[2008.03.19]Earnings up, prices down 盈利上涨 股价下跌 Earnings, prices, 股价, down, 盈利

jinboo

Earnings up, prices down
盈利上涨 股价下跌
Mar 19th 2008 | HONG KONG
From The Economist print edition

Risk aversion hits Chinese stocks
避险情绪影响中国股票



NINE DRAGONS PAPER lies at the heart of China's booming industrial relations with the rest of the world: it packages exports. The strength of the business was abundantly clear on March 17th, when it announced record first-half earnings. Immediately afterwards, however, its share price tumbled by 40%. That reflects a pattern during the latest earnings season, says Alvin Chong of Sun Hung Kai Financial, a Hong Kong brokerage firm. Good results: awful stockmarket performance.
九龙纸业处于中国蓬勃的对外贸易的核心：外贸出口包装。3月17日的创纪录的半年收益明显显示出它的业务优势。然而，在公布半年收益之后不久，股价重挫40%，香港交易公司Sun Hung Kai Financial，Alvin Chong说这反映出最新的盈利季度来的一个新趋势：良好的结果，糟糕的股价。

Amid nervousness in global markets about risky investments, over-leverage and slowing growth, even China's once impregnable stockmarkets seem to be hitting reality with a bump. There is as yet none of the panic that has afflicted Wall Street. But China's stockmarkets are off by about 30% this year (see chart)—by comparison, the S&P 500 is down by 13%.
伴随着全球市场对投资风险,过度杠杆使用以及经济增缓的担忧，即使是中国这个曾经被认为是最坚挺的股票市场看上去也受到严重打击。那些导致华尔街的恐慌因素在中国并不存在。但是中国股市已经下跌了30%，而S&P 500指数只跌了13%。

China appears to be suffering from a home-grown liquidity squeeze that is not so different from the one afflicting the West. As inflation pushes higher, the Chinese government has curbed lending by the banks. On March 18th the reserve ratio for Chinese banks was raised to 15.5%, the latest in a string of tightening measures.
中国似乎是受到了国内的类似于影响西方市场的流动性压缩的影响，伴随着通胀的上行，中国政府通过银行抑制借贷。在最近的一系列的紧缩政策中，3月18日中国银行的准备金率被升至15.5%.

Tighter credit is likely to crimp expansion plans and hence revenue growth. Higher inflation is also creeping into costs. At Nine Dragons, net margins fell to 15.8% from 20.4%; for years they had increased on the strength of higher sales and more efficiency. The drop, say analysts, was enough to spook an already nervous market. A year ago, Nine Dragons' shares traded at up to 40 times earnings. Now, they trade at 13 times, similar to paper firms elsewhere in the world.
紧缩的信贷通常会抑制扩张计划以及相应的收入增长。高昂的通胀同时抬高成本。比如说九龙，净收益从20.4%降低到15.8%，而多年来它是一直随着增长的销售收入和运行效率而不断增长的。这种跌落，分析师认为，足以在已经很紧张的市场引起恐慌。一年前，九龙纸业的市盈率为40倍，现在只有13倍和全球其他纸业公司处于相同水平。

The froth is coming off in other parts of the market too—even China Mengniu Dairy, a company that transformed the dietary habits of a vast nation by making milk a staple, is no longer trading like an internet stock; its shares have fallen by almost a half this year. Much of the pain has been felt by Chinese property developers. R&F Properties and Agile Property, to name just two, saw their share price double or triple between 2006 and mid-2007. They have since lost two-thirds of their value. There is growing concern that smaller developers may have problems raising money to complete building works, which could trigger fire sales.
市场上其他板块的泡沫也在破裂，即使是蒙牛，这个使得牛奶纳入日常饮食改变了中国饮食习惯的公司已经不能保持高市盈率交易，它的股价在今年跌了一半，最痛苦的是中国房地产开发商，比方说R&F Properties 和 Agile Property，两家公司在2006到2007年中期，股价上涨到两倍或三倍，而今年已经跌了2/3面值。人们越来越担心小的开发商无力筹资来完成工程而导致杀价销售。

Not all the troubles are locally produced, however. Adding to the gloom is the waning enthusiasm of foreign investors. As of March 17th the New York-listed Morgan Stanley China A Share fund was trading at a 30% discount to net asset value—more than almost all closed-end exchange-traded funds listed in America. In Hong Kong investment banks say they have huge pipelines of potential initial public offerings, but investors have lost their appetite. On March 17th Want Want China Holdings, a cracker company, managed to raise $1 billion, but only after the valuation on its shares had been cut by more than a third. By last year's standards, that would have been a flop. This year it was enough for people to think that Want Want had lived up to its name.
不是所有的麻烦都是本地的。外国投资者的热情消失更是火上浇油，摩根斯坦利中国A股基金价格低于其净资产30%，折扣额几乎是美国所有的封闭式交易基金中最高的。香港的投资银行说，他们有大批的排队等待上市公司，但是投资者已经失去了兴趣。3月17日饼干公司旺旺在砍掉其估值1/3之后，从市场上筹得10亿美元。按照去年的标准，这绝对是很失败的。但今年人们已经认为这是很幸运的，配得上其名称里的“旺“字。

夏小洛

1. That reflects a pattern during the latest earnings season, says Alvin Chong of Sun Hung Kai Financial, a Hong Kong brokerage firm. Good results: awful stockmarket performance.
香港交易公司Sun Hung Kai Financial，Alvin Chong说这反映出最新的盈利季度来的一个新趋势：良好的结果，糟糕的股价。
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香港经纪公司新鸿基资料研究有限公司的Alvin Chong说这反映出了盈利旺季的一个最新趋势：良好的收益，糟糕的股价。

[ 本帖最后由 夏小洛 于 2008-3-25 21:34 编辑 ]

学谦

0.1 Risk aversion hits Chinese stocks避险情绪影响中国股票
     “影响”未能很好表达hit的含义，建议用“打压”

1.1 at the heart of China's booming industrial relations with the rest of the world
     industrial relation是固定短语，最好不要拆开来译，而且此处突出的就是relations，而不是“对外贸易”这一产业概念
1.2 The strength of the business
     译为“业务优势”也值得商榷，这句承上，逻辑关系是这样的：
     由于九龙纸业处于...产业关系（链）的核心（链接）部分，而产业关系（链）是日益增长、兴旺发达的，因此潜台词就是这样的环境就会对九龙纸业产生一个非常有利的影响，九龙纸业的生意应该大而强的，而具体体现在于...
     因此，我认为在这里的strength应该描述的是一种客观的实力强大，而不是倾主观的“优势”。
1.3 brokerage firm，是“经纪公司”or“交易公司”，还清斟酌

2.1 “伴随...的担忧，即使是...也...”，这样的表达不通顺。建议改为“在...担忧（氛围）的笼罩下，连...也...”
2.2 this year，请不要漏掉了，这是严谨表达的一种体现。

3.1 liquidity squeeze 流动性不足
3.2 准备金率被升至15.5%，一般都是用“上调”~

后面的，基本都是译文的表达问题，还可以打磨下:)

yuyafox

楼上的骚人最近翻译了啥

学谦

翻了 但是不告诉你