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Jardine Matheson Holdings (SGX:J36) Investors Are Sitting on a Loss of 32% If They Invested Three Years Ago

Jardine Matheson Holdings (SGX:J36) Investors Are Sitting on a Loss of 32% If They Invested Three Years Ago

怡和控股(新加坡證券交易所股票代碼:J36)如果投資者在三年前進行投資,他們將蒙受32%的損失
Simply Wall St ·  05/24 06:23

Many investors define successful investing as beating the market average over the long term. But if you try your hand at stock picking, you risk returning less than the market. We regret to report that long term Jardine Matheson Holdings Limited (SGX:J36) shareholders have had that experience, with the share price dropping 40% in three years, versus a market decline of about 7.5%.

許多投資者將成功的投資定義爲長期超過市場平均水平。但是,如果你嘗試選股,你的回報率可能會低於市場。我們遺憾地報告,怡和控股有限公司(新加坡證券交易所股票代碼:J36)的長期股東有過這樣的經歷,股價在三年內下跌了40%,而市場跌幅約爲7.5%。

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 imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

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。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。

During five years of share price growth, Jardine Matheson Holdings moved from a loss to profitability. We would usually expect to see the share price rise as a result. So given the share price is down it's worth checking some other metrics too.

在五年的股價增長中,怡和控股從虧損轉爲盈利。我們通常預計股價會因此上漲。因此,鑑於股價下跌,還值得檢查其他一些指標。

We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. We like that Jardine Matheson Holdings has actually grown its revenue over the last three years. But it's not clear to us why the share price is down. It might be worth diving deeper into the fundamentals, lest an opportunity goes begging.

我們注意到,股息似乎足夠健康,因此這可能無法解釋股價下跌的原因。我們喜歡怡和控股在過去三年中的收入實際上有所增長。但是我們尚不清楚爲什麼股價下跌。可能值得深入研究基本面,以免機會流失。

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

下圖描述了收入和收入隨時間推移而發生的變化(點擊圖片即可顯示確切的數值)。

earnings-and-revenue-growth
SGX:J36 Earnings and Revenue Growth May 23rd 2024
新加坡證券交易所:J36 收益和收入增長 2024 年 5 月 23 日

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 report showing analyst forecasts should help you form a view on Jardine Matheson Holdings

像我們一樣,內部人士在過去的十二個月中一直在購買股票。話雖如此,大多數人認爲收益和收入增長趨勢是更有意義的業務指南。這份顯示分析師預測的免費報告應該可以幫助您對怡和控股形成看法

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. 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Jardine Matheson Holdings, it has a TSR of -32% for the last 3 years. That exceeds its share price return that we previously mentioned. 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。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。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。就怡和控股而言,在過去三年中,其股東回報率爲-32%。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果!

A Different Perspective

不同的視角

While the broader market gained around 3.8% in the last year, Jardine Matheson Holdings shareholders lost 19% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 5% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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. To that end, you should be aware of the 2 warning signs we've spotted with Jardine Matheson Holdings .

儘管去年整體市場上漲了約3.8%,但怡和控股的股東損失了19%(甚至包括股息)。但是,請記住,即使是最好的股票有時也會在十二個月內表現不如市場。不幸的是,去年的表現可能預示着尚未解決的挑戰,因爲它比過去五年中5%的年化虧損還要糟糕。總的來說,長期股價疲軟可能是一個壞兆頭,儘管逆勢投資者可能希望研究該股以期出現轉機。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。爲此,你應該注意我們在怡和控股發現的兩個警告信號。

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).

如果你想和管理層一起購買股票,那麼你可能會喜歡這份免費的公司清單。(提示:它們中的大多數都在雷達下飛行)。

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

請注意,本文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。

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.

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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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