Are Shoucheng Holdings Limited's (HKG:697) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Shoucheng Holdings Limited's (HKG:697) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Shoucheng Holdings (HKG:697) has had a rough three months with its share price down 11%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Shoucheng Holdings' ROE in this article.
首程控股(HKG:697)的股价在过去三个月中下跌了11%。但是,公司的基本面看起来相当不错,长期财务状况通常与未来市场价格走势相一致。本文将重点研究首程控股的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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE(净资产收益率)是股东需考虑的一个重要因素,因为它告诉他们资本被有效地再投资的效果如何。换句话说,它揭示了公司将股东的投资转化为利润的成功程度。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 Shoucheng Holdings is:
因此,根据上述公式,首程控股的ROE为:
4.6% = HK$460m ÷ HK$10b (Based on the trailing twelve months to December 2023).
4.6%= HK $ 46000万 ÷ HK $ 100亿(基于至2023年12月的过去十二个月)。
The 'return' is the profit over the last twelve months. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.05.
“回报”是过去十二个月的利润。这意味着,对于股东的每HK $ 1投资,公司可以获得HK $ 0.05的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确认ROE是一个有效的判断公司未来盈利能力的指标。根据公司再投资或“保留”利润的比例及其效率来判定公司的盈利增长潜力,通常情况下,其他条件相同,具有高股权回报率和利润保留率的公司增长速度会高于这些属性缺失的公司。
A Side By Side comparison of Shoucheng Holdings' Earnings Growth And 4.6% ROE
首程控股营收增长和4.6%ROE相对比的侧面
On the face of it, Shoucheng Holdings' ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 4.5%, we may spare it some thought. Having said that, Shoucheng Holdings has shown a modest net income growth of 7.8% over the past five years. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
首先看ROE,首程控股实际上并没有太多值得谈论之处。然而,考虑到公司ROE与4.5%的行业平均ROE相似,因此我们可能可以对其予以关注。然而,首程控股过去五年净利润增长了7.8%。考虑到ROE相对较低,公司的盈利增长可能会受到其他正面因素的影响,例如公司股息分配比率较低或者公司在进行有效管理。
Next, on comparing with the industry net income growth, we found that Shoucheng Holdings' growth is quite high when compared to the industry average growth of 0.6% in the same period, which is great to see.
接下来,与行业净利润增长相比,我们发现首程控股增长速度相当高,这在同期行业平均增长率为0.6%的情况下非常不错。
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Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Shoucheng Holdings''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
当评估一支股票时,营收增长是一个重要的指标。投资者知道市场是否已经将公司预期的盈利增长(或下降)价格确定下来,这将帮助他们确定该股票的未来前景是乐观还是悲观。如果您想知道首程控股的估值,请查看以下与行业相比的市盈率。
Is Shoucheng Holdings Using Its Retained Earnings Effectively?
首程控股是否有效利用保留利润?
Shoucheng Holdings has a significant three-year median payout ratio of 75%, meaning that it is left with only 25% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
此外,首程控股的三年中位数股息比率为75%,这意味着该公司只剩下25%用于再投资业务。这表明公司在将大部分利润返还给股东的情况下仍能实现可观的盈利增长。
Besides, Shoucheng Holdings has been paying dividends over a period of five years. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 75% of its profits over the next three years. Still, forecasts suggest that Shoucheng Holdings' future ROE will rise to 7.0% even though the the company's payout ratio is not expected to change by much.
此外,首程控股在过去五年中一直在支付股息。这表明公司致力于与股东分享利润。经研究最新分析师共识数据,我们发现该公司预计在未来三年内继续支付其75%左右的利润。尽管公司的股息支付比率不会有太大变化,但预测显示首程控股未来ROE将增长至7.0%。
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。
On the whole, we do feel that Shoucheng Holdings has some positive attributes. While no doubt its earnings growth is pretty substantial, we do feel that the reinvestment rate is pretty low, meaning, the earnings growth number could have been significantly higher had the company been retaining more 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,我们认为首程控股具有一些积极的特征。尽管肯定其盈利增长相当可观,但我们认为再投资率相当低。这意味着,如果公司保留更多的利润,盈利增长数字本可以更高。但是,通过查看目前的分析师预测,我们发现该公司的盈利预计将获得势头。如果要了解更多关于该公司的最新分析师预测,请查看此分析师预测可视化。
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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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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。