Can Mixed Fundamentals Have A Negative Impact on China CSSC Holdings Limited (SHSE:600150) Current Share Price Momentum?
Can Mixed Fundamentals Have A Negative Impact on China CSSC Holdings Limited (SHSE:600150) Current Share Price Momentum?
China CSSC Holdings (SHSE:600150) has had a great run on the share market with its stock up by a significant 11% over the last three months. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. In this article, we decided to focus on China CSSC Holdings' ROE.
中國船舶(SHSE:600150)在股市上運行良好,其股價在過去三個月中顯著上漲了11%。 然而,我們決定關注公司的基本面,這似乎並沒有明確提示有關公司財務狀況的信息。在本文中,我們決定關注中國船舶的roe。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
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 China CSSC Holdings is:
因此,根據上述公式,中國船舶的roe爲:
6.3% = CN¥3.3b ÷ CN¥53b (Based on the trailing twelve months to March 2024).
6.3%= CN ¥33億 ÷ CN ¥530億(基於截至2024年3月的過去12個月)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.06 in profit.
“回報”是一年的利潤。這意味着,對於每元CN¥股東權益,公司產生了CN¥0.06的利潤。
What Is The Relationship Between ROE And Earnings Growth?
ROE與盈利增長之間的關係是什麼?
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 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.
到目前爲止,我們已經了解到ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長“保留”的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。
China CSSC Holdings' Earnings Growth And 6.3% ROE
中國船舶控股公司的收益增長和6.3%的roe
At first glance, China CSSC Holdings' ROE doesn't look very promising. However, its ROE is similar to the industry average of 6.8%, so we won't completely dismiss the company. On the other hand, China CSSC Holdings reported a fairly low 4.8% net income growth over the past five years. Bear in mind, the company's ROE is not very high . So this could also be one of the reasons behind the company's low growth in earnings.
乍一看,中國船舶控股公司的roe看起來並不樂觀。然而,它的roe與行業平均水平相似,爲6.8%,因此我們不會完全否定該公司。另一方面,中國船舶控股公司在過去五年中的淨收入增長率較低,僅爲4.8%。記住,該公司的roe並不是很高。因此,這也可能是導致公司收益增長緩慢的原因之一。
As a next step, we compared China CSSC Holdings' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 9.5% in the same period.
接下來,我們將中國船舶控股公司的淨收入增長率與行業進行了比較,但很失望地發現,在同一時期,該公司的增長低於行業平均增長率9.5%。
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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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about China CSSC Holdings''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
在估值股票時,盈利增長是一個重要的指標。下一步需要判斷的是,預期的盈利增長或缺乏預期是否已經反映在股價中。通過這樣做,投資者將了解該股票是進入清晰的藍色海洋,還是進入沼澤水域。如果您想了解中國船舶控股公司的估值,請查看該公司與行業相比的市盈率評估。
Is China CSSC Holdings Using Its Retained Earnings Effectively?
中國船舶控股有限公司是否有效使用其保留收益?
Despite having a moderate three-year median payout ratio of 39% (implying that the company retains the remaining 61% of its income), China CSSC Holdings' earnings growth was quite low. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
儘管中國船舶控股公司有中等的三年中位數支付比率39%(暗示該公司保留了其收入的其餘61%),但其盈利增長率卻相當低。因此,可能有其他原因來解釋這種缺失。例如,業務可能處於衰退中。
Moreover, China CSSC Holdings has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over 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%. Regardless, the future ROE for China CSSC Holdings is predicted to rise to 15% despite there being not much change expected in its payout ratio.
此外,中國船舶控股公司已經連續支付股息至少十年,這表明管理層必須意識到股東更喜歡股息而不是盈利增長。我們最新的分析師數據顯示,該公司未來三年的股息支付比率預計約爲33%。無論如何,中國船舶控股公司未來的roe預計將升至15%,儘管其支付比率不會有太大變化。
Conclusion
結論
On the whole, we feel that the performance shown by China CSSC Holdings 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. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言,我們認爲中國船舶控股公司的表現可以有很多不同的解釋。儘管它似乎保留了大部分利潤,但考慮到低roe,投資者可能並沒有從所有的再投資中受益。低盈利增長表明我們的理論是正確的。然而,看着目前的分析師估計,我們發現該公司的盈利預計將會增長。要了解更多關於該公司最新分析師的預測,請查看該公司的分析師預測可視化。
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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。