Tower Semiconductor Ltd.'s (NASDAQ:TSEM) Stock Is Going Strong: Is the Market Following Fundamentals?
Tower Semiconductor Ltd.'s (NASDAQ:TSEM) Stock Is Going Strong: Is the Market Following Fundamentals?
Tower Semiconductor's (NASDAQ:TSEM) stock is up by a considerable 23% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. In this article, we decided to focus on Tower Semiconductor's ROE.
过去三个月，Tower半导体（纳斯达克：TSEM）股票上涨了相当可观的23%。鉴于市场长期看重强劲的财务数据，我们想知道这一案例是否是如此。本文中，我们决定关注Tower半导体的ROE。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东要考虑的关键因素之一是净资产收益率或roe，因为它告诉他们公司如何有效地重新投资他们的资本。简单点说，它衡量了公司与股东权益相关的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Tower Semiconductor is:
因此，根据以上公式，Tower半导体的ROE为:
20% = US$481m ÷ US$2.5b (Based on the trailing twelve months to March 2024).
20% = 4.8100亿美元 ÷ 25亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.20 in profit.
“回报”是过去十二个月的利润。一种概念化的方法是，对于每$1的股东资本，公司赚取了$0.20的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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，我们已经了解了ROE衡量公司利润产生效率的方式。现在我们需要评估公司重新投资或“保留”的利润是多少，这会让我们对公司的增长潜力有一个想法。假设其他一切保持不变，ROE和利润保留率越高，公司的增长率就越高，相比于不一定具备这些特征的公司。
Tower Semiconductor's Earnings Growth And 20% ROE
Tower半导体的盈利增长和20%的ROE
At first glance, Tower Semiconductor seems to have a decent ROE. Especially when compared to the industry average of 15% the company's ROE looks pretty impressive. Probably as a result of this, Tower Semiconductor was able to see an impressive net income growth of 39% over the last five years. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.
乍一看，Tower半导体的ROE似乎相当可观。特别是相对于行业平均水平15%而言，公司的ROE显得相当令人印象深刻。可能是因为这个原因，过去五年中，Tower半导体的净收入增长了惊人的39%。我们认为这里也可能有其他因素起作用，比如高额盈利保留或有效的管理。
We then compared Tower Semiconductor's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 31% in the same 5-year period.
然后我们将Tower半导体的净收入增长与行业进行了比较，很高兴看到，在同一5年期内，公司的增长率比行业的31%要高。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. 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 Tower Semiconductor is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是股票估值的一个重要因素。投资者重要的是要知道市场是否已经将公司预期的盈利增长（或下降）价格化了。这有助于他们确定股票是否处于明朗的未来或黯淡的未来。一个好的预期盈利增长的指标是市盈率，它确定市场愿意根据其收益前景为一只股票支付的价格。因此，您可能想检查一下Tower半导体是否相对于其行业以高市盈率或低市盈率交易。
Is Tower Semiconductor Efficiently Re-investing Its Profits?
Tower半导体是否高效地再投资其利润？
Given that Tower Semiconductor doesn't pay any regular dividends to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
鉴于Tower半导体不向其股东支付任何定期分红，我们推断该公司一直在将其所有利润再投资以发展业务。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Overall, we are quite pleased with Tower Semiconductor's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink 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Tower半导体的表现感到相当满意。特别是，我们喜欢公司大量重新投资于业务，且投资回报率高。不出所料，根据最新的行业分析师预测，该公司的收益预计会在未来减少。要了解更多关于该公司最新分析师预测的信息，请查看该公司的分析师预测可视化。
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