Shareholders in Dongxing Securities (SHSE:601198) Are in the Red If They Invested Five Years Ago
Shareholders in Dongxing Securities (SHSE:601198) Are in the Red If They Invested Five Years Ago
Ideally, your overall portfolio should beat the market average. But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in Dongxing Securities Corporation Limited (SHSE:601198), since the last five years saw the share price fall 28%. Contrary to the longer term story, the last month has been good for stockholders, with a share price gain of 8.8%. But this could be related to good market conditions, with stocks up around 5.1% during the period.
理想情況下,您的整體投資組合應超過市場平均水平。但主要的遊戲是找到足夠的贏家來抵消輸家。在這一點上,一些股東可能會質疑他們對東興證券股份有限公司(SHSE: 601198)的投資,因爲過去五年股價下跌了28%。與長期情況相反,上個月對股東有利,股價上漲了8.8%。但這可能與良好的市場狀況有關,在此期間,股票上漲了約5.1%。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
值得評估的是,該公司的經濟狀況是否與這些令人難以置信的股東回報步調一致,或者兩者之間是否存在一些差距。所以我們就這麼做吧。
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).
在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。
During the five years over which the share price declined, Dongxing Securities' earnings per share (EPS) dropped by 8.6% each year. This fall in the EPS is worse than the 6% compound annual share price fall. The relatively muted share price reaction might be because the market expects the business to turn around.
在股價下跌的五年中,東興證券的每股收益(EPS)每年下降8.6%。每股收益的下降比6%的複合年股價下跌還要嚴重。股價反應相對平淡,可能是因爲市場預計業務將好轉。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了 EPS 在一段時間內的跟蹤情況(如果你點擊圖片,你可以看到更多細節)。
![earnings-per-share-growth](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240521/0-794982972b9cac7362e98e49ce1c6122-0-8b6c37c41a0dcae911a8999dae61b19f.png/big)
It might be well worthwhile taking a look at our free report on Dongxing Securities' earnings, revenue and cash flow.
可能值得一看我們關於東興證券收益、收入和現金流的免費報告。
What About Dividends?
分紅呢?
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Dongxing Securities the TSR over the last 5 years was -23%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。我們注意到,東興證券過去5年的股東總回報率爲-23%,好於上述股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
It's nice to see that Dongxing Securities shareholders have received a total shareholder return of 4.6% over the last year. And that does include the dividend. That certainly beats the loss of about 4% per year over the last half decade. The long term loss makes us cautious, but the short term TSR gain certainly hints at a brighter future. It's always interesting to track share price performance over the longer term. But to understand Dongxing Securities better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Dongxing Securities (of which 2 shouldn't be ignored!) you should know about.
很高興看到東興證券的股東在過去一年中獲得了4.6%的總股東回報率。這確實包括股息。這無疑超過了過去五年中每年約4%的損失。長期虧損使我們保持謹慎,但短期股東總回報率的增長無疑暗示着更光明的未來。長期跟蹤股價表現總是很有意思的。但是,要更好地了解東興證券,我們需要考慮許多其他因素。比如風險。每家公司都有它們,我們已經發現了東興證券的3個警告信號(其中2個不容忽視!)你應該知道。
We will like Dongxing Securities better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些大規模的內幕收購,我們會更喜歡東興證券。在我們等待的同時,請查看這份被低估的股票(主要是小盤股)的免費清單,這些股票最近有大量的內幕買盤。
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?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。
譯文內容由第三人軟體翻譯。