One of the frustrations of investing is when a stock goes down. But no-one can make money on every call, especially in a declining market. The Uni-President China Holdings Ltd (HKG:220) is down 18% over three years, but the total shareholder return is -2.5% once you include the dividend. That's better than the market which declined 2.7% over the last three years. But it's up 9.1% in the last week.
Although the past week has been more reassuring for shareholders, they're still in the red over the last three years, so let's see if the underlying business has been responsible for the decline.
Check out our latest analysis for Uni-President China Holdings
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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).
Uni-President China Holdings saw its EPS decline at a compound rate of 1.2% per year, over the last three years. The share price decline of 6% is actually steeper than the EPS slippage. So it's likely that the EPS decline has disappointed the market, leaving investors hesitant to buy.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
SEHK:220 Earnings Per Share Growth September 22nd 2022
Dive deeper into Uni-President China Holdings' key metrics by checking this interactive graph of Uni-President China Holdings's earnings, revenue and cash flow.
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Uni-President China Holdings the TSR over the last 3 years was -2.5%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
A Different Perspective
It's nice to see that Uni-President China Holdings shareholders have received a total shareholder return of 2.6% 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 2% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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 1 warning sign for Uni-President China Holdings that you should be aware of.
Of course Uni-President China Holdings may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
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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.
投资的挫折之一是当一只股票下跌时。但没有人能在每一通电话上都赚钱,特别是在市场下跌的情况下。这个统一-总裁中国控股有限公司(HKG:220)过去三年下跌了18%,但如果计入股息,总股东回报率为-2.5%。这比过去三年下跌2.7%的市场要好。但最近一周上涨了9.1%。
尽管过去一周对股东来说更令人安心,但他们在过去三年仍处于亏损状态,所以让我们看看基础业务是否对股价下跌负有责任。
查看我们对统一-总裁中国控股的最新分析
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。考察市场情绪如何随时间变化的一种方法是观察一家公司的股价和每股收益(EPS)之间的相互作用。
在过去的三年里,统一总裁中国控股的每股收益以每年1.2%的复合速度下降。6%的股价跌幅实际上比每股收益下滑幅度更大。因此,很可能是每股收益的下降令市场失望,让投资者对买入犹豫不决。
您可以在下图中看到EPS是如何随着时间的推移而变化的(单击图表可查看精确值)。
联交所:220每股盈利增长2022年9月22日
通过查看这张关于总裁中国控股的收益、收入和现金流的互动图,更深入地了解总裁中国控股的关键指标。
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。公平地说,TSR为支付股息的股票提供了更完整的图景。我们注意到,对于统一-总裁中国控股,过去3年的TSR为-2.5%,好于上面提到的股价回报。而且,猜测股息支付在很大程度上解释了这种差异是没有好处的!
不同的视角
很高兴看到统一-总裁中国控股的股东在过去一年中获得了2.6%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(后者的年利率为2%),看起来该股的表现在最近有所改善。在最好的情况下,这可能暗示着一些真正的商业势头,意味着现在可能是深入研究的好时机。虽然值得考虑市场状况对股价可能产生的不同影响,但还有其他更重要的因素。例如,我们已经确定统一-总裁中国控股公司的1个警告标志这一点你应该知道。
当然了统一-总裁中国控股可能不是最值得买入的股票。所以你可能想看看这个免费成长型股票的集合。
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。