情緒拖累，那麼這可能是值得考察的機會。作爲業務表現的代理，我非常有興趣長期關注股價。但是爲了真正獲得洞見，我們需要考慮其他信息。例如冒險 - 據我們認爲，深圳房地產資源發展(集團)有3個警示信號(和2個不太良好的信號)需要您了解。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個公司的免費列表。 （提示：其中許多公司不爲人注意且具有吸引力的估值。）
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。