Frencken Group's (SGX:E28) Five-year Earnings Growth Trails the 16% YoY Shareholder Returns
Frencken Group's (SGX:E28) Five-year Earnings Growth Trails the 16% YoY Shareholder Returns
It might be of some concern to shareholders to see the Frencken Group Limited (SGX:E28) share price down 18% in the last month. But that doesn't change the fact that the returns over the last five years have been pleasing. After all, the share price is up a market-beating 86% in that time. While the returns over the last 5 years have been good, we do feel sorry for those shareholders who haven't held shares that long, because the share price is down 40% in the last three years.
福根集團有限公司(SGX: E28)股價下跌18%可能會讓股東有所擔憂。但事實並沒有改變,在過去五年中的回報確實令人滿意。畢竟,股價在此期間上漲了市場領先的86%。雖然過去五年的收益表現不錯,但我們確實爲那些沒有持有股票那麼長時間的股東感到遺憾,因爲股價在過去三年中下跌了40%。
After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.
在過去的一週之內,獲得的強勁收益是否表明了長期回報受到基本面的推動值得關注。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
在他的《格雷厄姆和道德斯維爾的超級投資者》一文中,禾倫·巴菲特描述了股價並不總是合理反映企業價值的方法。檢驗市場情緒如何隨時間變化的一種方法是觀察公司股價和每股收益(EPS)之間的互動關係。
Over half a decade, Frencken Group managed to grow its earnings per share at 1.2% a year. This EPS growth is slower than the share price growth of 13% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在過去的五年中,福根集團的每股收益以每年1.2%的速度增長。相同時期的股價增長爲每年13%,這種EPS增長速度較慢。因此可以說,市場對該企業的看法比五年前更高。考慮到五年來的盈利增長曆程,這並不令人意外。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-ae2f236c43aa6394dbaed5e28691012e-0-c1c918b8dc48a576e062f0bc98447e5c.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在購買或出售股票之前,我們始終建議對歷史增長趨勢進行仔細研究,可以在這裏找到相關信息。
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. As it happens, Frencken Group's TSR for the last 5 years was 113%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報率時,重要的是要考慮總股東回報率(TSR)和股票價格回報率之間的區別。股價回報率僅反映股價的變化,而TSR包括股息的價值(假設它們被再投資)以及任何折扣資本籌資或分拆的利益。可以說,TSR爲支付股息的股票提供了更全面的圖片。碰巧福根集團過去5年的TSR爲113%,超過了之前提到的股票價格回報率。毫無疑問,股息支付在很大程度上解釋了這種差異!
A Different Perspective
不同的觀點
It's good to see that Frencken Group has rewarded shareholders with a total shareholder return of 66% in the last twelve months. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 16%. 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. To that end, you should be aware of the 1 warning sign we've spotted with Frencken Group .
很高興看到福根集團在過去12個月中以總股東回報率66%回報股東。當然,這包括股息。這種增益表現要好於五年的年度TSR,即16%。因此,最近的公司情緒似乎是積極的。持有樂觀態度的人可能會將TSR的最近改善視爲公司本身隨着時間而變得更好的表現。我發現長期觀察股價作爲業務績效的代理很有趣。但爲了真正獲得洞察力,我們還需要考慮其他信息。爲此,您應該了解我們發現的1個有關Frencken Group的警告信號。
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 Singaporean exchanges.
請注意,本文中引用的市場回報反映了當前在新加坡交易所上市股票的市場加權平均回報。
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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.
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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。