Are Guangzhou Baiyun International Airport Company Limited's (SHSE:600004) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Guangzhou Baiyun International Airport Company Limited's (SHSE:600004) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Guangzhou Baiyun International Airport (SHSE:600004) has had a rough three months with its share price down 5.3%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. In this article, we decided to focus on Guangzhou Baiyun International Airport's ROE.
白雲機場(SHSE:600004)在過去三個月遭遇了困境,股價下跌了5.3%。可能市場忽略了公司不同的財務狀況,而決定傾向於負面情緒。股價通常受公司長期的財務表現推動,因此我們決定更加關注公司的財務表現。在本文中,我們決定聚焦於白雲機場的ROE。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東必須考慮股本回報率或ROE,因爲它告訴他們公司如何有效地重新投資他們的資本。 簡而言之,ROE顯示每美元股東投資所產生的利潤。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Guangzhou Baiyun International Airport is:
所以,根據上述公式,白雲機場的ROE爲:
3.5% = CN¥629m ÷ CN¥18b (Based on the trailing twelve months to March 2024).
3.5% = CN¥62900萬 ÷ CN¥180億(基於截至2024年3月的過去12個月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.03.
“回報”是過去12個月的利潤。這意味着,對於每一元股東投資,該公司可以獲得0.03元的利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼?
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前爲止,我們已經了解到roe是衡量公司盈利能力的一種指標。根據公司再投資或“保留”的這些利潤的多少以及效率如何,我們能夠評估公司的盈利增長潛力。總體來說,在其他條件相同的情況下,roe和盈利“保留”高的公司比不具備這些屬性的公司增長率更高。
A Side By Side comparison of Guangzhou Baiyun International Airport's Earnings Growth And 3.5% ROE
白雲機場收益增長和3.5%的ROE並排比較
It is hard to argue that Guangzhou Baiyun International Airport's ROE is much good in and of itself. Even compared to the average industry ROE of 6.3%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 43% seen by Guangzhou Baiyun International Airport over the last five years is not surprising. 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.
很難說白雲機場的ROE本身好不好。即使與行業平均ROE 6.3%相比,該公司的ROE也相當糟糕。考慮到情況,白雲機場過去五年淨利潤下降43%並不奇怪。然而也可能有其他因素導致收益下降。例如,業務分配資本不善,或者公司的支出比率非常高。
That being said, we compared Guangzhou Baiyun International Airport's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 3.9% in the same 5-year period.
話雖如此,我們將白雲機場的表現與行業進行了比較,發現在相同的5年期間,雖然公司收縮了收益,但行業的收益增長了3.9%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-77503dec1724ba4d4ed42367e40227dd-0-108002ffbb7b7e98cef1e1393abdb9ef.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 600004 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
賦予公司價值的基礎在很大程度上與其收益增長有關。對於投資者來說,了解市場是否已經定價了公司預期的收益增長(或下降)很重要。通過這樣做,他們將知道股票是朝着清晰的藍色水域還是將進入沼澤水域。600004是否公正定價?這份公司內在價值的信息圖表包含了你需要了解的一切。
Is Guangzhou Baiyun International Airport Making Efficient Use Of Its Profits?
白雲機場是否高效利用其利潤?
Looking at its LTM (or last twelve month) payout ratio of 30% (or a retention ratio of 70%) which is pretty normal, Guangzhou Baiyun International Airport's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
看看它的長期維持率(或過去12個月的派息比率)爲30%(或留存比率爲70%),這是相當正常的。然而,白雲機場的收益下降令人困惑,因爲當公司保留大部分利潤時,人們期望看到相當多的增長。看起來可能有其他原因可以解釋缺乏這方面的成長。例如,業務可能正在衰退。
Additionally, Guangzhou Baiyun International Airport has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 33%. However, Guangzhou Baiyun International Airport's ROE is predicted to rise to 6.7% despite there being no anticipated change in its payout ratio.
此外,白雲機場已經連續十年支付股息,這意味着即使意味着幾乎沒有收益增長,公司管理層也有決心支付股息。我們最新的分析師數據顯示,公司未來三年的派息比率預計將達到33%左右。然而,儘管未預期其派息比率發生變化,白雲機場的ROE預計將上升至6.7%。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
On the whole, we feel that the performance shown by Guangzhou Baiyun International Airport can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow 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.
總的來說,我們認爲白雲機場所表現出的績效可以得到許多解釋。雖然它似乎保留了大部分利潤,但出於低ROE的考慮,投資者可能並沒有從所有的再投資中獲益。低收益增長證明了我們的理論。即便如此,我們研究了最新的分析師預測,發現儘管公司過去收益下降,分析師們預計其未來收益將增長。這些分析師的預期是基於行業的廣泛預期還是基於公司的基本面?請點擊此處並前往我們公司的分析師預測頁面。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com