Declining Stock and Decent Financials: Is The Market Wrong About Ningbo Ocean Shipping Co., Ltd. (SHSE:601022)?
Declining Stock and Decent Financials: Is The Market Wrong About Ningbo Ocean Shipping Co., Ltd. (SHSE:601022)?
It is hard to get excited after looking at Ningbo Ocean Shipping's (SHSE:601022) recent performance, when its stock has declined 18% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Ningbo Ocean Shipping's ROE today.
看了寧波遠洋運輸(SHSE: 601022)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了18%。但是,從長遠來看,股票價格通常由公司的財務狀況驅動,在這種情況下,這看起來相當可觀。特別是,我們今天將關注寧波遠洋運輸的投資回報率。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之,它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率?
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算:
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 Ningbo Ocean Shipping is:
因此,根據上述公式,寧波遠洋運輸的投資回報率爲:
9.6% = CN¥513m ÷ CN¥5.3b (Based on the trailing twelve months to September 2023).
9.6% = 5.13億元人民幣 ÷ 53億元人民幣(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. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.10 in profit.
“回報” 是企業在過去一年中獲得的收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.10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。
Ningbo Ocean Shipping's Earnings Growth And 9.6% ROE
寧波遠洋航運的收益增長和9.6%的投資回報率
At first glance, Ningbo Ocean Shipping's ROE doesn't look very promising. However, its ROE is similar to the industry average of 9.7%, so we won't completely dismiss the company. Moreover, we are quite pleased to see that Ningbo Ocean Shipping's net income grew significantly at a rate of 24% over the last five years. Given the slightly low ROE, it is likely that there could be some other aspects that are driving this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看,寧波遠洋運輸的投資回報率看起來並不十分樂觀。但是,其投資回報率與行業平均水平的9.7%相似,因此我們不會完全解散該公司。此外,我們非常高興地看到,寧波遠洋運輸的淨收入在過去五年中以24%的速度大幅增長。鑑於投資回報率略低,可能還有其他一些方面推動這種增長。例如,公司的管理層可能做出了一些良好的戰略決策,或者公司的派息率很低。
Next, on comparing Ningbo Ocean Shipping's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 23% over the last few years.
接下來,在將寧波遠洋運輸的淨收入增長與該行業的淨收入增長進行比較時,我們發現該公司報告的增長與過去幾年23%的行業平均增長率相似。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240222/0-798bd1d9b47047ac5ac4dca3d47b118d-0-9cda013937cd6ff7063bfcd958a9998e.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. Is Ningbo Ocean Shipping fairly valued compared to other companies? These 3 valuation measures might help you decide.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。通過這樣做,他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。與其他公司相比,寧波遠洋運輸的估值是否合理?這3種估值指標可能會幫助您做出決定。
Is Ningbo Ocean Shipping Efficiently Re-investing Its Profits?
寧波遠洋航運是否有效地將其利潤再投資?
Ningbo Ocean Shipping has a three-year median payout ratio of 30% (where it is retaining 70% of its income) which is not too low or not too high. So it seems that Ningbo Ocean Shipping is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
寧波遠洋航運的三年派息率中位數爲30%(保留了收入的70%),不太低或不太高。因此,寧波遠洋航運似乎正在高效地進行再投資,其收益實現了可觀的增長(如上所述),並支付的股息可以充分支付。
Along with seeing a growth in earnings, Ningbo Ocean Shipping only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
隨着收益的增長,寧波遠洋運輸直到最近才開始派發股息。該公司很可能想給股東留下深刻的印象。
Summary
摘要
In total, it does look like Ningbo Ocean Shipping has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. 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. Our risks dashboard would have the 2 risks we have identified for Ningbo Ocean Shipping.
總的來說,寧波遠洋運輸的業務確實有一些積極的方面。儘管投資回報率很低,但由於再投資率很高,該公司的收益實現了可觀的增長。雖然我們不會完全解散公司,但我們要做的是努力確定業務的風險,以便在公司周圍做出更明智的決定。我們的風險儀表板將包含我們爲寧波遠洋運輸確定的兩種風險。
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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。