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Tianneng Power International (HKG:819) Sheds 8.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
Tianneng Power International (HKG:819) Sheds 8.9% This Week, as Yearly Returns Fall More in Line With Earnings Growth
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. Just take a look at Tianneng Power International Limited (HKG:819), which is up 46%, over three years, soundly beating the market decline of 7.6% (not including dividends).
While this past week has detracted from the company's three-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
View our latest analysis for Tianneng Power International
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Tianneng Power International was able to grow its EPS at 3.3% per year over three years, sending the share price higher. This EPS growth is lower than the 13% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It's not unusual to see the market 're-rate' a stock, after a few years of growth.
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
SEHK:819 Earnings Per Share Growth August 30th 2022It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. It might be well worthwhile taking a look at our free report on Tianneng Power International's earnings, revenue and cash flow.
What About Dividends?
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 Tianneng Power International, it has a TSR of 66% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
A Different Perspective
While it's certainly disappointing to see that Tianneng Power International shares lost 12% throughout the year, that wasn't as bad as the market loss of 17%. Longer term investors wouldn't be so upset, since they would have made 10%, each year, over five years. In the best case scenario the last year is just a temporary blip on the journey to a brighter future. 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. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Tianneng Power International you should know about.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
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.
从股票市场中获益的一种简单方法是购买指数基金。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。看看就行了 天能电力国际有限公司 (HKG: 819),在三年内上涨了46%,远远超过了7.6%的市场跌幅(不包括股息)。
尽管过去一周减损了该公司的三年回报率,但让我们来看看基础业务的最新趋势,看看涨幅是否一致。
查看我们对天能电力国际的最新分析
尽管一些人继续教导高效市场假说,但事实证明,市场是反应过度的动态系统,投资者并不总是理性的。研究市场情绪如何随着时间的推移而变化的一种方法是研究公司股价与其每股收益(EPS)之间的相互作用。
天能电力国际得以在三年内将其每股收益增长到每年3.3%,这推动了股价的上涨。每股收益的增长低于股价年平均增长13%。因此,可以公平地假设市场对该业务的看法比三年前更高。在经历了几年的增长之后,市场 “重新评级” 股票的情况并不少见。
下图显示了 EPS 在一段时间内的跟踪情况(如果你点击图片,你可以看到更多细节)。
香港交易所:819 2022 年 8 月 30 日每股收益增长可能值得注意的是,首席执行官的薪水低于类似规模公司的中位数。但是,尽管首席执行官的薪酬总是值得检查的,但真正重要的问题是公司未来能否增加收益。可能值得一看我们的 免费的 天能电力国际的收益、收入和现金流报告。
那股息呢?
重要的是要考虑任何给定股票的股东总回报率和股价回报率。基于股息再投资的假设,TSR包括任何分拆或贴现资本筹集的价值以及任何股息。因此,对于支付丰厚股息的公司来说,股东总回报率通常远高于股价回报。就天能电力国际而言,它在过去3年中的总回报率为66%。这超过了我们之前提到的股价回报率。而且,猜测股息支付在很大程度上解释了分歧是没有道理的!
不同的视角
尽管看到天能电力国际股价全年下跌12%无疑令人失望,但这还不如市场跌幅17%那么糟糕。长期投资者不会那么沮丧,因为他们将在五年内每年赚10%。在最好的情况下,去年只是通往更光明未来之旅的暂时性转折点。我发现从长远来看,将股价视为业务表现的代表非常有趣。但是,要真正获得洞察力,我们还需要考虑其他信息。例如,以风险为例。每家公司都有它们,我们已经发现了 天能电力国际有 2 个警告信号 你应该知道。
当然, 你可能会在其他地方找到一笔不错的投资。 所以来看看这个 免费的 我们预计的公司名单将增加收益。
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。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 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。
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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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