share_log

ChinaLin Securities' (SZSE:002945) Investors Will Be Pleased With Their Solid 198% Return Over the Last Five Years

ChinaLin Securities' (SZSE:002945) Investors Will Be Pleased With Their Solid 198% Return Over the Last Five Years

華林證券(深圳證券交易所:002945)的投資者將對過去五年中198%的穩健回報感到滿意
Simply Wall St ·  01/11 18:40

When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But when you pick a company that is really flourishing, you can make more than 100%. For instance, the price of ChinaLin Securities Co., Ltd (SZSE:002945) stock is up an impressive 191% over the last five years. It's also good to see the share price up 12% over the last quarter.

當你購買一家公司的股票時,值得記住它可能倒閉的可能性,你可能會賠錢。但是,當你選擇一家真正蓬勃發展的公司時,你可以 使 超過 100%。例如,華林證券有限公司(深圳證券交易所:002945)的股票價格在過去五年中上漲了191%,令人印象深刻。股價在上個季度上漲了12%也是件好事。

Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.

現在,公司的基本面也值得一看,因爲這將幫助我們確定長期股東回報是否與基礎業務的表現相匹配。

Check out our latest analysis for ChinaLin Securities

查看我們對華林證券的最新分析

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.

不可否認的是,市場有時是有效的,但價格並不總是能反映基本的業務表現。通過比較每股收益(EPS)和股價隨時間推移的變化,我們可以了解投資者對公司的態度如何隨着時間的推移而變化。

ChinaLin Securities' earnings per share are down 15% per year, despite strong share price performance over five years.

儘管五年來股價表現強勁,但中林證券的每股收益每年下降15%。

This means it's unlikely the market is judging the company based on earnings growth. 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.

這意味着市場不太可能根據收益增長來評判該公司。由於每股收益的變化似乎與股價的變化無關,因此值得研究其他指標。

The modest 0.3% dividend yield is unlikely to be propping up the share price. In contrast revenue growth of 5.8% per year is probably viewed as evidence that ChinaLin Securities is growing, a real positive. In that case, the company may be sacrificing current earnings per share to drive growth.

0.3%的適度股息收益率不太可能支撐股價。相比之下,每年5.8%的收入增長可能被視爲中林證券正在增長的證據,這是一個真正的積極因素。在這種情況下,該公司可能會犧牲當前的每股收益來推動增長。

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(一段時間內)如下圖所示(點擊查看確切數字)。

earnings-and-revenue-growth
SZSE:002945 Earnings and Revenue Growth January 11th 2024
SZSE: 002945 收益和收入增長 2024 年 1 月 11 日

You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.

您可以在這張免費的交互式圖片中看到其資產負債表如何隨着時間的推移而增強(或減弱)。

What About Dividends?

那股息呢?

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of ChinaLin Securities, it has a TSR of 198% for the last 5 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!

除了衡量股價回報率外,投資者還應考慮股東總回報率(TSR)。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。可以說,股東總回報率更全面地描述了股票產生的回報。就中林證券而言,在過去的5年中,其股東回報率爲198%。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 good to see that ChinaLin Securities has rewarded shareholders with a total shareholder return of 12% in the last twelve months. Of course, that includes the dividend. However, the TSR over five years, coming in at 24% per year, is even more impressive. Potential buyers might understandably feel they've missed the opportunity, but it's always possible business is still firing on all cylinders. 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 2 warning signs for ChinaLin Securities (1 is a bit unpleasant) that you should be aware of.

很高興看到中林證券在過去十二個月中向股東提供了12%的總股東回報率。當然,這包括股息。但是,五年內的股東總回報率爲每年24%,更加令人印象深刻。潛在買家可能會覺得他們錯過了機會,這是可以理解的,但業務總是有可能全力以赴的。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,我們已經爲華林證券確定了兩個警告信號(其中一個有點不愉快),你應該注意這些信號。

If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.

如果你像我一樣,那麼你不會想錯過這份業內人士正在收購的成長型公司的免費名單。

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率。

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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

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
    搶先評論