Is Hubei Three Gorges Tourism Group Co., Ltd.'s (SZSE:002627) Recent Price Movement Underpinned By Its Weak Fundamentals?
Is Hubei Three Gorges Tourism Group Co., Ltd.'s (SZSE:002627) Recent Price Movement Underpinned By Its Weak Fundamentals?
With its stock down 14% over the past week, it is easy to disregard Hubei Three Gorges Tourism Group (SZSE:002627). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. Specifically, we decided to study Hubei Three Gorges Tourism Group's ROE in this article.
湖北三峽旅遊集團(SZSE:002627)的股票在過去一週下跌了14%,很容易被忽視。看來市場可能完全忽視了公司基本面的積極方面,並決定更多地考慮負面方面。長期基本面通常是推動市場結果的因素,因此值得密切關注。具體而言,我們決定在本文中研究湖北三峽旅遊集團的投資回報率。
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.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之,它用於評估公司相對於其股權資本的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率?
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益
So, based on the above formula, the ROE for Hubei Three Gorges Tourism Group is:
因此,根據上述公式,湖北三峽旅遊集團的投資回報率爲:
2.9% = CN¥98m ÷ CN¥3.4b (Based on the trailing twelve months to September 2023).
2.9% = 9800萬元人民幣 ÷ 34億元人民幣(基於截至2023年9月的過去十二個月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
“回報” 是企業在過去一年中獲得的收入。將其概念化的一種方法是,公司每擁有1元人民幣的股東資本,公司就會獲得0.03元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係?
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.
到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。現在,我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,從而使我們對公司的增長潛力有所了解。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Hubei Three Gorges Tourism Group's Earnings Growth And 2.9% ROE
湖北三峽旅遊集團的收益增長和2.9%的投資回報率
It is quite clear that Hubei Three Gorges Tourism Group's ROE is rather low. Even compared to the average industry ROE of 4.7%, the company's ROE is quite dismal. Therefore, it might not be wrong to say that the five year net income decline of 13% seen by Hubei Three Gorges Tourism Group was possibly a result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
很明顯,湖北三峽旅遊集團的投資回報率相當低。即使與4.7%的行業平均投資回報率相比,該公司的投資回報率也相當慘淡。因此,說湖北三峽旅遊集團的五年淨收入下降13%可能是其投資回報率降低所致,這可能沒有錯。但是,可能還有其他因素導致收益下降。例如,該企業的資本分配不佳,或者該公司的派息率非常高。
Next, when we compared with the industry, which has shrunk its earnings at a rate of 6.9% in the same 5-year period, we still found Hubei Three Gorges Tourism Group's performance to be quite bleak, because the company has been shrinking its earnings faster than the industry.
接下來,當我們與同期收益縮水6.9%的行業進行比較時,我們仍然發現湖北三峽旅遊集團的表現相當慘淡,因爲該公司的收益萎縮速度比行業更快。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-f79e6e14c91c2c516d23a30a4b6a3139-0-150e693ed83b713ea55f0a3da21a839c.png/big)
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Hubei Three Gorges Tourism Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是股票估值的重要因素。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。與其他公司相比,湖北三峽旅遊集團的估值是否合理?這3種估值指標可能會幫助您做出決定。
Is Hubei Three Gorges Tourism Group Efficiently Re-investing Its Profits?
湖北三峽旅遊集團是否有效地將利潤再投資?
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.
儘管該公司過去確實支付了部分股息,但目前不支付股息。這意味着其所有利潤都可能被再投資於該業務。
Conclusion
結論
On the whole, we feel that the performance shown by Hubei Three Gorges Tourism Group 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. So far, we've only made a quick discussion around the company's earnings growth. You can do your own research on Hubei Three Gorges Tourism Group and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
總的來說,我們覺得湖北三峽旅遊集團的表現可以有多種解讀。儘管該公司的再投資率確實很高,但低投資回報率意味着所有這些再投資都沒有給投資者帶來任何好處,而且還對收益增長產生了負面影響。到目前爲止,我們僅就公司的收益增長進行了簡短的討論。你可以自己研究湖北三峽旅遊集團,看看這張免費的過去收益、收入和現金流的詳細圖表,看看它過去的表現。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。