Declining Stock and Solid Fundamentals: Is The Market Wrong About Bethel Automotive Safety Systems Co., Ltd (SHSE:603596)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Bethel Automotive Safety Systems Co., Ltd (SHSE:603596)?
Bethel Automotive Safety Systems (SHSE:603596) has had a rough month with its share price down 15%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to Bethel Automotive Safety Systems' ROE today.
伯特利汽车安全系统(SHSE:603596)的股价在过去一个月中下跌了15%。然而,如果你仔细观察其健康的财务状况,你可能会重新考虑。鉴于基本面通常驱动长期市场结果,值得关注该公司。特别是,我们将注意伯特利汽车安全系统的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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东必须考虑股本回报率或ROE,因为它告诉他们公司如何有效地重新投资他们的资本。 简而言之,ROE显示每美元股东投资所产生的利润。
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 Bethel Automotive Safety Systems is:
因此,根据上述公式,伯特利汽车安全系统的ROE为:
15% = CN¥946m ÷ CN¥6.3b (Based on the trailing twelve months to March 2024).
15% = CN¥94600万 ÷ CN¥63亿(截至2024年3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 CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.15.
“回报”是指过去十二个月税后获得的利润。因此,这意味着对于每个股东的投资CN¥1,公司会产生CN¥0.15的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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,我们已经学到 ROE(净资产收益率)可以衡量公司盈利的效率。具体取决于公司再投资或“保留”多少这些利润,以及其有效程度,我们便能够评估公司的盈利增长潜力。假设其他条件相同,ROE和利润保留率都较高的公司通常比不具备这些特征的公司增长率更高。
Bethel Automotive Safety Systems' Earnings Growth And 15% ROE
伯特利汽车安全系统的收益增长和15%的roe
At first glance, Bethel Automotive Safety Systems seems to have a decent ROE. Especially when compared to the industry average of 8.3% the company's ROE looks pretty impressive. Probably as a result of this, Bethel Automotive Safety Systems was able to see an impressive net income growth of 22% 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,伯特利汽车安全系统似乎具有不错的roe。尤其是与行业平均水平8.3%相比,该公司的roe看起来相当令人印象深刻。可能由于此原因,伯特利汽车安全系统在过去五年中的净利润增长达到了22%的令人印象深刻的水平。我们认为这里可能还存在其他因素,比如高收益留存或高效管理等。
Next, on comparing with the industry net income growth, we found that Bethel Automotive Safety Systems' growth is quite high when compared to the industry average growth of 9.6% in the same period, which is great to see.
接下来,与行业净利润增长进行比较后,我们发现伯特利汽车安全系统的增长率相当高,与同期行业平均增长率9.6%相比,这看起来很棒。
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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. 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 Bethel Automotive Safety Systems is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是衡量股票价值时重要的指标。投资者需要了解市场是否已经将公司预期的盈利增长(或下降)定价。这样做将有助于他们判断股票的未来是看涨还是看跌。一个衡量预期盈利增长的好指标是市盈率,该指标决定了市场愿意为一只股票支付多少钱,基于其盈利前景。因此,您可能想要检查一下伯特利是否相对于其行业是交易于高市盈率还是低市盈率。
Is Bethel Automotive Safety Systems Efficiently Re-investing Its Profits?
伯特利是否有效地重新投资其利润?
Bethel Automotive Safety Systems' ' three-year median payout ratio is on the lower side at 10% implying that it is retaining a higher percentage (90%) of its profits. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.
伯特利的三年中位数支付比率略低,为10%,这意味着公司留存较高比例(90%)的利润。这表明管理层正在重新投资大部分利润以促进公司的增长,正如公司所展现的增长所证明的那样。
Besides, Bethel Automotive Safety Systems has been paying dividends over a period of five years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 16% over the next three years. Still, forecasts suggest that Bethel Automotive Safety Systems' future ROE will rise to 19% even though the the company's payout ratio is expected to rise. We presume that there could some other characteristics of the business that could be driving the anticipated growth in the company's ROE.
此外,伯特利在过去五年一直在支付股息。这显示公司致力于与股东分享利润。我们最新的分析师数据显示,公司未来的支付比率预计将在未来三年内上升至16%。尽管公司的支付比率有望上升,但预测表明伯特利未来的roe将提高至19%。我们推测公司在驱动预期roe增长的同时可能存在其他业务特征。
Conclusion
结论
On the whole, we feel that Bethel Automotive Safety Systems' performance has been quite good. 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. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总的来说,我们认为伯特利的汽车安全系统的表现相当不错。特别是,我们喜欢公司以高回报率大量重新投资的做法。毫不奇怪,这导致了令人印象深刻的盈利增长。在研究了当前分析师的预期后,我们发现分析师预计公司将继续保持最近的增长势头。这些分析师的预期是基于整个行业的广泛预期,还是基于公司的基本面?点击这里查看我们的分析师预测页面。
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