Tingyi (Cayman Islands) Holding (HKG:322) Investors Are Sitting on a Loss of 18% If They Invested Three Years Ago
Tingyi (Cayman Islands) Holding (HKG:322) Investors Are Sitting on a Loss of 18% If They Invested Three Years Ago
It can certainly be frustrating when a stock does not perform as hoped. But no-one can make money on every call, especially in a declining market. While the Tingyi (Cayman Islands) Holding Corp. (HKG:322) share price is down 36% in the last three years, the total return to shareholders (which includes dividends) was -18%. That's better than the market which declined 18% over the last three years.
一個股票沒有做到預期，當然會令人失望。但在一個下跌的市場中，沒有人能在每個看漲都賺錢。康師傅控股(開曼)控股有限公司 (HKG:322) 的股價在過去三年中下跌了 36%，但股東的總回報(包括股息)爲-18%。這比市場在過去三年中跌18%要好。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
值得評估公司的經濟狀況是否與這些不盡如人意的股東回報同時發展並步調一致，或者兩者之間是否存在差異。因此，讓我們來看看。
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。
During the three years that the share price fell, Tingyi (Cayman Islands) Holding's earnings per share (EPS) dropped by 8.5% each year. The share price decline of 14% is actually steeper than the EPS slippage. So it's likely that the EPS decline has disappointed the market, leaving investors hesitant to buy.
康師傅控股(開曼)控股有限公司(HKG:322) 股價下跌的三年中，每年每股收益(EPS)下降了8.5%。股價下跌的14%實際上比每股收益下滑更加陡峭。因此，每股收益下降使市場失望，留下投資者猶豫不決。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化（單擊圖表以查看確切的價值）。
We know that Tingyi (Cayman Islands) Holding 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.
我們知道康師傅控股(開曼)控股有限公司最近已經改善了其底線收入，但它是否會增長營業收入？如果您感興趣，可以查看此免費報告，其中顯示出共識的營業收入預測。
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. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Tingyi (Cayman Islands) Holding's TSR for the last 3 years was -18%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
在考慮投資回報時，重要的是要考慮總股東回報(TSR)和股價回報之間的差異。股價回報只反映了股價的變化，而TSR則包括股息的價值(假設它們被重新投資)以及任何打折的資本籌集或分拆的好處。因此，在公司支付豐厚股息的情況下，TSR通常比股價回報高得多。恰好康師傅控股(開曼)控股有限公司的過去三年的TSR爲-18%，超過了先前提到的股價回報。公司支付的股息因此提高了股東的總回報。
A Different Perspective
不同的觀點
We regret to report that Tingyi (Cayman Islands) Holding shareholders are down 7.7% for the year (even including dividends). Unfortunately, that's worse than the broader market decline of 1.6%. Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Longer term investors wouldn't be so upset, since they would have made 3%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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 - Tingyi (Cayman Islands) Holding has 1 warning sign we think you should be aware of.
遺憾的是，康師傅控股(開曼)控股有限公司股東在今年下跌了7.7%(包括股息)。不幸的是，這比更廣泛的市場下跌1.6%還要糟糕。但是，無疑在下跌的市場中會有一些股票被過度賣出。關鍵是要關注基本面的發展。長期投資者不會如此沮喪，因爲他們每年都可以獲得3%的回報，長達五年。如果基本數據繼續表明長期可持續的增長，目前的拋售可能是值得考慮的機會。我發現長期關注股票價格是了解公司業績的一種方式。但要真正獲得洞察力，我們還需要考慮其他信息。例如風險——康師傅控股(開曼)控股有限公司有1個我們認爲您應該知道的警告信號。
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。