Is Shandong Publishing&Media Co.,Ltd's (SHSE:601019) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Shandong Publishing&Media Co.,Ltd's (SHSE:601019) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Shandong Publishing&MediaLtd (SHSE:601019) has had a great run on the share market with its stock up by a significant 23% over the last three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. In this article, we decided to focus on Shandong Publishing&MediaLtd's ROE.
山東出版與媒體有限公司(SHSE: 601019)在股票市場上表現良好,其股票在過去三個月中大幅上漲了23%。由於市場通常會爲公司的長期基本面買單,因此我們決定研究公司的關鍵績效指標,看看它們是否會影響市場。在這篇文章中,我們決定重點關注山東出版傳媒的投資回報率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。
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 Shandong Publishing&MediaLtd is:
因此,根據上述公式,山東出版與媒體的投資回報率爲:
13% = CN¥1.8b ÷ CN¥14b (Based on the trailing twelve months to September 2023).
13% = 18億元人民幣 ÷ 140億元人民幣(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. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.13 in profit.
“回報” 是企業在過去一年中獲得的收入。另一種思考方式是,每持有價值1元人民幣的股權,該公司就能獲得0.13元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。然後,我們能夠評估公司的收益增長潛力,具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
A Side By Side comparison of Shandong Publishing&MediaLtd's Earnings Growth And 13% ROE
山東出版傳媒有限公司的收益增長和13%的投資回報率的並排比較
At first glance, Shandong Publishing&MediaLtd seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 6.1%. However, for some reason, the higher returns aren't reflected in Shandong Publishing&MediaLtd's meagre five year net income growth average of 3.8%. This is generally not the case as when a company has a high rate of return it should usually also have a high earnings growth rate. We reckon that a low growth, when returns are quite high could be the result of certain circumstances like low earnings retention or poor allocation of capital.
乍一看,山東出版傳媒的投資回報率似乎不錯。此外,該公司的投資回報率與行業平均水平的6.1%相比相當不錯。但是,由於某種原因,更高的回報並未反映在山東出版與媒體TD的微薄五年淨收入平均增長率3.8%上。通常情況並非如此,因爲當一家公司的回報率很高時,它通常也應該有很高的收益增長率。我們認爲,回報率相當高的低增長可能是某些情況造成的,例如收益留存率低或資本配置不善。
Next, on comparing with the industry net income growth, we found that Shandong Publishing&MediaLtd's growth is quite high when compared to the industry average growth of 2.2% in the same period, which is great to see.
接下來,與行業淨收入增長相比,我們發現,與同期行業平均增長2.2%相比,山東出版傳媒的增長相當高,這真是太好了。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240418/0-724bbb2931689abb9dec139ce0443970-0-03d86fb42a3e15cf1ec7aa2bddafc71e.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. 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 Shandong Publishing&MediaLtd is trading on a high P/E or a low P/E, relative to its industry.
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。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。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,您可能需要檢查山東出版與媒體相對於該行業的市盈率是高還是低市盈率。
Is Shandong Publishing&MediaLtd Efficiently Re-investing Its Profits?
山東出版傳媒有限公司是否有效地將利潤再投資?
Despite having a moderate three-year median payout ratio of 47% (implying that the company retains the remaining 53% of its income), Shandong Publishing&MediaLtd's earnings growth was quite low. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
儘管三年派息率中位數爲47%(這意味着該公司保留了剩餘的53%的收入),但山東出版與媒體的收益增長還是相當低的。因此,在這方面可能還有其他解釋。例如,該公司的業務可能正在惡化。
Additionally, Shandong Publishing&MediaLtd has paid dividends over a period of six years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
此外,山東出版與媒體有限公司已在六年內派發了股息,這意味着該公司的管理層決心派發股息,即使這意味着收益增長微乎其微。
Conclusion
結論
Overall, we are quite pleased with Shandong Publishing&MediaLtd's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
總的來說,我們對山東出版傳媒的表現非常滿意。特別是,很高興看到該公司正在對其業務進行大量投資,再加上高回報率,這爲其收益帶來了可觀的增長。話雖如此,最新的行業分析師預測顯示,該公司的收益有望加速。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。