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Could The Market Be Wrong About 3SBio Inc. (HKG:1530) Given Its Attractive Financial Prospects?

Could The Market Be Wrong About 3SBio Inc. (HKG:1530) Given Its Attractive Financial Prospects?

鑑於3sBio Inc.(HKG: 1530)有吸引力的財務前景,市場對它的看法會錯嗎?
Simply Wall St ·  2023/10/04 20:15

3SBio (HKG:1530) has had a rough three months with its share price down 13%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on 3SBio's ROE.

3SBio(HKG:1530)經歷了艱難的三個月,其股價下跌了13%。然而,股價通常是由一家公司的長期財務表現推動的,在這種情況下,這看起來相當有希望。在本文中,我們決定關注3SBio的淨資產收益率。

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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

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。換句話說,這是一個衡量公司股東提供的資本回報率的盈利比率。

View our latest analysis for 3SBio

查看我們對3SBio的最新分析

How Is ROE Calculated?

淨資產收益率是如何計算的?

The formula for return on equity is:

這個股本回報率公式是:

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 3SBio is:

因此,根據上面的公式,3SBio的ROE為:

12% = CN¥1.9b ÷ CN¥16b (Based on the trailing twelve months to June 2023).

12%=19億元×160億元(以截至2023年6月的12個月為基礎)。

The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.12 in profit.

“回報”指的是企業在過去一年中獲得的收入。一種將其概念化的方法是,公司每持有1港元的股東資本,就能獲得0.12港元的利潤。

Why Is ROE Important For Earnings Growth?

為什麼淨資產收益率對收益增長很重要?

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. 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.

到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司將這些利潤再投資或“保留”多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。一般來說,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。

3SBio's Earnings Growth And 12% ROE

3SBio的收益增長和12%的淨資產收益率

To begin with, 3SBio seems to have a respectable ROE. Even when compared to the industry average of 13% the company's ROE looks quite decent. This certainly adds some context to 3SBio's moderate 13% net income growth seen over the past five years.

首先,3SBio似乎擁有可觀的淨資產收益率。即使與13%的行業平均水準相比,該公司的淨資產收益率看起來也相當不錯。這無疑為3SBio在過去五年中13%的淨利潤溫和增長增添了一些背景。

We then performed a comparison between 3SBio's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 13% in the same 5-year period.

然後,我們將3SBio的淨收入增長與行業進行了比較,結果顯示,該公司的增長類似於同一5年期間行業平均13%的增長。

past-earnings-growth
SEHK:1530 Past Earnings Growth October 5th 2023
聯交所:1530過去盈利增長2023年10月5日

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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is 3SBio fairly valued compared to other companies? These 3 valuation measures might help you decide.

盈利增長是評估一隻股票時需要考慮的一個重要指標。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。與其他公司相比,3SBio的估值是否公平?這3個估值指標可能會幫助你做出決定。

Is 3SBio Efficiently Re-investing Its Profits?

3SBio是否有效地將其利潤進行了再投資?

3SBio's three-year median payout ratio to shareholders is 22% (implying that it retains 78% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.

3SBio對股東的三年派息率中值為22%(意味著它保留了78%的收入),這一比率處於較低水準,因此管理層似乎正在將利潤進行大量再投資,以實現業務增長。

Additionally, 3SBio has paid dividends over a period of five years which means that the company is pretty serious about sharing its profits with shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 16% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.

此外,3SBio在五年內支付了股息,這意味著該公司非常認真地與股東分享利潤。我們最新的分析師數據顯示,該公司未來三年的派息率預計將降至16%。然而,儘管預期派息率較低,該公司的淨資產收益率預計不會有太大變化。

Conclusion

結論

Overall, we are quite pleased with 3SBio's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. 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.

總體而言,我們對3SBio的表現相當滿意。具體地說,我們喜歡該公司將一大筆利潤以高回報率進行再投資。當然,這導致該公司的收益出現了大幅增長。在這種情況下,根據最新的行業分析師預測,該公司未來的收益預計將縮水。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。

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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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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.

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