Are KTK Group Co., Ltd.'s (SHSE:603680) Mixed Financials Driving The Negative Sentiment?
Are KTK Group Co., Ltd.'s (SHSE:603680) Mixed Financials Driving The Negative Sentiment?
It is hard to get excited after looking at KTK Group's (SHSE:603680) recent performance, when its stock has declined 8.2% over the past month. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. 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. In this article, we decided to focus on KTK Group's ROE.
看到KTK集團(上海證券交易所股票代碼:603680)最近的表現,很難感到興奮,其股價在過去一個月裡下跌了8.2%。然而,我們決定研究該公司的財務狀況,以確定它們是否與價格下跌有關。股票價格通常是由公司的長期財務表現推動的,因此我們決定更多地關注公司的財務表現。在本文中,我們決定將重點放在KTK集團的ROE上。
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.
股本回報率或淨資產收益率是股東要考慮的一個重要因素,因為它告訴他們他們的資本再投資的效率。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 KTK Group
查看我們對KTK集團的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率?
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算:
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 KTK Group is:
因此,根據上述公式,KTK集團的淨資產收益率為:
3.8% = CN¥180m ÷ CN¥4.8b (Based on the trailing twelve months to March 2023).
3.8%=CN元1.8億×CN元48億元(基於截至2023年3月的12個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.04 in profit.
“報稅表”是過去12個月的稅後收入。另一種說法是,公司每持有價值1元的股權,就能賺取0.04元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。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。
KTK Group's Earnings Growth And 3.8% ROE
KTK集團盈利增長和3.8%的淨資產收益率
It is hard to argue that KTK Group's ROE is much good in and of itself. Even compared to the average industry ROE of 7.7%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 16% seen by KTK Group over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很難說KTK集團的淨資產收益率本身就很好。即使與7.7%的行業平均淨資產收益率相比,該公司的淨資產收益率也相當慘淡。在這種情況下,KTK集團在過去五年中淨收入大幅下降16%並不令人意外。我們認為,可能還有其他方面對公司的收益前景產生負面影響。例如,該公司的派息率非常高,或者面臨競爭壓力。
So, as a next step, we compared KTK Group's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 11% over the last few years.
因此,作為下一步,我們將KTK集團的表現與行業進行了比較,並失望地發現,儘管該公司的收益一直在縮水,但該行業在過去幾年中以11%的速度增長。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230826/0-94657de85505b26930f3f1b8549a6691-0-c81fa5dec1d2004b1af326d0278dfc06.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. 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 KTK Group is trading on a high P/E or a low P/E, relative to its industry.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。對於投資者來說,重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。衡量預期收益增長的一個很好的指標是本益比,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看KTK集團相對於其行業是高本益比還是低本益比。
Is KTK Group Using Its Retained Earnings Effectively?
KTK集團是否有效地利用了其留存收益?
In spite of a normal three-year median payout ratio of 33% (that is, a retention ratio of 67%), the fact that KTK Group's earnings have shrunk is quite puzzling. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
儘管正常的三年派息中值比率為33%(即留存比率為67%),但KTK集團的收益縮水的事實相當令人費解。因此,在這方面可能會有其他一些解釋。例如,該公司的業務可能正在惡化。
Additionally, KTK Group has paid dividends over a period of five years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外,KTK集團在五年內支付了股息,這意味著公司管理層更專注於保持股息支付,而不考慮收益的縮水。
Summary
摘要
Overall, we have mixed feelings about KTK Group. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. 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. To know the 4 risks we have identified for KTK Group visit our risks dashboard for free.
總體而言,我們對KTK集團的感受複雜。儘管它似乎保留了大部分利潤,但鑑於淨資產收益率較低,投資者可能終究不會從所有這些再投資中受益。低收益增長率表明我們的理論是正確的。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。要了解我們為KTK集團確定的4個風險,請免費訪問我們的風險儀錶板。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
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.