While Shareholders of SINOPEC Engineering (Group) (HKG:2386) Are in the Red Over the Last Five Years, Underlying Earnings Have Actually Grown
While Shareholders of SINOPEC Engineering (Group) (HKG:2386) Are in the Red Over the Last Five Years, Underlying Earnings Have Actually Grown
For many, the main point of investing is to generate higher returns than the overall market. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long term SINOPEC Engineering (Group) Co., Ltd. (HKG:2386) shareholders for doubting their decision to hold, with the stock down 50% over a half decade.
对于许多人来说，投资的要点是产生比整个市场更高的回报。但是在任何投资组合中，个股之间的结果都会好坏参半。因此，我们不会责怪中石化工程（集团）有限公司（HKG: 2386）的长期股东怀疑他们的持股决定，该股在五年内下跌了50％。
The recent uptick of 3.7% could be a positive sign of things to come, so let's take a look at historical fundamentals.
最近3.7％的上涨可能是未来的积极信号，因此让我们来看看历史基本面。
View our latest analysis for SINOPEC Engineering (Group)
查看我们对中石化工程（集团）的最新分析
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。通过比较每股收益（EPS）和一段时间内的股价变化，我们可以了解投资者对公司的态度是如何随着时间的推移而变化的。
While the share price declined over five years, SINOPEC Engineering (Group) actually managed to increase EPS by an average of 9.9% 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 possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
尽管股价在五年内下跌，但中石化工程（集团）实际上设法做到了 增加 每股收益平均每年增长9.9％。鉴于股价的反应，人们可能会怀疑每股收益并不能很好地指导该期间的业务表现（可能是由于一次性的亏损或收益）。或者，市场此前可能非常乐观，因此尽管每股收益有所改善，但该股还是令人失望。
Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.
由于每股收益增长率与股价增长形成鲜明对比，我们倾向于参考其他指标来了解围绕该股的市场情绪变化。
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
我们注意到股息一直保持健康，因此这并不能真正解释股价下跌的原因。尽管股价下跌的原因尚不完全明显，但仔细研究该公司的历史可能有助于解释这一点。
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（随着时间的推移）如下图所示（点击查看确切数字）。
Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
资产负债表的强度至关重要。可能值得一看我们关于其财务状况如何随着时间的推移而变化的免费报告。
What About Dividends?
分红呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for SINOPEC Engineering (Group) the TSR over the last 5 years was -24%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考虑任何给定股票的股东总回报率和股价回报率。尽管股价回报率仅反映股价的变化，但股东总回报率包括股息的价值（假设已进行再投资）以及任何折扣融资或分拆的收益。可以说，股东总回报率更全面地描述了股票产生的回报。我们注意到，中石化工程（集团）过去5年的股东总回报率为-24％，好于上述股价回报率。而且，猜测股息支付在很大程度上解释了这种分歧是没有好处的！
A Different Perspective
不同的视角
We're pleased to report that SINOPEC Engineering (Group) shareholders have received a total shareholder return of 7.3% over one year. Of course, that includes the dividend. Notably the five-year annualised TSR loss of 4% per year compares very unfavourably with the recent share price performance. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. It's always interesting to track share price performance over the longer term. But to understand SINOPEC Engineering (Group) better, we need to consider many other factors. For example, we've discovered 1 warning sign for SINOPEC Engineering (Group) that you should be aware of before investing here.
我们很高兴地报告，中石化工程（集团）的股东在一年内获得了 7.3% 的总股东回报率。当然，这包括股息。值得注意的是，五年期股东总回报率每年亏损4％，与最近的股价表现相比非常不利。我们通常更看重短期内的长期表现，但最近的改善可能暗示业务出现了（积极的）转折点。长期跟踪股价表现总是很有意思的。但是，要更好地了解中石化工程（集团），我们需要考虑许多其他因素。例如，我们发现了中石化工程（集团）的一个警告信号，在投资这里之前，你应该注意这个信号。
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
对于那些喜欢寻找中奖投资的人来说，这份最近有内幕收购的成长型公司的免费名单可能只是门票。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
请注意，本文引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。