Token Corporation (TSE:1766) 去年的股東總回報率為 32%

如果您想在股票市場實現財富複合，可以透過購買指數基金來實現。但根據我們的經驗，購買合適的股票可以為你的財富帶來顯著的提升。

If you're looking to build wealth in the stock market, buying an index fund is a good option. But in our experience, buying the right stocks can give your wealth a significant boost. For example, the Token Corporation (TSE:1766) share price is 57% higher than it was five years ago, which is more than the market average. We're also happy to report the stock is up a healthy 29% in the last year.

如果您想在股票市場累積財富，購買指數基金是一個不錯的選擇。但根據我們的經驗，購買合適的股票可以為你的財富帶來顯著的提升。例如，Token Corporation（TSE：1766）股價比五年前上漲了 57%，高於市場平均。我們也很高興地報告去年該股健康上漲了 29%。

Since the long term performance has been good but there's been a recent pullback of 6.9%, let's check if the fundamentals match the share price.

由於長期表現不錯，但最近回檔了6.9%，讓我們來看看基本面是否與股價相符。

See our latest analysis for Token

請參閱我們對 Token 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. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

華倫·巴菲特在他的文章《格雷厄姆和多茲維爾的超級投資者》中描述了股價並不總是理性地反映企業的價值。評估公司情緒變化的一種有缺陷但合理的方法是將每股盈餘 (EPS) 與股價進行比較。

Over half a decade, Token managed to grow its earnings per share at 6.7% a year.

五年來，Token 的每股盈餘以每年 6.7% 的速度成長。

This EPS growth is lower than the 9% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.

這一每股收益成長低於股價年均9%的漲幅。因此，可以公平地假設市場對該業務的評價比五年前更高。考慮到五年來的獲利成長記錄，這並不一定令人驚訝。

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 如何隨著時間的推移進行追蹤（如果您單擊該圖像，您可以看到更多詳細資訊）。

We know that Token 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 Token 最近的盈利有所改善，但它會增加收入嗎？如果您有興趣，可以查看這份顯示共識收入預測的免費報告。

What About Dividends?

股息呢？

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Token, it has a TSR of 80% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!

除了衡量股價回報外，投資人還應考慮股東總回報（TSR）。股東總回報率是一種回報計算，考慮了現金股息的價值（假設收到的任何股息都進行了再投資）以及任何折現融資和分拆的計算價值。因此，對於支付豐厚股利的公司來說，股東總報酬率往往遠高於股價回報。就 Token 而言，過去 5 年的 TSR 為 80%。這超過了我們之前提到的股價回報。這很大程度是其股息支付的結果！

A Different Perspective

不同的視角

It's nice to see that Token shareholders have received a total shareholder return of 32% over the last year. And that does include the dividend.

很高興看到 Token 股東去年獲得了 32% 的股東總回報。這確實包括股息。

Since the one-year TSR is better than the five-year TSR (the latter coming in at 12% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time.

由於一年期股東總回報率優於五年期股東總回報率（後者的年增長率為 12%），因此該股的表現在近期內似乎有所改善。持樂觀態度的人可能會認為最近股東總回報率的改善表明業務本身隨著時間的推移而變得更好。

Is Token cheap compared to other companies? These 3 valuation measures might help you decide.

與其他公司相比，Token 便宜嗎？這 3 個估值指標可能會幫助您做出決定。

But note: Token may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).

但請注意：Token 可能不是最好的購買股票。因此，請看一下這份免費的有趣公司列表，其中包括過去的獲利成長（以及進一步的成長預測）。

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

請注意，本文引用的市場回報反映了目前在日本交易所交易的股票的市場加權平均回報。