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As CapitaLand Integrated Commercial Trust (SGX:C38U) lifts 4.3% this past week, investors may now be noticing the company's three-year earnings growth
As CapitaLand Integrated Commercial Trust (SGX:C38U) lifts 4.3% this past week, investors may now be noticing the company's three-year earnings growth
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term CapitaLand Integrated Commercial Trust (SGX:C38U) shareholders have had that experience, with the share price dropping 16% in three years, versus a market decline of about 0.6%.
The recent uptick of 4.3% could be a positive sign of things to come, so let's take a lot at historical fundamentals.
See our latest analysis for CapitaLand Integrated Commercial Trust
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
During the unfortunate three years of share price decline, CapitaLand Integrated Commercial Trust actually saw its earnings per share (EPS) improve by 1.0% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
After considering the numbers, we'd posit that the the market had higher expectations of EPS growth, three years back. Looking to other metrics might better explain the share price change.
We note that the dividend has declined - a likely contributor to the share price drop. It doesn't seem like the changes in revenue would have impacted the share price much, but a closer inspection of the data might reveal something.
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
SGX:C38U Earnings and Revenue Growth July 31st 2022CapitaLand Integrated Commercial Trust is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. Given we have quite a good number of analyst forecasts, it might be well worth checking out this free chart depicting consensus estimates.
What About Dividends?
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 CapitaLand Integrated Commercial Trust, it has a TSR of -5.6% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
A Different Perspective
We're pleased to report that CapitaLand Integrated Commercial Trust shareholders have received a total shareholder return of 6.6% over one year. And that does include the dividend. That's better than the annualised return of 6% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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. For example, we've discovered 5 warning signs for CapitaLand Integrated Commercial Trust (2 don't sit too well with us!) that you should be aware of before investing here.
We will like CapitaLand Integrated Commercial Trust better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on SG exchanges.
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.
为了证明挑选个股的努力是合理的,值得努力超越市场指数基金的回报。但在任何投资组合中,都可能会有一些股票没有达到这一基准。我们很遗憾地报告这一长期的凯德置地综合商业信托基金(新加坡证券交易所股票代码:C38U)的股东有过这种经历,股价在三年内下跌了16%,而市场跌幅约为0.6%。
最近4.3%的涨幅可能是未来事情的积极迹象,所以让我们来看看历史基本面。
查看我们对凯德置地综合商业信托的最新分析
本杰明·格雷厄姆(Benjamin Graham)的原话是:短期内,市场是一台投票机,但从长远来看,它是一台称重机。通过比较每股收益(EPS)和股价随时间的变化,我们可以感受到投资者对一家公司的态度随着时间的推移发生了怎样的变化。
不幸的是,在股价下跌的三年里,凯德置地综合商业信托公司的每股收益(EPS)实际上以每年1.0%的速度增长。考虑到股价的反应,人们可能会怀疑,每股收益不是这段时间内业务表现的良好指南(可能是因为一次性的亏损或收益)。或者,增长预期在过去可能是不合理的。
在考虑了这些数字后,我们假设市场对三年前的每股收益增长有更高的预期。看看其他指标可能更好地解释了股价的变化。
我们注意到股息已经下降--这可能是导致股价下跌的原因之一。收入的变化似乎不会对股价产生太大影响,但仔细检查一下数据可能会发现一些东西。
下图描述了收益和收入随时间的变化(通过单击图像来揭示确切的价值)。
新交所:C38U收益和收入增长2022年7月31日凯德置地综合商业信托是一只著名的股票,有大量的分析师报道,这表明对未来增长的一些可见性。鉴于我们有相当多的分析师预测,可能很值得查看以下内容免费描绘共识估计的图表。
那股息呢?
在考察投资回报时,重要的是要考虑到股东总回报(TSR)和股价回报。TSR包括任何剥离或贴现融资的价值,以及任何股息,基于股息再投资的假设。因此,对于支付丰厚股息的公司来说,TSR往往比股价回报高得多。以凯德置地综合商业信托为例,其最近3年的总资产收益率为-5.6%。这超过了我们之前提到的它的股价回报。这在很大程度上是其股息支付的结果!
不同的视角
我们很高兴地报告,凯德置地综合商业信托的股东在一年内获得了6.6%的总股东回报。这确实包括了股息。这比过去五年6%的年化回报率要好,这意味着该公司最近的表现更好。持乐观观点的人可能会认为,最近TSR的改善表明,业务本身正在随着时间的推移而变得更好。我发现,把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力,我们还需要考虑其他信息。例如,我们发现凯德置地综合商业信托的5个警示标志(2不要和我们坐在一起太舒服!)在这里投资之前你应该意识到这一点。
如果我们看到一些大的内部收购,我们会更喜欢凯德置地综合商业信托公司。在我们等待的时候,看看这个免费最近有大量内幕收购的成长型公司名单。
请注意,本文引用的市场回报反映了目前在SG交易所交易的股票的市场加权平均回报。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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