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Strong Week for Wharf Real Estate Investment (HKG:1997) Shareholders Doesn't Alleviate Pain of Three-year Loss
Strong Week for Wharf Real Estate Investment (HKG:1997) Shareholders Doesn't Alleviate Pain of Three-year Loss
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But if you try your hand at stock picking, your risk returning less than the market. Unfortunately, that's been the case for longer term Wharf Real Estate Investment Company Limited (HKG:1997) shareholders, since the share price is down 19% in the last three years, falling well short of the market decline of around 1.5%.
While the last three years has been tough for Wharf Real Estate Investment 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.
See our latest analysis for Wharf Real Estate Investment
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
We know that Wharf Real Estate Investment has been profitable in the past. However, it made a loss in the last twelve months, suggesting profit may be an unreliable metric at this stage. Other metrics might give us a better handle on how its value is changing over time.
With revenue flat over three years, it seems unlikely that the share price is reflecting the top line. We're not entirely sure why the share price is dropped, but it does seem likely investors have become less optimistic about the business.
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:1997 Earnings and Revenue Growth September 8th 2022Wharf Real Estate Investment is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. So it makes a lot of sense to check out what analysts think Wharf Real Estate Investment will earn in the future (free analyst consensus estimates)
What About Dividends?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Wharf Real Estate Investment the TSR over the last 3 years was -8.1%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
A Different Perspective
Wharf Real Estate Investment shareholders may not have made money over the last year, but their total loss of 8.9% ( including dividends) isn't as bad as the market loss of around 8.9%. Unfortunately, last year's performance may indicate unresolved challenges, given that it's even worse than the annualised loss of 2.6% over the last three years. It should concern shareholders to see the pace of losses accelerate, and it makes us alert to the possibility that underlying business is not doing well. 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 1 warning sign for Wharf Real Estate Investment that you should be aware of before investing here.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
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.
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。但如果你試着選股,你的風險回報就會低於市場。不幸的是,從長遠來看,情況就是這樣九龍倉置業股份有限公司(HKG:1997)股東,因為過去三年股價下跌了19%,遠遠低於市場約1.5%的跌幅。
雖然過去三年對九龍倉置業的股東來説很艱難,但過去一週出現了希望的跡象。因此,讓我們看看較長期的基本面,看看它們是否是負回報的驅動因素。
參見我們對九龍倉置業的最新分析
雖然市場是一種強大的定價機制,但股價反映的是投資者情緒,而不僅僅是潛在的企業表現。評估圍繞一家公司的情緒變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
我們知道九龍倉置業過去一直是盈利的。然而,它在過去12個月裏出現了虧損,這表明在這個階段利潤可能是一個不可靠的指標。其他指標可能會讓我們更好地瞭解其價值是如何隨着時間的推移而變化的。
由於三年來營收持平,股價似乎不太可能反映營收。我們不完全確定股價下跌的原因,但看起來投資者似乎對該業務不那麼樂觀了。
您可以在下圖中看到收益和收入隨時間的變化(單擊圖表查看確切的值)。
聯交所:1997年盈利及收入增長2022年9月8日九龍倉置業是一隻知名的股票,有大量的分析師報道,這表明對未來的增長有一定的可見性。因此,看看分析師對九龍倉置業未來收入的看法是很有意義的(自由分析師一致估計)。
那股息呢?
重要的是要考慮任何給定股票的總股東回報以及股價回報。雖然股價回報只反映股價的變動,但TSR包括股息的價值(假設股息再投資),以及任何折價集資或分拆所帶來的利益。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。我們注意到,九龍倉置業在過去3年的總回報率為-8.1%,好於上述股價回報率。這在很大程度上是其股息支付的結果!
不同的視角
九龍倉置業的股東在過去一年裏可能沒有賺到錢,但他們8.9%的總虧損(包括股息)沒有市場虧損約8.9%那麼糟糕。不幸的是,去年的表現可能預示着尚未解決的挑戰,因為它甚至比過去三年2.6%的年化虧損還要糟糕。它應該讓股東們擔心虧損的速度加快,並讓我們警惕潛在業務表現不佳的可能性。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,我們發現九龍倉置業的1個警示標誌在這裏投資之前你應該意識到這一點。
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費我們預計收益將會增長的公司名單。
請注意,本文引用的市場回報反映了目前在香港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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