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Investors One-year Losses Continue as GF Securities (SZSE:000776) Dips a Further 4.0% This Week, Earnings Continue to Decline
Investors One-year Losses Continue as GF Securities (SZSE:000776) Dips a Further 4.0% This Week, Earnings Continue to Decline
It's easy to match the overall market return by buying an index fund. While individual stocks can be big winners, plenty more fail to generate satisfactory returns. That downside risk was realized by GF Securities Co., Ltd. (SZSE:000776) shareholders over the last year, as the share price declined 32%. That contrasts poorly with the market decline of 17%. The silver lining (for longer term investors) is that the stock is still 8.6% higher than it was three years ago. Shareholders have had an even rougher run lately, with the share price down 23% in the last 90 days. But this could be related to the weak market, which is down 12% in the same period.
Since GF Securities has shed CN¥4.6b from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
View our latest analysis for GF Securities
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
Unhappily, GF Securities had to report a 9.9% decline in EPS over the last year. The share price decline of 32% is actually more than the EPS drop. So it seems the market was too confident about the business, a year ago.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
SZSE:000776 Earnings Per Share Growth September 27th 2022Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for GF Securities the TSR over the last 1 year was -30%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
While the broader market lost about 17% in the twelve months, GF Securities shareholders did even worse, losing 30% (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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. It's always interesting to track share price performance over the longer term. But to understand GF Securities better, we need to consider many other factors. For example, we've discovered 1 warning sign for GF Securities that you should be aware of before investing here.
But note: GF Securities 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 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.
購買指數基金很容易達到與整體市場回報相匹配的水平。雖然個別股票可能是大贏家,但更多的股票無法產生令人滿意的回報。這種下行風險通過以下方式實現廣發證券股份有限公司。(SZSE:000776)由於股價下跌了32%,去年的股價下跌了32%。這與17%的市場跌幅形成了鮮明對比。(對於長期投資者來説)一線希望是,該股仍比三年前高出8.6%。股東們最近的表現更加艱難,股價在過去90天裏下跌了23%。但這可能與疲軟的市場有關,同期市場下跌了12%。
由於廣發證券在過去的7天裏已經貶值了46億元人民幣,讓我們來看看長期的下跌是不是由企業的經濟因素推動的。
查看我們對廣發證券的最新分析
在他的文章中格雷厄姆和多德斯維爾的超級投資者沃倫·巴菲特描述了股價並不總是理性地反映一家企業的價值。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。
令人遺憾的是,廣發證券不得不報告去年每股收益下降了9.9%。32%的股價跌幅實際上比每股收益的跌幅還要大。因此,一年前,市場似乎對這項業務過於自信。
該公司的每股收益(在一段時間內)如下圖所示(點擊查看具體數字)。
深交所:2022年9月27日每股收益增長000776在買賣股票之前,我們總是建議仔細研究一下歷史增長趨勢,可以在這裏找到。
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。公平地説,TSR為支付股息的股票提供了更完整的圖景。我們注意到,對於廣發證券來説,過去一年的TSR為-30%,這比上面提到的股價回報要好。該公司支付的股息因此提振了總計股東回報。
不同的視角
雖然大盤在過去12個月裏損失了約17%,但廣發證券股東的表現更糟,損失了30%(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。不幸的是,去年的表現可能預示着尚未解決的挑戰,因為它比過去五年2%的年化損失更糟糕。我們意識到,羅斯柴爾德男爵曾説過,投資者應該“在街上血淋淋的時候買入”,但我們警告投資者,首先應該確保他們購買的是一家高質量的企業。跟蹤股價的長期表現總是很有趣的。但要更好地理解廣發證券,我們還需要考慮許多其他因素。例如,我們發現廣發證券的1個警示標誌在這裏投資之前你應該意識到這一點。
但請注意:廣發證券可能不是最值得買入的股票。所以讓我們來看看這個免費過去有盈利增長(以及進一步增長預測)的有趣公司名單。
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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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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