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Earnings Growth of 2.5% Over 3 Years Hasn't Been Enough to Translate Into Positive Returns for Zhejiang Supor (SZSE:002032) Shareholders

Earnings Growth of 2.5% Over 3 Years Hasn't Been Enough to Translate Into Positive Returns for Zhejiang Supor (SZSE:002032) Shareholders

3年內2.5%的收益增長不足以轉化爲浙江蘇泊爾(SZSE:002032)股東的正回報
Simply Wall St ·  02/19 20:35

No-one enjoys it when they lose money on a stock. But it's hard to avoid some disappointing investments when the overall market is down. The Zhejiang Supor Co., Ltd. (SZSE:002032) is down 30% over three years, but the total shareholder return is -20% once you include the dividend. That's better than the market which declined 28% over the last three years. And the share price decline continued over the last week, dropping some 6.7%.

當他們在股票上虧損時,沒有人會喜歡它。但是,當整個市場下跌時,很難避免一些令人失望的投資。浙江蘇泊爾股份有限公司(SZSE:002032)在三年內下跌了30%,但如果將股息包括在內,股東總回報率爲-20%。這比過去三年下跌28%的市場要好。上週股價繼續下跌,下跌了約6.7%。

Since Zhejiang Supor has shed CN¥3.1b from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.

自從浙江蘇泊爾在過去7天中貶值了31億元人民幣以來,讓我們看看長期下跌是否是由該企業的經濟推動的。

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.

不可否認,市場有時是有效的,但價格並不總是能反映潛在的業務表現。通過比較每股收益(EPS)和一段時間內的股價變化,我們可以了解投資者對公司的態度是如何隨着時間的推移而變化的。

During the unfortunate three years of share price decline, Zhejiang Supor actually saw its earnings per share (EPS) improve by 7.5% 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). Or else the company was over-hyped in the past, and so its growth has disappointed.

在不幸的三年股價下跌中,浙江蘇泊爾的每股收益(EPS)實際上每年增長7.5%。鑑於股價的反應,人們可能會懷疑每股收益並不能很好地指導該期間的業務表現(可能是由於一次性的虧損或收益)。否則,該公司過去曾被過度炒作,因此其增長令人失望。

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.

由於每股收益的變化似乎與股價的變化無關,因此值得一看其他指標。

We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. Zhejiang Supor has maintained its top line over three years, so we doubt that has shareholders worried. So it might be worth looking at how revenue growth over time, in greater detail.

我們注意到,股息似乎足夠健康,因此這可能無法解釋股價下跌的原因。浙江蘇泊爾在三年內一直保持收入水平,因此我們懷疑這會引起股東的擔憂。因此,可能值得更詳細地研究收入在一段時間內的增長情況。

You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).

您可以在下圖中看到收入和收入隨時間推移而發生的變化(點擊圖表查看確切值)。

earnings-and-revenue-growth
SZSE:002032 Earnings and Revenue Growth February 20th 2024
SZSE: 002032 收益和收入增長 2024 年 2 月 20 日

Zhejiang Supor is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. You can see what analysts are predicting for Zhejiang Supor in this interactive graph of future profit estimates.

浙江蘇泊爾爲投資者所熟知,許多聰明的分析師都試圖預測未來的利潤水平。您可以在這張未來利潤估計的交互式圖表中看到分析師對浙江蘇泊爾的預測。

What About Dividends?

分紅呢?

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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Zhejiang Supor, it has a TSR of -20% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!

重要的是要考慮任何給定股票的股東總回報率和股價回報率。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。可以說,股東總回報率更全面地描述了股票產生的回報。就浙江蘇泊爾而言,其在過去三年的股東回報率爲-20%。這超過了我們之前提到的其股價回報率。而且,猜測股息支付在很大程度上解釋了這種分歧是沒有好處的!

A Different Perspective

不同的視角

It's nice to see that Zhejiang Supor shareholders have received a total shareholder return of 8.4% over the last year. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 1.9% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Zhejiang Supor , and understanding them should be part of your investment process.

很高興看到浙江蘇泊爾股東去年獲得了 8.4% 的股東總回報率。當然,這包括股息。由於一年期股東總回報率好於五年期股東總回報率(後者爲每年1.9%),因此該股的表現似乎在最近有所改善。持樂觀態度的人可能會將最近股東總回報率的改善視爲業務本身隨着時間的推移而變得更好。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。例如,投資風險的幽靈無處不在。我們已經向浙江蘇泊爾確定了一個警告信號,了解它們應該是您投資過程的一部分。

We will like Zhejiang Supor better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.

如果我們看到一些重大的內幕收購,我們會更喜歡浙江蘇泊爾。在我們等待的同時,請查看這份免費清單,列出了最近有大量內幕收購的成長型公司。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.

請注意,本文引用的市場回報反映了目前在中國交易所交易的股票的市場加權平均回報。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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