Shanghai Chlor-Alkali Chemical Co., Ltd. (SHSE:600618) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Shanghai Chlor-Alkali Chemical Co., Ltd. (SHSE:600618) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Shanghai Chlor-Alkali Chemical (SHSE:600618) has had a rough month with its share price down 5.2%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Shanghai Chlor-Alkali Chemical's ROE.
氯鹼b股(SHSE:600618)的股價已經下跌了5.2%,但是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一致。在本文中,我們決定關注氯鹼b股的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率(ROE)是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之,ROE顯示每個美元的利潤與其股東的投資有關。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
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 Shanghai Chlor-Alkali Chemical is:
因此,根據上述公式,氯鹼b股的roe爲:
9.2% = CN¥823m ÷ CN¥8.9b (Based on the trailing twelve months to March 2024).
9.2% = CN¥82300萬 ÷ CN¥89億(基於最近12個月截至2024年3月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.
‘回報’是指公司過去一年的收益。一個概念化的方式是,對於每加元股東的資本,該公司就會獲得0.09元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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,我們學到了ROE如何評估公司有效地產生利潤。根據公司再投資或“保留”的這些利潤的多少以及其如何有效地進行再投資,我們可以評估公司的盈利增長潛力。一般而言,在其他條件相同的情況下,ROE高、利潤保留高的公司,比沒有這些屬性的公司增長率更高。
A Side By Side comparison of Shanghai Chlor-Alkali Chemical's Earnings Growth And 9.2% ROE
氯鹼b股收益增長和9.2%roe的並列比較
On the face of it, Shanghai Chlor-Alkali Chemical's ROE is not much to talk about. Although a closer study shows that the company's ROE is higher than the industry average of 6.3% which we definitely can't overlook. However, Shanghai Chlor-Alkali Chemical's five year net income growth was quite low averaging at only 4.4%. Remember, the company's ROE is quite low to begin with, just that it is higher than the industry average. So that could be one of the factors that are causing earnings growth to stay low.
在表面上,氯鹼b股的roe並不太值得一談。儘管仔細研究顯示該公司的roe高於行業平均水平6.3%,這是我們絕對不能忽視的。然而,氯鹼b股的五年淨收入增長率相當低,平均僅爲4.4%。請記住,該公司的roe本來就很低,只是高於行業平均水平,因此這可能是造成盈利增長保持低位的因素之一。
We then compared Shanghai Chlor-Alkali Chemical's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 7.8% in the same 5-year period, which is a bit concerning.
然後,我們將氯鹼b股的淨收入增長與行業進行了比較,並發現該公司的增長數字低於同一5年期間7.8%的平均行業增長率,這令人有些擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240702/0-fc5a6d949090c9996449f72ce93ee9a7-0-f6d2d67b43e72bb2356ce34ead776e65.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. Is Shanghai Chlor-Alkali Chemical fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是估值股票時要考慮的重要指標。接下來,投資者需要確定預期的盈利增長或缺乏盈利增長是否已經融入股票價格。這有助於他們確定股票是面臨光明還是黯淡的未來。與其他公司相比,氯鹼b股是否公平值?這3個估值指標可能會有所幫助。
Is Shanghai Chlor-Alkali Chemical Efficiently Re-investing Its Profits?
氯鹼b股是否高效地再投資其利潤?
Despite having a moderate three-year median payout ratio of 26% (implying that the company retains the remaining 74% of its income), Shanghai Chlor-Alkali Chemical'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.
儘管擁有中等三年中位數的股息支付比率26%(表明公司留下其收入的其餘74%),但氯鹼b股的盈利增長卻相當低。因此,在這方面可能會有其他解釋。例如,該公司的業務可能正在惡化。
Additionally, Shanghai Chlor-Alkali Chemical 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.
此外,氯鹼b股已經在至少十年的時間內支付了股息,這意味着即使沒有盈利增長也要支付股息。
Conclusion
結論
On the whole, we do feel that Shanghai Chlor-Alkali Chemical has some positive attributes. Although, we are disappointed to see a lack of growth in earnings even in spite of a moderate ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. 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 2 risks we have identified for Shanghai Chlor-Alkali Chemical by visiting our risks dashboard for free on our platform here.
總的來說,我們確實認爲氯鹼b股具有一些積極的特點。儘管我們對中等roe和高再投資率沒有看到盈利增長的缺乏感到失望。但我們相信可能存在一些外部因素對業務產生了負面影響。雖然我們不會完全忽略該公司,但我們會嘗試確定該業務的風險程度,以便更明智地做出決策。您可以通過訪問我們所識別的氯鹼b股的2種風險來了解情況。風險儀表板在瀏覽完所有相關因素確定股票購買價格後,ROE是一個有用的公司質量指標。此外,還需要考慮其他因素,例如未來盈利增長以及未來需要投入多少投資。因此,我認爲值得查看這份免費的詳細收益、營收和現金流圖表。
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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。或者,發送電子郵件至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。或者發送電子郵件至editorial-team@simplywallst.com。