Tower Semiconductor Ltd.'s (NASDAQ:TSEM) Stock Is Going Strong: Is the Market Following Fundamentals?
Tower Semiconductor Ltd.'s (NASDAQ:TSEM) Stock Is Going Strong: Is the Market Following Fundamentals?
Tower Semiconductor's (NASDAQ:TSEM) stock is up by a considerable 23% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. In this article, we decided to focus on Tower Semiconductor's ROE.
過去三個月，Tower半導體（納斯達克：TSEM）股票上漲了相當可觀的23%。鑑於市場長期看重強勁的財務數據，我們想知道這一案例是否是如此。本文中，我們決定關注Tower半導體的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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東要考慮的關鍵因素之一是淨資產收益率或roe，因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說，它衡量了公司與股東權益相關的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for return on equity is:
權益回報率的計算公式是：
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 Tower Semiconductor is:
因此，根據以上公式，Tower半導體的ROE爲:
20% = US$481m ÷ US$2.5b (Based on the trailing twelve months to March 2024).
20% = 4.8100億美元 ÷ 25億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.20 in profit.
“回報”是過去十二個月的利潤。一種概念化的方法是，對於每$1的股東資本，公司賺取了$0.20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. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前爲止，我們已經了解了ROE衡量公司利潤產生效率的方式。現在我們需要評估公司重新投資或“保留”的利潤是多少，這會讓我們對公司的增長潛力有一個想法。假設其他一切保持不變，ROE和利潤保留率越高，公司的增長率就越高，相比於不一定具備這些特徵的公司。
Tower Semiconductor's Earnings Growth And 20% ROE
Tower半導體的盈利增長和20%的ROE
At first glance, Tower Semiconductor seems to have a decent ROE. Especially when compared to the industry average of 15% the company's ROE looks pretty impressive. Probably as a result of this, Tower Semiconductor was able to see an impressive net income growth of 39% over the last five years. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.
乍一看，Tower半導體的ROE似乎相當可觀。特別是相對於行業平均水平15%而言，公司的ROE顯得相當令人印象深刻。可能是因爲這個原因，過去五年中，Tower半導體的淨收入增長了驚人的39%。我們認爲這裏也可能有其他因素起作用，比如高額盈利保留或有效的管理。
We then compared Tower Semiconductor's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 31% in the same 5-year period.
然後我們將Tower半導體的淨收入增長與行業進行了比較，很高興看到，在同一5年期內，公司的增長率比行業的31%要高。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. 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 Tower Semiconductor is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是股票估值的一個重要因素。投資者重要的是要知道市場是否已經將公司預期的盈利增長（或下降）價格化了。這有助於他們確定股票是否處於明朗的未來或黯淡的未來。一個好的預期盈利增長的指標是市盈率，它確定市場願意根據其收益前景爲一隻股票支付的價格。因此，您可能想檢查一下Tower半導體是否相對於其行業以高市盈率或低市盈率交易。
Is Tower Semiconductor Efficiently Re-investing Its Profits?
Tower半導體是否高效地再投資其利潤？
Given that Tower Semiconductor doesn't pay any regular dividends to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
鑑於Tower半導體不向其股東支付任何定期分紅，我們推斷該公司一直在將其所有利潤再投資以發展業務。
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。
Overall, we are quite pleased with Tower Semiconductor's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們對Tower半導體的表現感到相當滿意。特別是，我們喜歡公司大量重新投資於業務，且投資回報率高。不出所料，根據最新的行業分析師預測，該公司的收益預計會在未來減少。要了解更多關於該公司最新分析師預測的信息，請查看該公司的分析師預測可視化。
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對本文有反饋？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
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