YesAsia Holdings Limited's (HKG:2209) Stock Is Going Strong: Have Financials A Role To Play?
YesAsia Holdings Limited's (HKG:2209) Stock Is Going Strong: Have Financials A Role To Play?
YesAsia Holdings' (HKG:2209) stock is up by a considerable 489% over the past three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on YesAsia Holdings' ROE.
過去三個月,HKG:2209股票上漲了驚人的489%。我們想知道公司財務對此價格變化有何作用,因爲公司的長期基本面通常決定市場結果。本文我們將重點關注YesAsia Holdings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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE(淨資產收益率)是股東需考慮的一個重要因素,因爲它告訴他們資本被有效地再投資的效果如何。換句話說,它揭示了公司將股東的投資轉化爲利潤的成功程度。
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 YesAsia Holdings is:
因此,根據上述公式,YesAsia Holdings的ROE爲:
22% = US$7.6m ÷ US$35m (Based on the trailing twelve months to December 2023).
22% = US$760萬 ÷ US$3500萬(基於截至2023年12月的過去12個月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.22 in profit.
“回報”指的是公司過去一年的收益。一種概念化的方法是,對於每HK$1的股東資本,公司創造了HK$0.22的利潤。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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,我們已經知道ROE測量公司如何高效地生成利潤。基於公司選擇重新投資或“保留”其利潤的比例,我們能夠評估公司未來生成利潤的能力。假設其他所有因素保持不變,則ROE和利潤保留率越高,公司的增長率也越高,與不一定具備這些特徵的公司相比。
YesAsia Holdings' Earnings Growth And 22% ROE
YesAsia控股的盈利增長和22%的roe
To start with, YesAsia Holdings' ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 11%. As you might expect, the 34% net income decline reported by YesAsia Holdings is a bit of a surprise. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
首先,YesAsia控股的roe看起來可接受。此外,公司的roe與行業平均水平相比非常有利。如您所預料的那樣,YesAsia控股報告的34%的淨收入下降有點令人驚訝。基於此,我們認爲可能存在一些其他原因,這些原因在本文中尚未討論,這可能會妨礙公司的增長。例如,公司將其收益的一大部分作爲股息支付,或面臨競爭壓力等。
Next, when we compared with the industry, which has shrunk its earnings at a rate of 0.8% in the same 5-year period, we still found YesAsia Holdings' performance to be quite bleak, because the company has been shrinking its earnings faster than the industry.
接下來,當我們將其與行業相比較時,在相同的5年期內,行業的收益率下降了0.8%,我們仍然發現YesAsia Holdings的表現相當慘淡,因爲該公司的收益下降速度比行業快。
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Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is YesAsia Holdings fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是股票估值的一個重要因素。投資者應儘量確定預期的盈利增長或衰退(無論哪種情況),是否已經定價。這樣做可以幫助他們確定,股票的未來是有前途還是前景黯淡。與其他公司相比,YesAsia控股的估值是否公平?這3個估值指標可能會幫助您做出決策。
Is YesAsia Holdings Using Its Retained Earnings Effectively?
YesAsia Holdings是否有效地利用了其掙留利潤?
Looking at its LTM (or last twelve month) payout ratio of 33% (or a retention ratio of 67%) which is pretty normal, YesAsia Holdings' 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. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
從其過去12個月的派息比率(33%或保留比率爲67%)來看,YesAsia控股盈利下降令人困惑,因爲人們期望在公司保留其利潤的很大一部分時會看到一定程度的增長。因此,在這方面可能會有一些其他解釋。例如,公司的業務可能正在惡化。
Moreover, YesAsia Holdings has been paying dividends for three years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking.
此外,YesAsia Holdings已經支付了三年的股息,這是相當長的時間,這表明管理層認爲股東更喜歡保持一致的股息,即使收益在下降。
Conclusion
結論
On the whole, we do feel that YesAsia Holdings has some positive attributes. Although, we are disappointed to see a lack of growth in earnings even in spite of a high 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. To know the 2 risks we have identified for YesAsia Holdings visit our risks dashboard for free.
總的來說,我們認爲YesAsia控股有一些積極的特點。儘管我們對高roe和高再投資率下收益缺乏增長感到失望,但我們認爲可能有一些外部因素對業務產生了負面影響。雖然我們不會完全排除公司,但我們會試圖評估業務風險,以作出更明智的決策。若想了解我們爲YesAsia控股確定的2個風險,請免費訪問我們的風險儀表板。
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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.
對本文有任何反饋?對內容有任何疑慮?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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。