Yamada Green Resources Limited's (SGX:BJV) 28% Price Boost Is Out Of Tune With Earnings
Yamada Green Resources Limited's (SGX:BJV) 28% Price Boost Is Out Of Tune With Earnings
Yamada Green Resources Limited (SGX:BJV) shareholders have had their patience rewarded with a 28% share price jump in the last month. While recent buyers may be laughing, long-term holders might not be as pleased since the recent gain only brings the stock back to where it started a year ago.
山田绿色资源有限公司 (SGX: BJV) 股东的耐心得到了回报,上个月股价上涨了28%。尽管最近的买家可能在笑,但长期持有者可能不会那么高兴,因为最近的涨势只会使该股恢复到一年前的水平。
Following the firm bounce in price, Yamada Green Resources' price-to-earnings (or "P/E") ratio of 26x might make it look like a strong sell right now compared to the market in Singapore, where around half of the companies have P/E ratios below 12x and even P/E's below 7x are quite common. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so lofty.
在公司价格反弹之后,山田绿色资源的市盈率(或 “市盈率”)为26倍,与新加坡市场相比,目前看上去很强劲的抛售。在新加坡,大约有一半的公司的市盈率低于12倍,甚至市盈率低于7倍也很常见。但是,仅按面值计算市盈率是不明智的,因为可能可以解释为什么市盈率如此之高。
Yamada Green Resources certainly has been doing a great job lately as it's been growing earnings at a really rapid pace. The P/E is probably high because investors think this strong earnings growth will be enough to outperform the broader market in the near future. If not, then existing shareholders might be a little nervous about the viability of the share price.
山田绿色资源最近无疑做得很好,因为它以非常快的速度增长了收益。市盈率之所以很高,可能是因为投资者认为这种强劲的收益增长足以在不久的将来跑赢大盘。如果不是,那么现有股东可能会对股价的可行性感到有些紧张。
Check out our latest analysis for Yamada Green Resources
查看我们对山田绿色资源的最新分析
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Is There Enough Growth For Yamada Green Resources?
山田绿色资源有足够的增长吗?
In order to justify its P/E ratio, Yamada Green Resources would need to produce outstanding growth well in excess of the market.
为了证明其市盈率是合理的,山田绿色资源需要实现远远超过市场的出色增长。
Retrospectively, the last year delivered an exceptional 115% gain to the company's bottom line. Still, incredibly EPS has fallen 18% in total from three years ago, which is quite disappointing. Accordingly, shareholders would have felt downbeat about the medium-term rates of earnings growth.
回顾过去,去年该公司的利润实现了115%的惊人增长。尽管如此,令人难以置信的是,每股收益总额比三年前下降了18%,这非常令人失望。因此,股东会对中期收益增长率感到悲观。
In contrast to the company, the rest of the market is expected to grow by 8.3% over the next year, which really puts the company's recent medium-term earnings decline into perspective.
与该公司形成鲜明对比的是,其余市场预计将在明年增长8.3%,这确实可以看出该公司最近的中期收益下降。
With this information, we find it concerning that Yamada Green Resources is trading at a P/E higher than the market. It seems most investors are ignoring the recent poor growth rate and are hoping for a turnaround in the company's business prospects. There's a very good chance existing shareholders are setting themselves up for future disappointment if the P/E falls to levels more in line with the recent negative growth rates.
有了这些信息,我们认为山田绿色资源的市盈率高于市场。看来大多数投资者都忽视了最近糟糕的增长率,他们希望公司的业务前景出现转机。如果市盈率降至与最近的负增长率更加一致的水平,现有股东很有可能为未来的失望做好准备。
The Bottom Line On Yamada Green Resources' P/E
山田绿色资源市盈率的底线
Shares in Yamada Green Resources have built up some good momentum lately, which has really inflated its P/E. Generally, our preference is to limit the use of the price-to-earnings ratio to establishing what the market thinks about the overall health of a company.
山田绿色资源的股票最近建立了一些良好的势头,这确实夸大了其市盈率。通常,我们倾向于将市盈率的使用限制在确定市场对公司整体健康状况的看法上。
We've established that Yamada Green Resources currently trades on a much higher than expected P/E since its recent earnings have been in decline over the medium-term. When we see earnings heading backwards and underperforming the market forecasts, we suspect the share price is at risk of declining, sending the high P/E lower. If recent medium-term earnings trends continue, it will place shareholders' investments at significant risk and potential investors in danger of paying an excessive premium.
我们已经确定,山田绿色资源目前的市盈率远高于预期,因为其最近的收益在中期内一直在下降。当我们看到收益倒退,表现低于市场预期时,我们怀疑股价有下跌的风险,从而使高市盈率走低。如果最近的中期收益趋势继续下去,将使股东的投资面临重大风险,潜在投资者面临支付过高溢价的危险。
Don't forget that there may be other risks. For instance, we've identified 2 warning signs for Yamada Green Resources that you should be aware of.
别忘了可能还有其他风险。例如,我们已经确定了 山田绿色资源的 2 个警告标志 你应该知道的。
Of course, you might find a fantastic investment by looking at a few good candidates. So take a peek at this free list of companies with a strong growth track record, trading on a low P/E.
当然, 通过寻找一些优秀的候选人,你可能会发现一笔不错的投资。 所以来看看这个 免费的 具有强劲增长记录、市盈率较低的公司名单。
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