Recent 3.8% Pullback Isn't Enough to Hurt Long-term PCCW (HKG:8) Shareholders, They're Still up 32% Over 1 Year
Recent 3.8% Pullback Isn't Enough to Hurt Long-term PCCW (HKG:8) Shareholders, They're Still up 32% Over 1 Year
PCCW was able to grow EPS by 54% in the last twelve months. Though we do note extraordinary items affected the bottom line. It's fair to say that the share price gain of 20% did not keep pace with the EPS growth. So it seems like the market has cooled on PCCW, despite the growth. Interesting. Passive investing in index funds can generate returns that roughly match the overall market. But investors can boost returns by picking market-beating companies to own shares in. To wit, the PCCW Limited (HKG:8) share price is 20% higher than it was a year ago, much better than the market return of around 16% (not including dividends) in the same period. So that should have shareholders smiling. The longer term returns have not been as good, with the stock price only 7.6% higher than it was three years ago.
通过投资于指数基金进行被动投资，可以获得与整体市场大致匹配的回报。但投资者可以通过选择胜于市场的公司来持有股份，从而提高回报率。例如，电讯盈科(adr)（HKG:8）的股价比一年前高出20%，比同期大约16%的市场回报（不包括分红）要好得多。因此，股东们应该会笑逐颜开。长期回报并不尽人意，股价仅比三年前高出7.6%。
Although PCCW has shed HK$1.3b from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
尽管电讯盈科(adr)本周市值减少了13亿港元，让我们来看一下其长期基本趋势，看看是否已经带来了回报。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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).
引用巴菲特的话，“船只会在世界各地航行，但扁平地球协会将空前盛行。市场上的价格和价值将继续存在巨大差异… ”检查市场情绪如何随时间变化的一种方法是查看公司的股价与每股收益（EPS）之间的互动。
PCCW was able to grow EPS by 54% in the last twelve months. Though we do note extraordinary items affected the bottom line. It's fair to say that the share price gain of 20% did not keep pace with the EPS growth. So it seems like the market has cooled on PCCW, despite the growth. Interesting.
电讯盈科(adr)过去十二个月成功增长了54%的每股收益。尽管我们注意到非经常性项目影响了底线。可以说，股价上涨20%并未跟上每股收益的增长速度。因此，看起来市场对电讯盈科(adr)的态度已经转冷，尽管有增长。有趣。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图显示了EPS随时间变化的情况（点击图像以显示确切值）。
We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. This free interactive report on PCCW's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
我们喜欢内部人士过去十二个月一直在买入股票。尽管如此，大多数人认为收入和营业收入增长趋势更有意义作为业务的重要指南。如果您想进一步调查这支股票，电讯盈科的收益、营业收入和现金流的这份免费互动报告是一个很好的起点。
What About Dividends?
那么分红怎么样呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, PCCW's TSR for the last 1 year was 32%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股价回报，投资者还应考虑股东总回报（TSR）。TSR是一种回报计算，考虑到现金分红的价值（假设已重新投资任何获得的股息）以及任何折价的增资和股权分拆的计算价值。可以说，TSR更全面地展示了股票的回报情况。碰巧电讯盈科过去1年的TSR为32%，超过了之前提到的股价回报。这在很大程度上是其分红派息的结果！
A Different Perspective
不同的观点
It's nice to see that PCCW shareholders have received a total shareholder return of 32% over the last year. That's including the dividend. That's better than the annualised return of 9% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It's always interesting to track share price performance over the longer term. But to understand PCCW better, we need to consider many other factors. Take risks, for example - PCCW has 2 warning signs (and 1 which is potentially serious) we think you should know about.
看到电讯盈科股东过去一年获得了32%的股东总回报，包括分红在内，这是令人满意的。这比过去五年间9%的年复合回报要好，意味着公司最近的表现更好。鉴于股价动力依然强劲，值得更仔细地观察这支股票，以免错失机会。长期跟踪股价表现总是很有趣。但要更好地了解电讯盈科，我们需要考虑许多其他因素。例如，承担风险-我们认为电讯盈科有2个警示信号（其中1个可能比较严重），您应该知道。
PCCW is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying.
电讯盈科不是唯一一支内部人士在买入的股票。所以请看看这个免费名单上的小盘公司，这些公司具有吸引人的估值，内部人士一直在买入。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
请注意，本文引用的市场回报反映了当前在香港证券交易所交易的股票的市场加权平均回报。
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