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Shareholders in Autobio Diagnostics (SHSE:603658) Are in the Red If They Invested Three Years Ago

Shareholders in Autobio Diagnostics (SHSE:603658) Are in the Red If They Invested Three Years Ago

如果三年前進行投資,Autobio Diagnostics(SHSE: 603658)的股東將處於虧損狀態
Simply Wall St ·  05/20 22:53

Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Autobio Diagnostics Co., Ltd. (SHSE:603658) shareholders have had that experience, with the share price dropping 43% in three years, versus a market decline of about 16%.

許多投資者將成功的投資定義爲長期超過市場平均水平。但是選股的風險在於,你可能會買入表現不佳的公司。我們遺憾地報告,奧特生物診斷有限公司(SHSE: 603658)的長期股東有過這樣的經歷,股價在三年內下跌了43%,而市場跌幅約爲16%。

Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.

由於從長遠來看,股東會下跌,讓我們來看看那段時間的潛在基本面,看看它們與回報是否一致。

To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.

引用巴菲特的話說:“船隻將在世界各地航行,但Flat Earth Society將蓬勃發展。市場上的價格和價值之間將繼續存在巨大差異...”評估公司情緒變化的一種有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。

Although the share price is down over three years, Autobio Diagnostics actually managed to grow EPS by 15% per year in that time. 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.

儘管股價在三年內下跌,但在此期間,Autobio Diagnostics實際上每年設法將每股收益增長15%。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。

It's worth taking a look at other metrics, because the EPS growth doesn't seem to match with the falling share price.

值得一看其他指標,因爲每股收益的增長似乎與股價的下跌不符。

With a rather small yield of just 2.0% we doubt that the stock's share price is based on its dividend. We note that, in three years, revenue has actually grown at a 10% annual rate, so that doesn't seem to be a reason to sell shares. It's probably worth investigating Autobio Diagnostics further; while we may be missing something on this analysis, there might also be an opportunity.

由於收益率相當低,僅爲2.0%,我們懷疑該股的股價是否基於其股息。我們注意到,在三年內,收入實際上以10%的年增長率增長,因此這似乎不是出售股票的理由。可能值得進一步研究Autobio Diagnostics;儘管我們在分析中可能遺漏了一些東西,但也可能有機會。

The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).

公司的收入和收益(隨着時間的推移)如下圖所示(點擊查看確切數字)。

earnings-and-revenue-growth
SHSE:603658 Earnings and Revenue Growth May 21st 2024
SHSE: 603658 收益和收入增長 2024 年 5 月 21 日

We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. So we recommend checking out this free report showing consensus forecasts

我們很高興地向大家報告,首席執行官的薪酬比資本狀況相似的公司的大多數首席執行官更適中。始終值得關注首席執行官的薪酬,但更重要的問題是公司多年來是否會增加收益。因此,我們建議您查看這份顯示共識預測的免費報告

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 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 Autobio Diagnostics, it has a TSR of -41% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.

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。股東總回報率包含任何分拆或貼現資本籌集的價值,以及任何股息,前提是股息是再投資的。因此,對於支付豐厚股息的公司來說,股東總回報率通常遠高於股價回報率。就Autobio Diagnostics而言,其股東回報率在過去3年中爲-41%。這超過了我們之前提到的其股價回報率。因此,該公司支付的股息提高了 股東回報。

A Different Perspective

不同的視角

While it's certainly disappointing to see that Autobio Diagnostics shares lost 4.1% throughout the year, that wasn't as bad as the market loss of 8.7%. Longer term investors wouldn't be so upset, since they would have made 2%, each year, over five years. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. 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 instance, we've identified 1 warning sign for Autobio Diagnostics that you should be aware of.

儘管看到Autobio Diagnostics的股價全年下跌4.1%確實令人失望,但這還不如8.7%的市場跌幅那麼糟糕。長期投資者不會那麼沮喪,因爲他們本可以在五年內每年賺2%。可能是該企業正面臨一些短期問題,但股東應密切關注基本面。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。例如,我們已經確定了Autobio Diagnostics的1個警告信號,你應該注意這一點。

For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.

對於那些喜歡尋找獲利投資的人來說,這份最近進行內幕收購的被低估公司的免費清單可能只是入場券。

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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