Vipshop Holdings (NYSE:VIPS) Sheds 6.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Vipshop Holdings (NYSE:VIPS) Sheds 6.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Vipshop Holdings Limited (NYSE:VIPS) shareholders might be concerned after seeing the share price drop 13% in the last month. On the bright side the share price is up over the last half decade. In that time, it is up 90%, which isn't bad, but is below the market return of 96%.
唯品會控股有限公司（紐交所：VIPS）的股東在過去一個月中可能會感到擔憂，因爲股價下跌了13%。好的一面是，在過去的五年中，股價上漲了。在那段時間裏，漲幅爲90%，這並不算太差，但低於市場回報率的96%。
While the stock has fallen 6.9% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.
雖然股票本週下跌了6.9%，但值得關注的是更長期的歷史回報率以及所基於的基礎面。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
爲了概述本傑明·格雷厄姆（Benjamin Graham）的話：短期內，市場是一臺投票機，但長期來看，它是一臺衡重機。思考一家公司的市場感知如何轉變的一種不完美但簡單的方法是將每股收益（EPS）變化與股價變動進行比較。
During five years of share price growth, Vipshop Holdings achieved compound earnings per share (EPS) growth of 34% per year. The EPS growth is more impressive than the yearly share price gain of 14% over the same period. Therefore, it seems the market has become relatively pessimistic about the company. The reasonably low P/E ratio of 6.91 also suggests market apprehension.
在股票價格增長的五年中，唯品會控股每股收益（EPS）增長了34%。與同期每年14%的股價漲幅相比，EPS增長更爲驚人。因此，市場對該公司的情緒相對悲觀。相對較低的市盈率爲6.91，也表明市場存在擔憂。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益隨時間的變化情況（通過點擊圖像來查看確切數值）。
We know that Vipshop Holdings has improved its bottom line lately, but is it going to grow revenue? This free report showing analyst revenue forecasts should help you figure out if the EPS growth can be sustained.
我們知道唯品會控股最近改善了其底線，但它是否將增加營業收入？這份顯示分析師營收預測的免費報告應該能幫助您判斷 EPS 增長是否可持續。
What About Dividends?
那麼分紅怎麼樣呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 Vipshop Holdings, it has a TSR of 95% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
考慮到股票的總股東回報率以及股價回報率是非常重要的。TSR 包括任何分拆或折價增資的價值，以及基於股息再投資的任何股息。因此，對於支付豐厚股息的公司，TSR 往往比股價回報率高得多。對於唯品會控股來說，過去 5 年的 TSR 爲 95%，超過了我們之前提到的股價回報率。公司支付的股息也因此得到了提高。總股東回報。
A Different Perspective
不同的觀點
Vipshop Holdings shareholders are down 13% for the year (even including dividends), but the market itself is up 23%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 14% per year over half a decade. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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 Vipshop Holdings , and understanding them should be part of your investment process.
唯品會控股股東在今年下跌了13%（包括股息），但市場本身上漲了23%。然而，需要記住的是，即使最好的股票有時也會在十二個月的時間內表現不佳。好的一面是，長期持股人賺了錢，在半個十年中每年獲得14%的收益。如果基本數據繼續表明長期可持續增長，當前的拋售可能是值得考慮的機會。雖然考慮市場條件可能對股價產生的不同影響是值得的，但還有其他更重要的因素。例如，投資風險這個永恒的幽靈。我們已經確定了唯品會控股的一個預警信號，了解它們應該成爲您投資過程的一部分。
But note: Vipshop Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意：唯品會控股可能不是最好的買入股票。因此，請查看此帶有過去收益增長（以及進一步增長預測）的有趣公司免費清單。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意，本文所引述的市場回報反映了目前在美國交易所上市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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。