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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

在过去三年中,联合海外银行(SGX: U11)的投资者获得了32%的丰厚回报
Simply Wall St ·  2023/01/09 09:50

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 .

通过购买指数基金,投资者可以近似平均市场回报率。但是,如果你以诱人的价格收购优秀的企业,你的投资组合回报率可能会超过平均市场回报率。例如, 大华银行有限公司 (SGX: U11) 股价在过去三年中上涨了15%,显然超过了约13%的市场跌幅(不包括股息)。另一方面,最近的回报并不那么好,包括股息在内的股东仅增长了14%。

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.

现在也值得一看公司的基本面,因为这将有助于我们确定长期股东回报是否与基础业务的表现相匹配。

Check out our latest analysis for United Overseas Bank

查看我们对大华银行的最新分析

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.

在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。通过比较每股收益(EPS)和一段时间内的股价变化,我们可以了解投资者对公司的态度是如何随着时间的推移而变化的。

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.

在三年的股价增长中,联合海外银行实现了每年1.7%的复合每股收益增长。相比之下,股价每年5%的涨幅超过了每股收益的增长。这表明,随着业务在过去几年中的发展,它获得了市场参与者的信心。在经历了几年的稳步发展之后,投资者对企业着迷是很常见的。

The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).

下图描述了 EPS 随着时间的推移是如何变化的(点击图片可以看到确切的值)。

earnings-per-share-growth
SGX:U11 Earnings Per Share Growth January 9th 2023
新加坡证券交易所:U11 每股收益增长 2023 年 1 月 9 日

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..

很高兴看到在过去三个月中出现了一些重大的内幕买盘。这是积极的。也就是说,我们认为收益和收入增长趋势是更重要的考虑因素。在买入或卖出股票之前,我们始终建议仔细研究历史增长趋势,可在此处查阅。

What About Dividends?

那股息呢?

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.

除了衡量股价回报外,投资者还应考虑股东总回报(TSR)。股价回报仅反映股价的变化,而股东总回报率包括股息的价值(假设股息是再投资的)以及任何折扣融资或分拆的收益。可以说,TSR更全面地描述了股票产生的回报。我们注意到,大华银行过去3年的股东总回报率为32%,好于上述股价回报率。因此,该公司支付的股息提高了 股东回报。

A Different Perspective

不同的视角

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.

很高兴看到联合海外银行的股东在去年获得了14%的股东总回报。这包括股息。这一增幅优于五年内的年度股东总回报率,即7%。因此,最近公司周围的情绪似乎一直很乐观。鉴于股价势头仍然强劲,可能值得仔细研究该股,以免错过机会。尽管值得考虑市场状况可能对股价产生的不同影响,但还有其他更为重要的因素。例如,以永远存在的投资风险幽灵为例。 我们已经发现了 1 个警告标志 在联合海外银行,了解它们应该是您投资过程的一部分。

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).

如果你想与管理层一起买入股票,那么你可能会喜欢这个 免费的 公司名单。(提示:内部人士一直在购买它们)。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on SG exchanges.

请注意,本文引用的市场回报反映了目前在新加坡交易所交易的股票的市场加权平均回报。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。

译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
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