Jinzhou Port Co., Ltd.'s (SHSE:600190) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Jinzhou Port Co., Ltd.'s (SHSE:600190) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Jinzhou Port's (SHSE:600190) stock is up by a considerable 9.8% over the past month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. In this article, we decided to focus on Jinzhou Port's ROE.
錦州港(上海證券交易所股票代碼:600190)的股票在過去一個月裡大幅上漲了9.8%。但該公司的關鍵財務指標似乎在所有方面都不同,這讓我們質疑該公司目前的股價勢頭能否保持下去。在本文中,我們決定關注錦州港的淨資產收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之,淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
View our latest analysis for Jinzhou Port
查看我們對錦州港的最新分析
How To Calculate Return On Equity?
如何計算股本回報率?
The formula for ROE is:
這個淨資產收益率公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?股東權益
So, based on the above formula, the ROE for Jinzhou Port is:
因此,根據上述公式,錦州港的淨資產收益率為:
1.6% = CN¥106m ÷ CN¥6.8b (Based on the trailing twelve months to March 2023).
1.6%=1.06億元×68億元(以截至2023年3月的12個月為基礎)。
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¥0.02.
“報稅表”是過去12個月的稅後收入。因此,這意味著股東每投資1元人民幣,公司就會產生0.02元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要?
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前為止,我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長,這就讓我們對公司的增長潛力有了一個瞭解。假設其他條件不變,淨資產收益率和利潤保留率越高,與不一定具有這些特徵的公司相比,公司的增長率就越高。
A Side By Side comparison of Jinzhou Port's Earnings Growth And 1.6% ROE
錦州港盈利增長與1.6%淨資產收益率的並列比較
As you can see, Jinzhou Port's ROE looks pretty weak. Not just that, even compared to the industry average of 5.4%, the company's ROE is entirely unremarkable. Therefore, it might not be wrong to say that the five year net income decline of 13% seen by Jinzhou Port was possibly a result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. Such as - low earnings retention or poor allocation of capital.
如你所見,錦州港的淨資產收益率看起來相當疲軟。不僅如此,即使與5.4%的行業平均水準相比,該公司的淨資產收益率也完全不起眼。因此,錦州港五年淨收入下降13%可能是由於其淨資產收益率較低所致,這可能是沒有錯的。然而,也可能有其他因素導致收益下降。例如-低收益留存或資本分配不佳。
That being said, we compared Jinzhou Port's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 4.1% in the same 5-year period.
話雖如此,我們將錦州港的業績與行業進行了比較,當我們發現雖然該公司的收益有所萎縮,但該行業在同一個5年期間的收益以4.1%的速度增長時,我們感到擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230729/0-4bb1f89036c9366086e5ce3db070e3bc-0-15eb58283204b38f39b16850cccbd21e.png/big)
Earnings growth is an important metric to consider when valuing a stock. 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. If you're wondering about Jinzhou Port's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是評估一隻股票時需要考慮的一個重要指標。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。如果你想知道錦州港的估值,看看這個衡量其本益比的指標,與其行業相比。
Is Jinzhou Port Efficiently Re-investing Its Profits?
錦州港是否有效地將利潤進行了再投資?
While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.
雖然該公司過去確實支付了一部分股息,但目前它不支付股息。這意味著,它的所有利潤可能都將再投資於該業務。
Conclusion
結論
On the whole, we feel that the performance shown by Jinzhou Port can be open to many interpretations. 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. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 3 risks we have identified for Jinzhou Port.
總體來說,我們覺得錦州港的表現可以有多種解讀。雖然該公司的再投資率確實很高,但低ROE意味著所有的再投資都沒有給投資者帶來任何好處,而且對收益增長產生了負面影響。總而言之,我們將謹慎對待這家公司,其中一種方法是查看業務的風險概況。我們的風險儀錶板將包含我們為錦州港確定的3個風險。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.