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Ascott Residence Trust (SGX:HMN) Investors Are Sitting on a Loss of 8.7% If They Invested Three Years Ago
Ascott Residence Trust (SGX:HMN) Investors Are Sitting on a Loss of 8.7% If They Invested Three Years Ago
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Ascott Residence Trust (SGX:HMN) shareholders, since the share price is down 18% in the last three years, falling well short of the market decline of around 4.7%.
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
View our latest analysis for Ascott Residence Trust
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.
During five years of share price growth, Ascott Residence Trust 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.
It's quite likely that the declining dividend has caused some investors to sell their shares, pushing the price lower in the process. This situation was no doubt compounded by the fact revenue is down 9.4% per year over three years.
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
SGX:HMN Earnings and Revenue Growth September 20th 2022Ascott Residence 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 is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Ascott Residence Trust, it has a TSR of -8.7% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
It's nice to see that Ascott Residence Trust shareholders have received a total shareholder return of 19% over the last year. Of course, that includes the dividend. That's better than the annualised return of 3% 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. 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. For instance, we've identified 4 warning signs for Ascott Residence Trust (1 is a bit concerning) that you should be aware of.
If you are like me, then you will not want to miss this free list of growing companies that insiders are 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.
为了证明选择个股的努力是合理的,值得努力超过市场指数基金的回报。但是选股的风险在于,你可能会收购表现不佳的公司。不幸的是,从长远来看,情况一直如此 雅诗阁公寓信托基金 (SGX: HMN) 的股东们,由于股价在过去三年中下跌了18%,远低于市场4.7%左右的跌幅。
现在让我们来看看公司的基本面,看看长期股东回报是否与基础业务的表现相匹配。
查看我们对雅诗阁公寓信托基金的最新分析
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
在五年的股价上涨中,雅诗阁公寓信托从亏损转为盈利。我们通常预计股价会因此上涨。因此,鉴于股价下跌,也值得查看其他一些指标。
股息下降很可能导致一些投资者出售股票,在此过程中推低了价格。毫无疑问,收入在三年内每年下降9.4%,这加剧了这种情况。
公司的收入和收益(随着时间的推移)如下图所示(点击查看确切数字)。
新加坡交易所:HMN 2022 年 9 月 20 日的收益和收入增长Ascott Residence Trust是一只知名股票,拥有大量分析师报道,这表明未来增长有一定的可见度。鉴于我们有相当多的分析师预测,可能值得一试 免费的 描述共识估计值的图表。
那股息呢?
在考虑投资回报时,重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。TSR是一种回报计算方法,它考虑了现金分红的价值(假设收到的任何股息都进行了再投资)以及任何贴现资本筹集和分拆的计算价值。可以公平地说,TSR更全面地描绘了支付股息的股票。就雅诗阁公寓信托而言,其过去 3 年的总回报率为 -8.7%。这超过了我们之前提到的股价回报率。因此,该公司支付的股息推动了 总 股东回报。
不同的视角
很高兴看到雅诗阁住宅信托的股东在去年获得了19%的股东总回报。当然,这包括股息。这比五年来3%的年化回报率要好,这意味着该公司最近的表现好多了。持乐观态度的人可能会将最近TSR的改善视为业务本身随着时间的推移而变得越来越好。尽管值得考虑市场状况可能对股价产生的不同影响,但还有其他因素更为重要。例如,我们已经确定了 雅诗阁公寓信托基金的 4 个警告信号 (1 有点令人担忧),你应该注意。
如果你和我一样,那么你会 不 想错过这个 免费的 内部人士正在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新加坡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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