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As CapitaLand Integrated Commercial Trust (SGX:C38U) lifts 4.3% this past week, investors may now be noticing the company's three-year earnings growth
As CapitaLand Integrated Commercial Trust (SGX:C38U) lifts 4.3% this past week, investors may now be noticing the company's three-year earnings growth
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term CapitaLand Integrated Commercial Trust (SGX:C38U) shareholders have had that experience, with the share price dropping 16% in three years, versus a market decline of about 0.6%.
The recent uptick of 4.3% could be a positive sign of things to come, so let's take a lot at historical fundamentals.
See our latest analysis for CapitaLand Integrated Commercial Trust
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
During the unfortunate three years of share price decline, CapitaLand Integrated Commercial Trust actually saw its earnings per share (EPS) improve by 1.0% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
After considering the numbers, we'd posit that the the market had higher expectations of EPS growth, three years back. Looking to other metrics might better explain the share price change.
We note that the dividend has declined - a likely contributor to the share price drop. It doesn't seem like the changes in revenue would have impacted the share price much, but a closer inspection of the data might reveal something.
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
SGX:C38U Earnings and Revenue Growth July 31st 2022CapitaLand Integrated Commercial 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 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. In the case of CapitaLand Integrated Commercial Trust, it has a TSR of -5.6% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
A Different Perspective
We're pleased to report that CapitaLand Integrated Commercial Trust shareholders have received a total shareholder return of 6.6% over one year. And that does include the dividend. That's better than the annualised return of 6% 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. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For example, we've discovered 5 warning signs for CapitaLand Integrated Commercial Trust (2 don't sit too well with us!) that you should be aware of before investing here.
We will like CapitaLand Integrated Commercial Trust better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider 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.
為了證明挑選個股的努力是合理的,值得努力超越市場指數基金的回報。但在任何投資組合中,都可能會有一些股票沒有達到這一基準。我們很遺憾地報告這一長期的凱德置地綜合商業信託基金(新加坡證券交易所股票代碼:C38U)的股東有過這種經歷,股價在三年內下跌了16%,而市場跌幅約為0.6%。
最近4.3%的漲幅可能是未來事情的積極跡象,所以讓我們來看看歷史基本面。
查看我們對凱德置地綜合商業信託的最新分析
本傑明·格雷厄姆(Benjamin Graham)的原話是:短期內,市場是一臺投票機,但從長遠來看,它是一臺稱重機。通過比較每股收益(EPS)和股價隨時間的變化,我們可以感受到投資者對一家公司的態度隨着時間的推移發生了怎樣的變化。
不幸的是,在股價下跌的三年裏,凱德置地綜合商業信託公司的每股收益(EPS)實際上以每年1.0%的速度增長。考慮到股價的反應,人們可能會懷疑,每股收益不是這段時間內業務表現的良好指南(可能是因為一次性的虧損或收益)。或者,增長預期在過去可能是不合理的。
在考慮了這些數字後,我們假設市場對三年前的每股收益增長有更高的預期。看看其他指標可能更好地解釋了股價的變化。
我們注意到股息已經下降--這可能是導致股價下跌的原因之一。收入的變化似乎不會對股價產生太大影響,但仔細檢查一下數據可能會發現一些東西。
下圖描述了收益和收入隨時間的變化(通過單擊圖像來揭示確切的價值)。
新交所:C38U收益和收入增長2022年7月31日凱德置地綜合商業信託是一隻著名的股票,有大量的分析師報道,這表明對未來增長的一些可見性。鑑於我們有相當多的分析師預測,可能很值得查看以下內容免費描繪共識估計的圖表。
那股息呢?
在考察投資回報時,重要的是要考慮到股東總回報(TSR)和股價回報。TSR包括任何剝離或貼現融資的價值,以及任何股息,基於股息再投資的假設。因此,對於支付豐厚股息的公司來説,TSR往往比股價回報高得多。以凱德置地綜合商業信託為例,其最近3年的總資產收益率為-5.6%。這超過了我們之前提到的它的股價回報。這在很大程度上是其股息支付的結果!
不同的視角
我們很高興地報告,凱德置地綜合商業信託的股東在一年內獲得了6.6%的總股東回報。這確實包括了股息。這比過去五年6%的年化回報率要好,這意味着該公司最近的表現更好。持樂觀觀點的人可能會認為,最近TSR的改善表明,業務本身正在隨着時間的推移而變得更好。我發現,把股價作為衡量企業業績的長期指標是非常有趣的。但為了真正獲得洞察力,我們還需要考慮其他信息。例如,我們發現凱德置地綜合商業信託的5個警示標誌(2不要和我們坐在一起太舒服!)在這裏投資之前你應該意識到這一點。
如果我們看到一些大的內部收購,我們會更喜歡凱德置地綜合商業信託公司。在我們等待的時候,看看這個免費最近有大量內幕收購的成長型公司名單。
請注意,本文引用的市場回報反映了目前在SG交易所交易的股票的市場加權平均回報。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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