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Investors in Wangfujing Group (SHSE:600859) Have Made a Respectable Return of 66% Over the Past Three Years
Investors in Wangfujing Group (SHSE:600859) Have Made a Respectable Return of 66% Over the Past Three Years
By buying an index fund, investors can approximate the average market return. But if you pick the right individual stocks, you could make more than that. Just take a look at Wangfujing Group Co., Ltd. (SHSE:600859), which is up 61%, over three years, soundly beating the market return of 17% (not including dividends).
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
Check out our latest analysis for Wangfujing Group
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Over the last three years, Wangfujing Group failed to grow earnings per share, which fell 12% (annualized).
Thus, it seems unlikely that the market is focussed on EPS growth at the moment. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
The modest 1.7% dividend yield is unlikely to be propping up the share price. You can only imagine how long term shareholders feel about the declining revenue trend (slipping at 31% per year). What's clear is that historic earnings and revenue aren't matching up with the share price action, very well. So you might have to dig deeper to get a grasp of the situation
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
SHSE:600859 Earnings and Revenue Growth September 25th 2022We know that Wangfujing Group has improved its bottom line lately, but what does the future have in store? You can see what analysts are predicting for Wangfujing Group in this interactive graph of future profit 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 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Wangfujing Group the TSR over the last 3 years was 66%, 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 the broader market lost about 17% in the twelve months, Wangfujing Group shareholders did even worse, losing 23% (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. Longer term investors wouldn't be so upset, since they would have made 7%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. Even so, be aware that Wangfujing Group is showing 2 warning signs in our investment analysis , you should know about...
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
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.
通過購買指數基金,投資者可以接近平均市場回報。但如果你選擇了正確的個股,你可以賺得更多。只要看一看王府井集團有限公司。(上交所:600859),三年來上漲了61%,遠遠超過了17%的市場回報率(不包括股息)。
現在也有必要看看該公司的基本面,因為這將有助於我們確定長期股東回報是否與基礎業務的表現相匹配。
查看我們對王府井集團的最新分析
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。考察市場情緒如何隨時間變化的一種方法是觀察一家公司的股價和每股收益(EPS)之間的相互作用。
在過去的三年裏,王府井集團未能實現每股收益的增長,每股收益按年率計算下降了12%。
因此,目前市場似乎不太可能把重點放在每股收益增長上。由於每股收益的變化似乎與股價的變化沒有相關性,因此值得看看其他指標。
1.7%的適度股息收益率不太可能支撐股價。你只能想象長期股東對收入下降趨勢(每年下滑31%)的感受。顯而易見的是,歷史收益和營收與股價走勢並沒有很好的匹配。因此,你可能需要更深入地調查,才能掌握情況
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)。
上海證交所:600859收益和收入增長2022年9月25日我們知道王府井集團最近提高了底線,但未來會是什麼樣子?你可以在這裏看到分析師對王府井集團的預測互動未來利潤預估圖表。
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是一種回報計算,計入了現金股息的價值(假設收到的任何股息都進行了再投資),以及任何貼現融資和剝離的計算價值。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,王府井集團過去3年的總回報率為66%,好於上述股價回報率。而且,猜測股息支付在很大程度上解釋了這種差異是沒有好處的!
不同的視角
雖然大盤在過去12個月裏下跌了約17%,但王府井集團的股東表現更差,跌幅為23%(甚至包括股息)。話雖如此,在下跌的市場中,一些股票不可避免地會被超賣。關鍵是要密切關注基本面的發展。較長期的投資者不會如此沮喪,因為他們在五年內每年會獲得7%的收益。最近的拋售可能是一個機會,因此可能值得查看基本面數據,以尋找長期增長趨勢的跡象。雖然值得考慮市場狀況對股價可能產生的不同影響,但還有其他更重要的因素。即便如此,請注意王府井集團正在展示我們的投資分析中的2個警告信號,你應該知道關於……
如果你喜歡和管理層一起買股票,那麼你可能會喜歡這本書免費公司名單。(提示:內部人士一直在買入這些股票)。
請注意,本文引用的市場回報反映了目前在CN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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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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