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Earnings Are Growing at Guangzhou Automobile Group (HKG:2238) but Shareholders Still Don't Like Its Prospects
Earnings Are Growing at Guangzhou Automobile Group (HKG:2238) but Shareholders Still Don't Like Its Prospects
We think intelligent long term investing is the way to go. But along the way some stocks are going to perform badly. For example, after five long years the Guangzhou Automobile Group Co., Ltd. (HKG:2238) share price is a whole 60% lower. That's not a lot of fun for true believers. Shareholders have had an even rougher run lately, with the share price down 25% in the last 90 days. However, one could argue that the price has been influenced by the general market, which is down 19% in the same timeframe.
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
View our latest analysis for Guangzhou Automobile Group
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
While the share price declined over five years, Guangzhou Automobile Group actually managed to increase EPS by an average of 1.2% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.
By glancing at these numbers, we'd posit that the the market had expectations of much higher growth, five years ago. Having said that, we might get a better idea of what's going on with the stock by looking at other metrics.
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
SEHK:2238 Earnings and Revenue Growth October 3rd 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. This free report showing analyst forecasts should help you form a view on Guangzhou Automobile Group
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. As it happens, Guangzhou Automobile Group's TSR for the last 5 years was -51%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
While it's certainly disappointing to see that Guangzhou Automobile Group shares lost 16% throughout the year, that wasn't as bad as the market loss of 26%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 9% over the last half decade. While some investors do well specializing in buying companies that are struggling (but nonetheless undervalued), don't forget that Buffett said that 'turnarounds seldom turn'. 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. Case in point: We've spotted 2 warning signs for Guangzhou Automobile Group you should be aware of, and 1 of them can't be ignored.
But note: Guangzhou Automobile Group 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.
我们认为,明智的长期投资是一条可行的道路。但在此过程中,一些股票的表现将很糟糕。例如,在漫长的五年之后,广汽集团股份有限公司。(HKG:2238)股价整体下跌60%。对于真正的信徒来说,这并不是什么有趣的事情。股东们最近经历了更艰难的时期,股价在过去90天里下跌了25%。然而,有人可能会辩称,价格受到了大盘的影响,大盘在同一时间段内下跌了19%。
鉴于过去一周对股东的态度一直很严峻,让我们调查一下基本面,看看我们能学到什么。
查看我们对广汽集团的最新分析
用巴菲特的话说,“船只将在世界各地航行,但平坦的地球协会将蓬勃发展。市场上的价格和价值之间将继续存在巨大的差异……”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。
虽然股价在五年内下跌,但广汽集团实际上成功地增加每股收益平均每年增长1.2%。因此,每股收益似乎并不能很好地指导人们理解市场对股票的估值。或者,增长预期在过去可能是不合理的。
通过浏览这些数字,我们可以假设,五年前,市场曾预期会有更高的增长。话虽如此,我们可能会通过查看其他指标来更好地了解股票的走势。
我们注意到,股息一直保持健康,因此这并不能真正解释股价下跌的原因。虽然股价下跌的原因并不完全明显,但仔细看看该公司的历史可能有助于解释这一点。
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:2238盈利及收入增长2022年10月3日可能值得注意的是,首席执行官的薪酬低于类似规模公司的中位数。但是,尽管CEO的薪酬总是值得检查的,但真正重要的问题是,公司能否在未来实现收益增长。这免费显示分析师预测的报告应该有助于您形成对广汽集团的看法
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。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。因此,对于支付丰厚股息的公司来说,TSR往往比股价回报高得多。碰巧,广汽集团最近5年的TSR为-51%,超过了前面提到的股价回报。该公司支付的股息因此提振了总计股东回报。
不同的视角
虽然看到广汽集团的股价全年下跌16%当然令人失望,但这并没有股市下跌26%那么糟糕。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9%的年化损失更糟糕。虽然一些投资者擅长买入那些陷入困境(但估值仍然被低估)的公司,但不要忘记巴菲特曾说过,扭亏为盈的情况很少出现转机。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。一个恰当的例子:我们发现了广汽集团的2个警示标志你应该意识到,其中有1个是不容忽视的。
但请注意:广汽集团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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