Is STO Express Co.,Ltd's (SZSE:002468) Recent Price Movement Underpinned By Its Weak Fundamentals?
Is STO Express Co.,Ltd's (SZSE:002468) Recent Price Movement Underpinned By Its Weak Fundamentals?
With its stock down 11% over the past three months, it is easy to disregard STO ExpressLtd (SZSE:002468). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on STO ExpressLtd's ROE.
由于其股票在过去三个月中下跌了11％，人们很容易忽视STO ExpressLTD（深圳证券交易所：002468）。看来市场可能完全忽视了公司基本面的积极方面，并决定更多地考虑负面方面。长期基本面通常是推动市场结果的因素，因此值得密切关注。在本文中，我们决定重点介绍STO ExpressLtd的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How To Calculate Return On Equity?
如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for STO ExpressLtd is:
因此，根据上述公式，STO ExpressLtd的投资回报率为：
3.5% = CN¥291m ÷ CN¥8.4b (Based on the trailing twelve months to September 2023).
3.5% = 2.91亿元人民币 ¥84亿元人民币（基于截至2023年9月的过去十二个月）。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.
“回报” 是过去十二个月的利润。因此，这意味着该公司每投资1元人民币，就会产生0.03元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要？
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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，我们已经了解到，投资回报率是衡量公司盈利能力的指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
A Side By Side comparison of STO ExpressLtd's Earnings Growth And 3.5% ROE
STO ExpressLTD的收益增长和3.5％的投资回报率的并排比较
It is hard to argue that STO ExpressLtd's ROE is much good in and of itself. Even when compared to the industry average of 7.4%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 58% seen by STO ExpressLtd 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. Such as - low earnings retention or poor allocation of capital.
很难说STO ExpressLTD的投资回报率本身就非常不错。即使与7.4％的行业平均水平相比，投资回报率的数字也相当令人失望。在这种情况下，STO ExpressLTD在过去五年中净收入大幅下降了58％，这并不奇怪。我们认为，可能还有其他方面对公司的盈利前景产生负面影响。例如-收益保留率低或资本配置不佳。
That being said, we compared STO ExpressLtd's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 14% in the same 5-year period.
话虽如此，我们将STO ExpressLtd的表现与该行业进行了比较，当我们发现尽管该公司缩减了收益，但该行业在5年同期的收益增长了14％时，我们对此感到担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is STO ExpressLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
为公司附加价值的基础在很大程度上与其收益增长息息相关。投资者接下来需要确定的是，预期的收益增长或缺乏收益是否已经包含在股价中。通过这样做，他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。与其他公司相比，STO ExpressLTD的估值是否合理？这3种估值指标可能会帮助您做出决定。
Is STO ExpressLtd Efficiently Re-investing Its Profits?
STO ExpressLTD 是否有效地将其利润再投资？
While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.
尽管该公司过去确实支付了部分股息，但目前不支付股息。这意味着其所有利润都可能被再投资于该业务。
Summary
摘要
Overall, we have mixed feelings about STO ExpressLtd. 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. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说，我们对STO ExpressLtd的看法喜忧参半。尽管鉴于投资回报率低，它似乎保留了大部分利润，但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。话虽如此，我们研究了分析师的最新预测，发现尽管该公司过去曾缩减收益，但分析师预计其未来收益将增长。要详细了解分析师对公司的最新预测，请查看该公司的分析师预测的可视化。
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。