Jiangsu Suzhou Rural Commercial Bank's (SHSE:603323) Underlying Earnings Growth Outpaced the Return Generated for Shareholders Over the Past Five Years
Jiangsu Suzhou Rural Commercial Bank's (SHSE:603323) Underlying Earnings Growth Outpaced the Return Generated for Shareholders Over the Past Five Years
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the main game is to find enough winners to more than offset the losers So we wouldn't blame long term Jiangsu Suzhou Rural Commercial Bank Co., Ltd (SHSE:603323) shareholders for doubting their decision to hold, with the stock down 16% over a half decade. The falls have accelerated recently, with the share price down 11% in the last three months. However, one could argue that the price has been influenced by the general market, which is down 10% in the same timeframe.
爲了證明選擇個股的努力是合理的,值得努力超過市場指數基金的回報。但是主要的遊戲是找到足夠的贏家來抵消輸家。因此,我們不會指責江蘇蘇州農村商業銀行股份有限公司(SHSE: 603323)的長期股東懷疑他們的持股決定,該股在五年內下跌了16%。最近跌勢加速,股價在過去三個月中下跌了11%。但是,有人可能會爭辯說,價格受到了大盤的影響,同期股價下跌了10%。
After losing 4.6% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
在上週下跌4.6%之後,值得調查該公司的基本面,看看我們可以從過去的表現中推斷出什麼。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否認,市場有時是有效的,但價格並不總是能反映潛在的業務表現。評估公司情緒變化的一種有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
During the unfortunate half decade during which the share price slipped, Jiangsu Suzhou Rural Commercial Bank actually saw its earnings per share (EPS) improve by 14% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
在股價下滑的不幸五年中,江蘇蘇州農村商業銀行的每股收益(EPS)實際上每年增長14%。鑑於股價的反應,人們可能會懷疑每股收益並不能很好地指導該期間的業務表現(可能是由於一次性的虧損或收益)。或者,過去的增長預期可能不合理。
It's strange to see such muted share price performance despite sustained growth. Perhaps a clue lies in other metrics.
儘管持續增長,但股價表現卻如此低迷,這很奇怪。也許線索在於其他指標。
In contrast to the share price, revenue has actually increased by 9.5% a year in the five year period. So it seems one might have to take closer look at the fundamentals to understand why the share price languishes. After all, there may be an opportunity.
與股價形成鮮明對比的是,在五年期間,收入實際上每年增長9.5%。因此,看來人們可能必須仔細研究基本面才能理解股價下跌的原因。畢竟,可能有機會。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
您可以在下圖中看到收入和收入隨時間推移而發生的變化(點擊圖表查看確切值)。

We know that Jiangsu Suzhou Rural Commercial Bank has improved its bottom line lately, but what does the future have in store? So we recommend checking out this free report showing consensus forecasts
我們知道江蘇蘇州農村商業銀行最近提高了利潤,但是未來會發生什麼?因此,我們建議您查看這份顯示共識預測的免費報告
What About Dividends?
分紅呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. In the case of Jiangsu Suzhou Rural Commercial Bank, it has a TSR of 0.5% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率外,投資者還應考慮股東總回報率(TSR)。基於股息再投資的假設,股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。可以說,股東總回報率更全面地描述了股票產生的回報。就江蘇蘇州農村商業銀行而言,其過去5年的股東總回報率爲0.5%。這超過了我們之前提到的其股價回報率。因此,公司支付的股息提高了股東的總回報率。
A Different Perspective
不同的視角
We're pleased to report that Jiangsu Suzhou Rural Commercial Bank shareholders have received a total shareholder return of 4.7% over one year. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 0.1% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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. For instance, we've identified 1 warning sign for Jiangsu Suzhou Rural Commercial Bank that you should be aware of.
我們很高興地報告,江蘇蘇州農村商業銀行的股東在一年內獲得了 4.7% 的股東總回報率。當然,這包括股息。由於一年期股東總回報率好於五年期股東總回報率(後者爲每年0.1%),因此該股的表現似乎在最近有所改善。在最好的情況下,這可能暗示着一些真正的業務勢頭,這意味着現在可能是深入研究的好時機。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。例如,我們已經確定了江蘇蘇州農村商業銀行的一個警告標誌,你應該注意這一點。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,請看一下我們預計收益將增加的這份免費公司名單。
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交易的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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。