Is The Market Rewarding NetDragon Websoft Holdings Limited (HKG:777) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding NetDragon Websoft Holdings Limited (HKG:777) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
With its stock down 11% over the past month, it is easy to disregard NetDragon Websoft Holdings (HKG:777). 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. 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. Specifically, we decided to study NetDragon Websoft Holdings' ROE in this article.
最近一个月,净龙网络(HKG:777)的股价下跌了11%,很容易忽略此股。市场可能完全忽略了该公司基本面的积极因素,更加关注其负面因素。股票价格通常受公司长期的财务表现驱动,因此我们决定更加关注该公司的财务表现。具体来说,我们决定在本文中研究净龙网络的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即净资产收益率,是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说,它是一种盈利能力比率,衡量公司股东提供的资本的回报率。
How Is ROE Calculated?
净资产收益率怎么计算?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算:
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 NetDragon Websoft Holdings is:
因此,根据上述公式,净龙网络的ROE为:
7.2% = CN¥447m ÷ CN¥6.2b (Based on the trailing twelve months to December 2023).
7.2% = CN¥4400万 ÷ CN¥62亿(基于截至2023年12月的过去十二个月)。
The 'return' is the yearly profit. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.07 in profit.
“回报”是每年的利润。这意味着,对于每港元的股东权益,公司创造了0.07港元的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准,用于评估公司未来的盈利能力,我们现在需要评估公司“保留”为未来增长而重新投资的利润多少,这使我们对公司的增长潜力有了一个了解。一般而言,在其他条件相等的情况下,ROE和利润留存高的公司,增长率比没有这些属性的公司要高。
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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前为止,我们已经了解到ROE衡量公司如何高效地生成利润。现在我们需要评估公司以后的增长潜力,即公司重新投资或“保留”的利润。其他条件相同的情况下,同时具有较高的股权回报率和较高的利润保留的公司通常是相对于不具备相同特点的公司而言增长率更高的公司。
NetDragon Websoft Holdings' Earnings Growth And 7.2% ROE
净龙网络的盈利增长和7.2% ROE
On the face of it, NetDragon Websoft Holdings' ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 10%. As a result, NetDragon Websoft Holdings reported a very low income growth of 2.8% over the past five years.
表面上看,净龙网络的ROE并不值得一提。我们将该公司的ROE与更广泛的行业进行比较,但很失望地发现,该公司的ROE低于行业平均水平10%。因此,过去五年净龙网络报告的收入增长非常低,仅为2.8%。
As a next step, we compared NetDragon Websoft Holdings' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 19% in the same period.
接下来,我们将净龙网络的净收入增长与行业进行比较,但很失望地发现,该公司的增长低于同期行业平均增长19%。
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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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about NetDragon Websoft Holdings''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的重要因素。投资者知道市场是否已经将公司预期的盈利增长(或下降)定价。通过这样做,他们将知道股票是否进入了清晰的蓝色水域,还是即将进入泥泞的水域。如果您想了解净龙网络的估值,请查看其市盈率与行业的比较。
Is NetDragon Websoft Holdings Making Efficient Use Of Its Profits?
净龙网络是否高效利用其利润?
While NetDragon Websoft Holdings has a decent three-year median payout ratio of 34% (or a retention ratio of 66%), it has seen very little growth in earnings. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
尽管净龙网络有着不错的三年平均派息比率,为34%(留存比率为66%),但它的收益增长很少。因此,可能有其他解释。例如,该公司的业务可能正在恶化。
Moreover, NetDragon Websoft Holdings has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 22% over the next three years. The fact that the company's ROE is expected to rise to 16% over the same period is explained by the drop in the payout ratio.
此外,净龙网络已经连续十年或更长时间派发股息,这表明管理层必须认为股东更喜欢分红派息而不是收益增长。现有的分析师估计显示,该公司未来的派息比率预计将下降至22%。该公司的ROE预计在同期内上升至16%,这是由于派息比率的下降所解释的。
Conclusion
结论
Overall, we have mixed feelings about NetDragon Websoft Holdings. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说,我们对净龙网络持有不同的看法。虽然公司具有高投资回报率,但较低的ROE意味着所有的投资回报都没有给其投资者带来任何好处。此外,这还对盈利增长产生了负面影响。即便如此,最新的行业分析师预测显示,该公司的盈利预计将加速增长。想了解更多关于该公司未来盈利增长预测的信息,请查阅有关该公司分析师预测的免费报告。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。