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Xinhua Winshare Publishing and Media (HKG:811) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years

Xinhua Winshare Publishing and Media (HKG:811) Stock Performs Better Than Its Underlying Earnings Growth Over Last Five Years

新華文軒出版傳媒(HKG: 811)股票表現好於過去五年的基礎收益增長
Simply Wall St ·  05/22 02:13

When we invest, we're generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. For example, the Xinhua Winshare Publishing and Media Co., Ltd. (HKG:811) share price is up 74% in the last 5 years, clearly besting the market decline of around 5.6% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 59%, including dividends.

當我們投資時,我們通常是在尋找表現超過市場平均水平的股票。收購被低估的企業是獲得超額回報的一種途徑。例如,新華文軒出版傳媒有限公司(HKG: 811)的股價在過去5年中上漲了74%,明顯超過了市場約5.6%(不計股息)的跌幅。另一方面,最近的漲幅並不那麼令人印象深刻,股東僅增長了59%,包括股息。

After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.

在過去一週強勁上漲之後,值得一看的是長期回報是否是由基本面改善推動的。

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. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。

Over half a decade, Xinhua Winshare Publishing and Media managed to grow its earnings per share at 10% a year. So the EPS growth rate is rather close to the annualized share price gain of 12% per year. This indicates that investor sentiment towards the company has not changed a great deal. Indeed, it would appear the share price is reacting to the EPS.

在過去的五年中,新華文軒出版傳媒成功地將每股收益增長到每年10%。因此,每股收益的增長率相當接近每年12%的年化股價漲幅。這表明投資者對公司的情緒沒有太大變化。事實上,看來股價正在對每股收益做出反應。

The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).

下圖顯示了 EPS 在一段時間內的跟蹤情況(如果你點擊圖片,你可以看到更多細節)。

earnings-per-share-growth
SEHK:811 Earnings Per Share Growth May 22nd 2024
SEHK: 811 每股收益增長 2024 年 5 月 22 日

We know that Xinhua Winshare Publishing and Media has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.

我們知道新華文軒出版傳媒最近提高了利潤,但它會增加收入嗎?如果你感興趣,可以查看這份顯示共識收入預測的免費報告。

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. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Xinhua Winshare Publishing and Media's TSR for the last 5 years was 132%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!

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。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。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。碰巧的是,新華文軒出版傳媒過去5年的股東總回報率爲132%,超過了前面提到的股價回報率。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

We're pleased to report that Xinhua Winshare Publishing and Media shareholders have received a total shareholder return of 59% over one year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 18%. 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. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for Xinhua Winshare Publishing and Media you should know about.

我們很高興地向大家報告,新華文軒出版傳媒的股東在一年內獲得了59%的總股東回報率。當然,這包括股息。這一增幅好於五年內的年度股東總回報率,即18%。因此,最近公司周圍的情緒似乎一直很樂觀。在最好的情況下,這可能暗示着一些真正的業務勢頭,這意味着現在可能是深入研究的好時機。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,考慮風險。每家公司都有它們,我們發現了一個你應該知道的新華文軒出版傳媒的警告標誌。

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).

如果你想和管理層一起購買股票,那麼你可能會喜歡這份免費的公司清單。(提示:其中許多未被注意且估值誘人)。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.

請注意,本文引用的市場回報反映了目前在香港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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