Are KTK Group Co., Ltd.'s (SHSE:603680) Mixed Financials Driving The Negative Sentiment?
Are KTK Group Co., Ltd.'s (SHSE:603680) Mixed Financials Driving The Negative Sentiment?
It is hard to get excited after looking at KTK Group's (SHSE:603680) recent performance, when its stock has declined 8.2% over the past month. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. In this article, we decided to focus on KTK Group's ROE.
看到KTK集团(上海证券交易所股票代码:603680)最近的表现,很难感到兴奋,其股价在过去一个月里下跌了8.2%。然而,我们决定研究该公司的财务状况,以确定它们是否与价格下跌有关。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。在本文中,我们决定将重点放在KTK集团的ROE上。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
View our latest analysis for KTK Group
查看我们对KTK集团的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率?
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润?股东权益
So, based on the above formula, the ROE for KTK Group is:
因此,根据上述公式,KTK集团的净资产收益率为:
3.8% = CN¥180m ÷ CN¥4.8b (Based on the trailing twelve months to March 2023).
3.8%=CN元1.8亿×CN元48亿元(基于截至2023年3月的12个月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.04 in profit.
“报税表”是过去12个月的税后收入。另一种说法是,公司每持有价值1元的股权,就能赚取0.04元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止,我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。假设其他条件不变,净资产收益率和利润保留率越高,与不一定具有这些特征的公司相比,公司的增长率就越高。
KTK Group's Earnings Growth And 3.8% ROE
KTK集团盈利增长和3.8%的净资产收益率
It is hard to argue that KTK Group's ROE is much good in and of itself. Even compared to the average industry ROE of 7.7%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 16% seen by KTK Group over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很难说KTK集团的净资产收益率本身就很好。即使与7.7%的行业平均净资产收益率相比,该公司的净资产收益率也相当惨淡。在这种情况下,KTK集团在过去五年中净收入大幅下降16%并不令人意外。我们认为,可能还有其他方面对公司的收益前景产生负面影响。例如,该公司的派息率非常高,或者面临竞争压力。
So, as a next step, we compared KTK Group's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 11% over the last few years.
因此,作为下一步,我们将KTK集团的表现与行业进行了比较,并失望地发现,尽管该公司的收益一直在缩水,但该行业在过去几年中以11%的速度增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230826/0-94657de85505b26930f3f1b8549a6691-0-c81fa5dec1d2004b1af326d0278dfc06.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if KTK Group is trading on a high P/E or a low P/E, relative to its industry.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说,重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做,他们将知道股票是将进入清澈的蓝色水域,还是等待沼泽水域。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看KTK集团相对于其行业是高市盈率还是低市盈率。
Is KTK Group Using Its Retained Earnings Effectively?
KTK集团是否有效地利用了其留存收益?
In spite of a normal three-year median payout ratio of 33% (that is, a retention ratio of 67%), the fact that KTK Group's earnings have shrunk is quite puzzling. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
尽管正常的三年派息中值比率为33%(即留存比率为67%),但KTK集团的收益缩水的事实相当令人费解。因此,在这方面可能会有其他一些解释。例如,该公司的业务可能正在恶化。
Additionally, KTK Group has paid dividends over a period of five years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外,KTK集团在五年内支付了股息,这意味着公司管理层更专注于保持股息支付,而不考虑收益的缩水。
Summary
摘要
Overall, we have mixed feelings about KTK Group. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. To know the 4 risks we have identified for KTK Group visit our risks dashboard for free.
总体而言,我们对KTK集团的感受复杂。尽管它似乎保留了大部分利润,但鉴于净资产收益率较低,投资者可能终究不会从所有这些再投资中受益。低收益增长率表明我们的理论是正确的。总而言之,我们将谨慎对待这家公司,其中一种方法是查看业务的风险概况。要了解我们为KTK集团确定的4个风险,请免费访问我们的风险仪表板。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。