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Positive Earnings Growth Hasn't Been Enough to Get COSCO SHIPPING Development (HKG:2866) Shareholders a Favorable Return Over the Last Five Years
Positive Earnings Growth Hasn't Been Enough to Get COSCO SHIPPING Development (HKG:2866) Shareholders a Favorable Return Over the Last Five Years
These days it's easy to simply buy an index fund, and your returns should (roughly) match the market. But even in a market-beating portfolio, some stocks will lag the market. The COSCO SHIPPING Development Co., Ltd. (HKG:2866) stock price is down 38% over five years, but the total shareholder return is -13% once you include the dividend. That's better than the market which declined 15% over the same time. Shareholders have had an even rougher run lately, with the share price down 18% in the last 90 days. We note that the company has reported results fairly recently; and the market is hardly delighted. You can check out the latest numbers in our company report.
While the last five years has been tough for COSCO SHIPPING Development shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
View our latest analysis for COSCO SHIPPING Development
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 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, COSCO SHIPPING Development actually managed to increase EPS by an average of 29% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.
The steady dividend doesn't really explain why the share price is down. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
SEHK:2866 Earnings and Revenue Growth November 17th 2022Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
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 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. We note that for COSCO SHIPPING Development the TSR over the last 5 years was -13%, 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
While it's certainly disappointing to see that COSCO SHIPPING Development shares lost 13% throughout the year, that wasn't as bad as the market loss of 22%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's worse than the annualised loss of 3% 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'. It's always interesting to track share price performance over the longer term. But to understand COSCO SHIPPING Development better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for COSCO SHIPPING Development (of which 1 is potentially serious!) you should know about.
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
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.
如今,简单地购买指数基金很容易,而且你的回报应该(大致)与市场相匹配。但是,即使在超过市场的投资组合中,一些股票也会落后于市场。这个 中远海运发展有限公司 (HKG: 2866) 股价在五年内下跌了38%,但如果包括股息,股东总回报率为-13%。这比同期下跌15%的市场要好。股东们最近表现更加艰难,股价在过去90天内下跌了18%。我们注意到,该公司最近公布了业绩;市场并不高兴。您可以在我们公司报告中查看最新数字。
尽管过去五年对中远海运发展公司的股东来说是艰难的,但上周却显示出希望的迹象。因此,让我们看一下长期基本面,看看它们是否是负回报的驱动力。
查看我们对中远海运发展的最新分析
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。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
尽管股价在五年内下跌,但中远海运开发公司实际上设法做到了 增加 每股收益平均每年增长29%。因此,每股收益似乎不是了解市场如何估值股票的好指南。或者,市场此前可能非常乐观,因此尽管每股收益有所改善,但该股还是令人失望。
由于每股收益增长率与股价增长形成鲜明对比,我们倾向于参考其他指标来了解围绕该股的市场情绪变化。
稳定的股息并不能真正解释股价下跌的原因。尽管股价下跌的原因尚不完全明显,但仔细研究该公司的历史可能有助于解释这一点。
您可以在下图中看到收入和收入随时间推移而发生的变化(点击图表查看确切值)。
SEHK: 2866 收益与收入增长 2022 年 11 月 17 日资产负债表的实力至关重要。可能值得一看我们的 免费的 报告其财务状况如何随着时间的推移而变化。
那股息呢?
重要的是要考虑任何给定股票的股东总回报以及股价回报率。股东总回报率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是再投资)以及任何折扣资本筹集和分拆的计算值。可以公平地说,TSR更全面地描述了支付股息的股票。我们注意到,中远海运发展公司在过去五年的股东总回报率为-13%,好于上述股价回报率。而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!
不同的视角
尽管看到中远海运开发的股价全年下跌了13%无疑令人失望,但这并不像市场跌幅22%那么糟糕。不幸的是,去年的表现可能表明存在未解决的挑战,因为这比过去五年3%的年化亏损还要糟糕。尽管一些投资者在收购陷入困境(但仍然被低估了)的公司方面表现不错,但别忘了巴菲特说过 “转机很少转机”。长期跟踪股价表现总是很有趣。但是,为了更好地了解中远海运发展公司,我们需要考虑许多其他因素。比如说,像风险一样。每家公司都有它们,我们已经发现了 中远海运发展的 3 个警告标志 (其中 1 个可能很严重!)你应该知道。
对于那些喜欢寻找的人 获胜的投资 这个 免费的 最近进行内幕收购的成长型公司名单可能只是门票。
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。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 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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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。
风险及免责提示
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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