Investors in United Overseas Bank (SGX:U11) Have Made a Favorable Return of 32% Over the Past Three Years
Investors in United Overseas Bank (SGX:U11) Have Made a Favorable Return of 32% Over the Past Three Years
By buying an index fund, investors can approximate the average market return. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, the United Overseas Bank Limited (SGX:U11) share price is up 15% in the last three years, clearly besting the market decline of around 13% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 14% , including dividends .
通過購買指數基金，投資者可以估算平均市場回報。但是，如果您以誘人的價格購買優秀的企業，則您的投資組合回報可能會超過平均市場回報。例如， 大華銀行有限公司 新加坡交易所：U11）股價在過去三年上漲 15%，顯然是市場跌幅 13% 左右（不包括股息）。另一方面，最近的回報率不太好，股東上漲了 14%，包括股息在內。
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
現在也值得一看公司的基本面，因為這將有助於我們確定長期股東回報是否與基礎業務的表現相匹配。
Check out our latest analysis for United Overseas Bank
查看我們的大華銀行最新分析
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. 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.
在他的文章 格拉罕和多德斯维尔的超级投资者 沃倫·巴菲特描述了如何股價並不總是合理地反映一個企業的價值。通過比較每股收益（EPS）和股價隨著時間的變化，我們可以了解投資者對公司的態度如何隨著時間的推移而變化。
During three years of share price growth, United Overseas Bank achieved compound earnings per share growth of 1.7% per year. In comparison, the 5% per year gain in the share price outpaces the EPS growth. This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. It is quite common to see investors become enamoured with a business, after a few years of solid progress.
在三年的股價增長期間，大華銀行每股複合盈利每年增長 1.7%。相比之下，每年 5% 的股價上漲超過每股盈餘的增長。這表明，隨著業務在過去幾年的進步，它獲得了市場參與者的信心。經過幾年的穩健進展，投資者對業務感到非常普遍。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖說明 EPS 隨時間變化的方式 (按一下影像即可顯示確切值)。
It's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
很高興看到過去三個月中有一些重要的內部人士購買。這是一個積極的。也就是說，我們認為收益和收入增長趨勢是更重要的考慮因素。在購買或出售股票之前，我們始終建議您仔細檢查歷史增長趨勢，可在此處查看。.
What About Dividends?
股息呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for United Overseas Bank the TSR over the last 3 years was 32%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報外，投資者還應考慮股東總回報（TSR）。股價回報僅反映了股價的變化，但 TSR 包括股息的價值（假設股息已經再投資）以及任何折扣資本集資或分拆的利益。可以說，TSR 可以更全面地了解股票產生的回報。我們注意到大華銀行在過去 3 年的 TSR 為 32%，較上述股價回報為好。該公司支付的股息從而提振了 總計 股東回報。
A Different Perspective
不同的角度
It's nice to see that United Overseas Bank shareholders have received a total shareholder return of 14% over the last year. That's including the dividend. That gain is better than the annual TSR over five years, which is 7%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. 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 1 warning sign with United Overseas Bank , and understanding them should be part of your investment process.
很高興看到大華銀行股東在過去一年獲得了 14％ 的股東總回報。這包括股息。這種收益比五年來的年度 TSR 好，即 7％。因此，最近似乎公司周圍的情緒一直很積極。鑑於股價勢頭仍然強勁，因此可能值得仔細看看股票，以免錯過機會。儘管值得考慮市場狀況對股價可能產生的不同影響，但還有其他因素更為重要。考慮例如，永遠存在的投資風險幽靈。 我們已經確定 1 個警告標誌 與大華銀行合作，了解他們應該是您投資過程的一部分。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果您想與管理層一起購買股票，那麼您可能會喜歡這個 自由 公司名單。（提示：內部人士一直在購買它們）。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on SG exchanges.
請注意，本文中引用的市場回報反映了目前在新加坡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？關注內容？ 取得聯繫 直接與我們聯繫。 或者，通過電子郵件發送電子郵件給編輯團隊。
這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法，根據歷史數據和分析師預測提供評論，我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議，也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
譯文內容由第三人軟體翻譯。