The 5.5% Return This Week Takes Telling Telecommunication HoldingLtd's (SZSE:000829) Shareholders Five-year Gains to 68%
The 5.5% Return This Week Takes Telling Telecommunication HoldingLtd's (SZSE:000829) Shareholders Five-year Gains to 68%
During the five years of share price growth, Telling Telecommunication HoldingLtd moved from a loss to profitability. That's generally thought to be a genuine positive, so investors may expect to see an increasing share price. Stock pickers are generally looking for stocks that will outperform the broader market. And while active stock picking involves risks (and requires diversification) it can also provide excess returns. For example, long term Telling Telecommunication Holding Co.,Ltd (SZSE:000829) shareholders have enjoyed a 64% share price rise over the last half decade, well in excess of the market return of around 2.8% (not including dividends).
股票精选人一般寻找能够超越整个市场的股票。虽然积极的股票挑选包含着风险(需要进行分散投资)，但也可以提供超额的回报。例如，长期持续持有天音控股股份有限公司(SZSE:000829)股票的股东们在过去五年间曾享受到64%的股价上涨，远高于约2.8%的市场回报（不包括分红派息）。
Since the stock has added CN¥451m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由于这支股票仅在过去一周时间里就增加了人民币4,5100万的市值，因此让我们看看基本表现是否一直带动了长期回报。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本杰明·格雷厄姆的话：在短期内，市场是投票机，但在长期内，市场是称重机。通过比较每股收益（EPS）和股票价格的时间变化，我们可以感受到投资者对公司的态度随时间而变化。
During the five years of share price growth, Telling Telecommunication HoldingLtd moved from a loss to profitability. That's generally thought to be a genuine positive, so investors may expect to see an increasing share price.
在股价五年增长期间，天音控股股份有限公两由亏损转向盈利。这通常被认为是真正的积极因素，因此投资者可能期望看到股价上涨。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了EPS随时间的变化情况（如果您单击该图像，则可以查看更多详细信息）。
Dive deeper into Telling Telecommunication HoldingLtd's key metrics by checking this interactive graph of Telling Telecommunication HoldingLtd's earnings, revenue and cash flow.
通过查看天音控股股份有限公司收入、营业收入以及现金流的这张互动图表，深入了解天音控股股份有限公司的关键指标。
What About Dividends?
那么分红怎么样呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Telling Telecommunication HoldingLtd's TSR for the last 5 years was 68%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
在考虑投资回报时，重要的是要考虑总股东回报(TSR)和股价回报之间的差异。TSR是一种回报计算方法，包括了现金股利价值（假设任何收到的股息都被再投资）和任何折价增加股本或分立的计算值。可以肯定的是，TSR为支付股息的股票提供了更全面的图片。事实上，天音控股股份有限公司过去五年的TSR为68%，超过了前面提到的股价回报率。公司支付的股息促使总股东回报率提升。
A Different Perspective
不同的观点
While it's never nice to take a loss, Telling Telecommunication HoldingLtd shareholders can take comfort that , including dividends,their trailing twelve month loss of 3.8% wasn't as bad as the market loss of around 19%. Of course, the long term returns are far more important and the good news is that over five years, the stock has returned 11% for each year. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 4 warning signs with Telling Telecommunication HoldingLtd (at least 1 which is potentially serious) , and understanding them should be part of your investment process.
虽然亏损从未是一件好事，但天音控股股份有限公司的股东们可以安慰自己，包括股息，过去十二个月的亏损3.8%并不像市场亏损约19%那么糟糕。当然，长期回报更为重要，好消息是，在五年内，这支股票每年平均回报11%。可能是因为业务只是面临着一些短期问题，但股东们应该密切关注基本面。尽管考虑市场条件对股价可能产生的不同影响确实很值得，但还有其他更重要的因素。例如，投资风险始终存在。我们已经发现了4个警示信号，至少其中一个潜在的让人严重关注，了解这些信号应该成为你投资流程的一部分。
But note: Telling Telecommunication HoldingLtd may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但是请注意：天音控股股份有限公司可能不是最佳的股票买入选择。因此请查看这个免费的有过去盈利增长(并有进一步增长预测)的有趣公司列表。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意，本文引用的市场回报反映了目前在中国交易所上市的股票的市场加权平均回报。
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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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
