Is Kingsoft Corporation Limited's (HKG:3888) Stock Price Struggling As A Result Of Its Mixed Financials?
Is Kingsoft Corporation Limited's (HKG:3888) Stock Price Struggling As A Result Of Its Mixed Financials?
It is hard to get excited after looking at Kingsoft's (HKG:3888) recent performance, when its stock has declined 18% over the past three months. 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 Kingsoft's ROE.
在查看了金山软件(HKG:3888)最近的表现后,很难感到兴奋,因为它的股价在过去三个月里下跌了18%。似乎市场可能完全忽视了这家公司基本面的积极因素,并决定更加关注其负面因素。长期基本面通常是推动市场结果的因素,所以值得密切关注。在本文中,我们决定聚焦于金山软件的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE,即净资产收益率,测试一家公司有效增加价值和管理股东资金的能力。换句话说,它揭示了公司将股东投资转化为利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算:
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 Kingsoft is:
所以,根据上述公式,金山软件的roe为:
6.7% = CN¥1.8b ÷ CN¥27b (Based on the trailing twelve months to June 2024).
6.7%= CN¥18亿 ÷ CN¥270亿(基于截至2024年6月的过去十二个月)。
The 'return' is the amount earned after tax 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$0.07.
“回报”是指过去十二个月内纳税后的收益金额。因此,这意味着对于每一港元的股东投资,公司可以创造0.07港元的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我们已经确定,roe可以作为一种有效的衡量公司未来盈利能力的指标。现在我们需要评估公司再投资或“保留”的利润有多少,这就给我们提供了有关公司增长潜力的想法。假设其他一切不变,roe和利润保留率越高,公司的增长率就越高,而不一定具备这些特征的公司相比。
A Side By Side comparison of Kingsoft's Earnings Growth And 6.7% ROE
金山软件的收益增长和6.7%的roe的比较
At first glance, Kingsoft's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 9.9% either. For this reason, Kingsoft's five year net income decline of 33% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
乍一看,金山软件的roe看起来并不令人期待。进一步研究发现,该公司的roe与行业平均值9.9%也没有比较优势。因此,考虑到roe较低,该公司五年净收入下降33%并不令人意外。然而,导致收益下降的原因可能还有其他因素。例如,该公司的分红派息率非常高,或者面临竞争压力。
However, when we compared Kingsoft's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 19% in the same period. This is quite worrisome.
然而,当我们将金山软件的增长与行业进行比较时,我们发现,虽然该公司的收益一直在减少,但该行业在同一时期内的收益增长了19%,这是相当令人担忧的。
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Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Kingsoft's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是股票估值中的一个重要因素。投资者需要确定的是,预期的收益增长,或者缺乏收益增长,是否已经反映在股价中。这样做将帮助他们判断股票的未来是光明还是黯淡。如果您想了解金山软件的估值,请查看其市盈率与行业的比较。
Is Kingsoft Efficiently Re-investing Its Profits?
金山软件是否有效地将利润重新投资?
Despite having a normal three-year median payout ratio of 30% (where it is retaining 70% of its profits), Kingsoft has seen a decline in earnings as we saw above. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
尽管金山软件的三年中位数派息比为30%(即留存70%的利润),但其盈利却有所下降。因此,这可能有一些其他的解释。例如,公司的业务可能正在恶化。
In addition, Kingsoft has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 26% of its profits over the next three years. As a result, Kingsoft's ROE is not expected to change by much either, which we inferred from the analyst estimate of 7.1% for future ROE.
此外,金山软件在至少十年的时间里一直在支付分红,这表明对管理层来说,保持分红支付比业务增长更为重要,即使以此为代价。在研究最新的分析师共识数据时,我们发现该公司预计在未来三年内继续支付其利润的约26%。因此,从分析师预测的未来roe为7.1%可以推断出,金山软件的roe预计变化不大。
Conclusion
结论
Overall, we have mixed feelings about Kingsoft. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言,我们对金山软件感到褒贬不一。尽管公司在利润保留方面有着较高的比率,但较低的回报率可能正在阻碍其盈利增长。话虽如此,根据当前分析师预测,我们发现公司的盈利增长率有望得到巨大改善。要了解更多关于该公司的最新分析师预测,请查看该公司的分析师预测可视化。
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