Investors in Southwest Securities (SHSE:600369) Have Unfortunately Lost 19% Over the Last Three Years
Investors in Southwest Securities (SHSE:600369) Have Unfortunately Lost 19% Over the Last Three Years
As an investor its worth striving to ensure your overall portfolio beats the market average. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Southwest Securities Co., Ltd. (SHSE:600369) shareholders, since the share price is down 23% in the last three years, falling well short of the market decline of around 11%.
作为一名投资者，努力确保你的整体投资组合超过市场平均水平是值得的。但选股的风险是，你可能会买入表现不佳的公司。不幸的是，从长远来看，情况就是这样西南证券股份有限公司。(上交所：600369)股东，因为股价在过去三年里下跌了23%，远远低于市场约11%的跌幅。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
因此，让我们来看看该公司的长期业绩是否与基础业务的进展一致。
See our latest analysis for Southwest Securities
请看我们对西南证券的最新分析
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
虽然有效市场假说继续被一些人传授，但事实证明，市场是过度反应的动态系统，投资者并不总是理性的。通过比较每股收益(EPS)和股价随时间的变化，我们可以感受到投资者对一家公司的态度随着时间的推移发生了怎样的变化。
During the three years that the share price fell, Southwest Securities' earnings per share (EPS) dropped by 20% each year. In comparison the 8% compound annual share price decline isn't as bad as the EPS drop-off. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines. With a P/E ratio of 46.68, it's fair to say the market sees a brighter future for the business.
在股价下跌的三年里，西南证券的每股收益(EPS)每年下降20%。相比之下，8%的年复合股价跌幅没有每股收益下跌那么严重。这表明，尽管过去每股收益有所下降，但市场仍对长期收益稳定保持了一定的乐观情绪。由于市盈率为46.68倍，公平地说，市场认为这项业务的前景更加光明。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(在一段时间内)如下图所示(点击查看具体数字)。
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free interactive report on Southwest Securities' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
我们很高兴地报告，这位首席执行官的薪酬比类似资本公司的大多数首席执行官都要低。但是，尽管CEO的薪酬总是值得检查的，但真正重要的问题是，公司能否在未来实现收益增长。这免费如果你想进一步调查西南证券的股票，那么关于西南证券收益、收入和现金流的互动报告是一个很好的起点。
What About Dividends?
那股息呢？
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Southwest Securities' TSR for the last 3 years was -19%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考察投资回报时，重要的是要考虑到股东总回报(TSR)和股价回报。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，西南证券最近3年的TSR为-19%，超过了前面提到的股价回报。而且，猜测股息支付在很大程度上解释了这种差异是没有好处的！
A Different Perspective
不同的视角
It's good to see that Southwest Securities has rewarded shareholders with a total shareholder return of 3.5% in the last twelve months. Of course, that includes the dividend. That's better than the annualised return of 2% over half a decade, implying that the company is doing better recently. 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. Even so, be aware that Southwest Securities is showing 2 warning signs in our investment analysis , you should know about...
很高兴看到西南证券在过去12个月里为股东带来了3.5%的总回报。当然，这包括股息。这比过去五年2%的年化回报率要好，这意味着该公司最近的表现更好。持乐观观点的人可能会认为，最近TSR的改善表明，业务本身正在随着时间的推移而变得更好。虽然值得考虑市场状况对股价可能产生的不同影响，但还有其他更重要的因素。即便如此，请注意，西南证券正在显示出我们的投资分析中的2个警告信号，你应该知道关于……
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费已证明自己能够实现盈利增长的公司名单。
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。