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Investors One-year Losses Continue as GF Securities (SZSE:000776) Dips a Further 4.0% This Week, Earnings Continue to Decline
Investors One-year Losses Continue as GF Securities (SZSE:000776) Dips a Further 4.0% This Week, Earnings Continue to Decline
It's easy to match the overall market return by buying an index fund. While individual stocks can be big winners, plenty more fail to generate satisfactory returns. That downside risk was realized by GF Securities Co., Ltd. (SZSE:000776) shareholders over the last year, as the share price declined 32%. That contrasts poorly with the market decline of 17%. The silver lining (for longer term investors) is that the stock is still 8.6% higher than it was three years ago. Shareholders have had an even rougher run lately, with the share price down 23% in the last 90 days. But this could be related to the weak market, which is down 12% in the same period.
Since GF Securities has shed CN¥4.6b from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
View our latest analysis for GF Securities
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. 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.
Unhappily, GF Securities had to report a 9.9% decline in EPS over the last year. The share price decline of 32% is actually more than the EPS drop. So it seems the market was too confident about the business, a year ago.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
SZSE:000776 Earnings Per Share Growth September 27th 2022Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
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 GF Securities the TSR over the last 1 year was -30%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
While the broader market lost about 17% in the twelve months, GF Securities shareholders did even worse, losing 30% (even including dividends). Having said that, it's inevitable that some stocks will be oversold in a falling market. The key is to keep your eyes on the fundamental developments. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand GF Securities better, we need to consider many other factors. For example, we've discovered 1 warning sign for GF Securities that you should be aware of before investing here.
But note: GF Securities 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 CN 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.
购买指数基金很容易达到与整体市场回报相匹配的水平。虽然个别股票可能是大赢家,但更多的股票无法产生令人满意的回报。这种下行风险通过以下方式实现广发证券股份有限公司。(SZSE:000776)由于股价下跌了32%,去年的股价下跌了32%。这与17%的市场跌幅形成了鲜明对比。(对于长期投资者来说)一线希望是,该股仍比三年前高出8.6%。股东们最近的表现更加艰难,股价在过去90天里下跌了23%。但这可能与疲软的市场有关,同期市场下跌了12%。
由于广发证券在过去的7天里已经贬值了46亿元人民币,让我们来看看长期的下跌是不是由企业的经济因素推动的。
查看我们对广发证券的最新分析
在他的文章中格雷厄姆和多德斯维尔的超级投资者沃伦·巴菲特描述了股价并不总是理性地反映一家企业的价值。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。
令人遗憾的是,广发证券不得不报告去年每股收益下降了9.9%。32%的股价跌幅实际上比每股收益的跌幅还要大。因此,一年前,市场似乎对这项业务过于自信。
该公司的每股收益(在一段时间内)如下图所示(点击查看具体数字)。
深交所:2022年9月27日每股收益增长000776在买卖股票之前,我们总是建议仔细研究一下历史增长趋势,可以在这里找到。
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,对于广发证券来说,过去一年的TSR为-30%,这比上面提到的股价回报要好。该公司支付的股息因此提振了总计股东回报。
不同的视角
虽然大盘在过去12个月里损失了约17%,但广发证券股东的表现更糟,损失了30%(甚至包括股息)。话虽如此,在下跌的市场中,一些股票不可避免地会被超卖。关键是要密切关注基本面的发展。不幸的是,去年的表现可能预示着尚未解决的挑战,因为它比过去五年2%的年化损失更糟糕。我们意识到,罗斯柴尔德男爵曾说过,投资者应该“在街上血淋淋的时候买入”,但我们警告投资者,首先应该确保他们购买的是一家高质量的企业。跟踪股价的长期表现总是很有趣的。但要更好地理解广发证券,我们还需要考虑许多其他因素。例如,我们发现广发证券的1个警示标志在这里投资之前你应该意识到这一点。
但请注意:广发证券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CN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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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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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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