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China Resources Power Holdings (HKG:836) Shareholders Notch a 19% CAGR Over 3 Years, yet Earnings Have Been Shrinking
China Resources Power Holdings (HKG:836) Shareholders Notch a 19% CAGR Over 3 Years, yet Earnings Have Been Shrinking
By buying an index fund, you can roughly match the market return with ease. But if you pick the right individual stocks, you could make more than that. Just take a look at China Resources Power Holdings Company Limited (HKG:836), which is up 46%, over three years, soundly beating the market decline of 9.6% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 5.5% , including dividends .
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
View our latest analysis for China Resources Power Holdings
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During the three years of share price growth, China Resources Power Holdings actually saw its earnings per share (EPS) drop 60% per year.
So we doubt that the market is looking to EPS for its main judge of the company's value. Therefore, we think it's worth considering other metrics as well.
Languishing at just 1.9%, we doubt the dividend is doing much to prop up the share price. It may well be that China Resources Power Holdings revenue growth rate of 13% over three years has convinced shareholders to believe in a brighter future. If the company is being managed for the long term good, today's shareholders might be right to hold on.
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
SEHK:836 Earnings and Revenue Growth August 18th 2022We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free report showing analyst forecasts should help you form a view on China Resources Power Holdings
What About Dividends?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 China Resources Power Holdings the TSR over the last 3 years was 68%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
A Different Perspective
It's nice to see that China Resources Power Holdings shareholders have received a total shareholder return of 5.5% over the last year. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 5% per year), it would seem that the stock's performance has improved in recent times. 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 3 warning signs for China Resources Power Holdings (1 can't be ignored!) that you should be aware of before investing here.
But note: China Resources Power 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).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK 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.
通过购买指数基金,你可以轻松地大致匹配市场回报。但如果你选择了正确的个股,你可以赚得更多。只要看一看华润电力股份有限公司(HKG:836),三年来上涨46%,稳健地超过了市场9.6%的跌幅(不包括股息)。另一方面,最近的回报并不是很好,包括股息在内,股东仅上涨了5.5%。
在连续7天表现稳健的基础上,让我们来看看该公司的基本面在推动长期股东回报方面发挥了什么作用。
查看我们对华润电力的最新分析
虽然市场是一种强大的定价机制,但股价反映的是投资者情绪,而不仅仅是潜在的企业表现。评估围绕一家公司的情绪变化的一个有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
在股价上涨的三年里,华润电力实际上看到其每股收益(EPS)每年下降60%。
因此,我们怀疑市场是否在指望每股收益作为其对公司价值的主要判断。因此,我们认为其他指标也值得考虑。
股息仅为1.9%,我们怀疑股息对支撑股价起到了多大作用。华润电力三年来13%的营收增长率很可能让股东们相信了更光明的未来。如果公司的管理是为了长期利益,那么今天的股东持有该公司或许是正确的。
下图显示了收益和收入随时间的变化情况(如果您点击该图,您可以看到更多详细信息)。
联交所:836盈利及收入增长2022年8月18日我们很高兴地报告,这位首席执行官的薪酬比类似资本公司的大多数首席执行官都要低。关注首席执行官的薪酬总是值得的,但更重要的问题是,该公司是否会在未来几年实现盈利增长。这免费显示分析师预测的报告应该有助于您形成对华润电力的看法
那股息呢?
重要的是要考虑任何给定股票的总股东回报以及股价回报。虽然股价回报只反映股价的变动,但TSR包括股息的价值(假设股息再投资),以及任何折价集资或分拆所带来的利益。可以说,TSR更全面地描绘了一只股票产生的回报。我们注意到,华润电力在过去3年的总回报率为68%,好于上面提到的股价回报率。这在很大程度上是其股息支付的结果!
不同的视角
很高兴看到华润电力股东在过去一年中获得了5.5%的总股东回报。当然,这包括股息。由于一年期的TSR好于五年期的TSR(后者的年收益率为5%),看起来该股的表现在最近有所改善。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,我们发现华润电力的3个警示标志(1不容忽视!)在这里投资之前你应该意识到这一点。
但请注意:华润电力可能不是最值得买入的股票。所以让我们来看看这个免费过去有盈利增长(以及进一步增长预测)的有趣公司名单。
请注意,本文引用的市场回报反映了目前在香港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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