Has Sea Limited's (NYSE:SE) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Has Sea Limited's (NYSE:SE) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Sea's (NYSE:SE) stock is up by a considerable 25% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Specifically, we decided to study Sea's ROE in this article.
在过去三个月中，Sea（纽约证券交易所代码：SE）的股票上涨了25％。鉴于股票价格通常与公司的长期财务表现一致，我们决定更仔细地研究其财务指标，看看它们在近期的价格走势中是否有机会发挥作用。具体而言，我们决定在本文中研究Sea的投资回报率。
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. 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股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。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 Is ROE Calculated?
ROE 是如何计算的？
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 Sea is:
因此，根据上述公式，Sea的投资回报率为：
0.8% = US$52m ÷ US$6.8b (Based on the trailing twelve months to March 2024).
0.8% = 5200万美元 ÷ 68亿美元（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.01 in profit.
“回报” 是指公司去年的收益。这意味着，每获得价值1美元的股东权益，该公司就会产生0.01美元的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们已经了解到，投资回报率衡量的是公司创造利润的效率。根据公司选择将多少利润进行再投资或 “保留”，我们便能够评估公司未来创造利润的能力。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
A Side By Side comparison of Sea's Earnings Growth And 0.8% ROE
Sea的收益增长和0.8％的投资回报率的并排比较
It is quite clear that Sea's ROE is rather low. Even when compared to the industry average of 15%, the ROE figure is pretty disappointing. Sea was still able to see a decent net income growth of 17% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
很明显，Sea的投资回报率相当低。即使与行业平均水平的15％相比，投资回报率的数字也相当令人失望。在过去五年中，Sea仍然能够实现17％的不错的净收入增长。我们认为，可能还有其他方面对公司的收益增长产生积极影响。例如，公司的管理层可能做出了一些良好的战略决策，或者公司的派息率很低。
We then compared Sea's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 24% in the same 5-year period, which is a bit concerning.
然后，我们将Sea的净收入增长与该行业进行了比较，发现该公司的增长数字低于同期24％的行业平均增长率，这有点令人担忧。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is SE fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是股票估值的重要因素。无论如何，投资者应设法确定预期的收益增长或下降是否已计入其中。然后，这可以帮助他们确定股票是为光明还是暗淡的未来而布局。SE的估值是否合理？这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Sea Using Its Retained Earnings Effectively?
Sea是否有效地使用了其留存收益？
Sea doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
Sea目前不支付任何定期分红，这实质上意味着它一直在将所有利润再投资于该业务。这无疑有助于实现我们上面讨论的可观的收入增长数字。
Summary
摘要
In total, it does look like Sea has some positive aspects to its business. That is, a decent growth in earnings backed by a high rate of reinvestment. However, we do feel that that earnings growth could have been higher if the business were to improve on the low ROE rate. Especially given how the company is reinvesting a huge chunk of its profits. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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，看来Sea的业务确实有一些积极的方面。也就是说，在高再投资率的支持下，收益的体面增长。但是，我们确实认为，如果业务在较低的投资回报率基础上有所改善，收益增长本来可以更高。特别是考虑到该公司正在将很大一部分利润再投资。话虽如此，从分析师目前的估计来看，我们发现该公司的收益有望增强。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。
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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.
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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