Declining Stock and Decent Financials: Is The Market Wrong About Guangdong Goworld Co., Ltd. (SZSE:000823)?
Declining Stock and Decent Financials: Is The Market Wrong About Guangdong Goworld Co., Ltd. (SZSE:000823)?
Guangdong Goworld (SZSE:000823) has had a rough three months with its share price down 11%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Guangdong Goworld's ROE today.
廣東歌德世界(SZSE:000823)經歷了艱難的三個月,股價下跌了11%。然而,該公司的基本面看起來相當不錯,長期財務狀況通常與未來的市場價格走勢保持一致。今天,我們將特別關注廣東GoWorld的淨資產收益率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
See our latest analysis for Guangdong Goworld
查看我們對廣東GoWorld的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的?
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 Guangdong Goworld is:
因此,根據上述公式,廣東GoWorld的淨資產收益率為:
7.2% = CN¥366m ÷ CN¥5.1b (Based on the trailing twelve months to June 2023).
7.2%=3.66億元×51億元(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. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.07.
“回報”指的是企業在過去一年中獲得的收入。因此,這意味著股東每投資1元人民幣,公司就會產生0.07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. 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。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。
A Side By Side comparison of Guangdong Goworld's Earnings Growth And 7.2% ROE
廣東Goworld盈利增長與7.2%淨資產收益率的並列比較
When you first look at it, Guangdong Goworld's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 7.4%, so we won't completely dismiss the company. On the other hand, Guangdong Goworld reported a moderate 9.1% net income growth over the past five years. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. For instance, the company has a low payout ratio or is being managed efficiently.
乍一看,廣東GoWorld的淨資產收益率(ROE)看起來並不那麼吸引人。不過,其淨資產收益率接近7.4%的行業平均水準,因此我們不會完全對該公司不屑一顧。另一方面,廣東Goworld報告稱,過去五年淨收入溫和增長9.1%。考慮到淨資產收益率不是特別高,我們認為也可能有其他因素在發揮作用,可能正在影響公司的增長。例如,該公司的派息率較低或管理效率較高。
We then compared Guangdong Goworld's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 12% in the same 5-year period, which is a bit concerning.
然後,我們將廣東GoWorld的淨收入增長與行業進行了比較,發現該公司的增長數位低於同期12%的行業平均增長率,這有點令人擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-7862141a9b2447c99803c72039c6088d-0-577c0ac22cb80bebdcbbf2a7cf846e15.png/big)
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Guangdong Goworld'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。投資者下一步需要確定的是,預期的收益增長是否已經計入了股價。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。如果你想知道廣東GoWorld的估值,看看這個衡量其本益比的指標,與其行業相比。
Is Guangdong Goworld Using Its Retained Earnings Effectively?
廣東Goworld是否有效地利用了其留存收益?
Guangdong Goworld's three-year median payout ratio to shareholders is 16% (implying that it retains 84% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
廣東Goworld的三年向股東派息的中位數為16%(意味著它保留了84%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。
Moreover, Guangdong Goworld is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外,廣東Goworld決心繼續與股東分享利潤,這是我們從其至少十年的派息歷史中推斷出來的。
Summary
摘要
On the whole, we do feel that Guangdong Goworld has some positive attributes. Namely, its respectable earnings growth, which it achieved due to it retaining most of its profits. However, given the low ROE, investors may not be benefitting from all that reinvestment after all. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. You can see the 1 risk we have identified for Guangdong Goworld by visiting our risks dashboard for free on our platform here.
總體而言,我們確實覺得廣東GoWorld有一些積極的屬性。即其可觀的收益增長,這要歸功於它保留了大部分利潤。然而,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。雖然我們不會完全解僱這家公司,但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。您可以通過訪問我們的風險控制面板在我們的平臺上是免費的。
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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.