Investors in Nanjing Iron & Steel (SHSE:600282) Have Seen Favorable Returns of 50% Over the Past Three Years
Investors in Nanjing Iron & Steel (SHSE:600282) Have Seen Favorable Returns of 50% Over the Past Three Years
One simple way to benefit from the stock market is to buy an index fund. But if you choose individual stocks with prowess, you can make superior returns. For example, the Nanjing Iron & Steel Co., Ltd. (SHSE:600282) share price is up 21% in the last three years, clearly besting the market decline of around 16% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 22% , including dividends .
从股市获益的一个简单方法是购买指数基金。但如果你选择实力雄厚的个股，你就可以获得优异的回报。例如，南京钢铁股份有限公司(上交所：600282)股价在过去三年中上涨了21%，显然超过了市场约16%的跌幅(不包括股息)。另一方面，最近的回报并不是很好，包括股息在内，股东的回报率仅上涨了22%。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
考虑到这一点，值得关注的是，该公司的潜在基本面是长期业绩的驱动力，还是存在一些差异。
Check out our latest analysis for Nanjing Iron & Steel
查看我们对南钢的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
不可否认，市场有时是有效的，但价格并不总是反映潜在的商业表现。一种不完美但简单的方法来考虑市场对一家公司的看法是如何改变的，那就是将每股收益(EPS)的变化与股价走势进行比较。
Over the last three years, Nanjing Iron & Steel failed to grow earnings per share, which fell 15% (annualized).
在过去的三年里，南京钢铁未能实现每股收益的增长，按年率计算下降了15%。
So we doubt that the market is looking to EPS for its main judge of the company's value. Therefore, we think it's worth considering other metrics as well.
因此，我们怀疑市场是否在指望每股收益作为其对公司价值的主要判断。因此，我们认为其他指标也值得考虑。
We doubt the dividend payments explain the share price rise, since we don't see any improvement in that regard. It's much more likely that the fact that Nanjing Iron & Steel has been growing revenue at 12% a year is seen as a genuine positive. It could be that investors are content with the revenue growth on the basis that the company isn't really focussed on profits just yet. And that might explain the higher price.
我们怀疑股息支付对股价上涨的解释，因为我们在这方面没有看到任何改善。更有可能的是，南京钢铁的收入一直以每年12%的速度增长，这被视为一个真正的积极因素。这可能是因为投资者对营收增长感到满意，因为该公司目前还没有真正关注利润。这可能解释了价格较高的原因。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和收入随时间的变化情况(如果您点击该图，您可以看到更多详细信息)。
This free interactive report on Nanjing Iron & Steel's balance sheet strength is a great place to start, if you want to investigate the stock further.
这免费如果你想进一步调查南钢的股票，那么有关南钢资产负债表实力的互动报告是一个很好的起点。
What About Dividends?
那股息呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. As it happens, Nanjing Iron & Steel's TSR for the last 3 years was 50%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股价回报外，投资者还应考虑总股东回报(TSR)。TSR包括任何剥离或贴现融资的价值，以及任何股息，基于股息再投资的假设。因此，对于支付丰厚股息的公司来说，TSR往往比股价回报高得多。碰巧的是，南钢最近三年的TSR为50%，超过了前面提到的股价回报。这在很大程度上是其股息支付的结果！
A Different Perspective
不同的视角
It's nice to see that Nanjing Iron & Steel shareholders have received a total shareholder return of 22% over the last year. That's including the dividend. That gain is better than the annual TSR over five years, which is 7%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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 2 warning signs for Nanjing Iron & Steel (1 is a bit unpleasant!) that you should be aware of before investing here.
令人欣慰的是，南京钢铁的股东在过去一年里获得了22%的总股东回报。这还包括股息。这一收益好于过去五年的年度TSR，后者为7%。因此，最近围绕该公司的情绪似乎一直是积极的。在最好的情况下，这可能暗示着一些真正的商业势头，意味着现在可能是深入研究的好时机。我发现，把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力，我们还需要考虑其他信息。例如，我们发现南钢的2个警示标志(1有点令人不快！)在这里投资之前你应该意识到这一点。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你喜欢和管理层一起买股票，那么你可能会喜欢这本书免费公司名单。(提示：内部人士一直在买入这些股票)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意，本文引用的市场回报反映了目前在中国交易所交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。