Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Sichuan Qiaoyuan GasLtd (SZSE:301286) has had a rough three months with its share price down 5.3%. 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 Sichuan Qiaoyuan GasLtd's ROE.
四川僑源燃氣股份有限公司(SZSE:301286)最近三個月股價下跌了5.3%。然而,公司的基本面看起來相當不錯,而且長期財務狀況通常與未來的市場價格走勢保持一致。本文將重點關注四川僑源燃氣股份有限公司的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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東應考慮的重要因素是淨資產收益率或roe,因爲它告訴他們投資的資本如何被有效地再投資。簡單來說,它用於評估公司與其股權資本相關的盈利能力。
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 Sichuan Qiaoyuan GasLtd is:
因此,根據上述公式,四川僑源燃氣股份有限公司的roe爲:
11% = CN¥183m ÷ CN¥1.7b (Based on the trailing twelve months to March 2024).
11% = CN¥18300萬 ÷ CN¥17億 (截至2024年3月的過去十二個月)
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.11 in profit.
「回報」是每年的利潤。另一種想法是,對於每CN¥1的股本,公司能夠賺取CN¥0.11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. 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。
A Side By Side comparison of Sichuan Qiaoyuan GasLtd's Earnings Growth And 11% ROE
四川僑源燃氣股份有限公司盈利增長率和11%roe的並列比較
When you first look at it, Sichuan Qiaoyuan GasLtd's ROE doesn't look that attractive. However, the fact that the company's ROE is higher than the average industry ROE of 6.3%, is definitely interesting. But then again, seeing that Sichuan Qiaoyuan GasLtd's net income shrunk at a rate of 11% in the past five years, makes us think again. Bear in mind, the company does have a slightly low ROE. It is just that the industry ROE is lower. Hence, this goes some way in explaining the shrinking earnings.
剛開始看,四川僑源燃氣股份有限公司的roe看起來並不那麼吸引人。然而,事實上,公司的roe高於行業平均roe6.3%,這確實很有趣。但再一次看到,過去五年中四川僑源燃氣股份有限公司的淨利潤以11%的速度下降,使我們重新考慮。請記住,公司的roe略低。只是行業roe更低。因此,這在一定程度上解釋了盈利下降。
That being said, we compared Sichuan Qiaoyuan GasLtd'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 7.5% in the same 5-year period.
也就是說,我們將四川僑源燃氣股份有限公司的業績與行業進行比較時,會有一些擔憂,因爲在過去5年中,儘管公司減少了盈利,行業的盈利卻以7.5%的速度增長。
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Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Sichuan Qiaoyuan GasLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值中的一個重要因素。投資者需要判斷的是,預期的盈利增長或其缺乏是否已經融入股價中。這樣做將有助於他們確定該股票的未來前景是光明還是暗淡。如果你想了解四川僑源燃氣股份有限公司的估值情況,可以查看其市盈率與行業的比較。
Is Sichuan Qiaoyuan GasLtd Efficiently Re-investing Its Profits?
四川僑源燃氣股份有限公司是否有效地重新投資了其利潤?
When we piece together Sichuan Qiaoyuan GasLtd's low three-year median payout ratio of 24% (where it is retaining 76% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. This typically shouldn't be the case when a company is retaining most of its earnings. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
當我們把四川僑源燃氣股份有限公司低的三年中位數派息比率(保留76%的利潤),以最近三年計算,與缺乏增長的狀況相比,我們對缺乏增長感到困惑。當一家公司保留大部分利潤時,通常情況下是不能出現這種情況的。因此,可能存在其他解釋。例如,公司的業務可能正在惡化。
In addition, Sichuan Qiaoyuan GasLtd only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外,四川僑源燃氣股份有限公司只最近開始支付股息,因此管理層可能決定股東更喜歡股息,即使盈利在萎縮。
Conclusion
結論
On the whole, we do feel that Sichuan Qiaoyuan GasLtd has some positive attributes. Yet, the low earnings growth is a bit concerning, especially given that the company has a respectable rate of return and is reinvesting a huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. 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 1 risk we have identified for Sichuan Qiaoyuan GasLtd visit our risks dashboard for free.
總體而言,我們確實認爲四川僑源燃氣股份有限公司具有一些積極的特點。但盈利增長較低有點令人擔憂,特別是考慮到該公司具有可觀的回報率,並且正在將其利潤的巨大部分重新投資。看起來可能還有其他因素,不一定在業務的控制範圍內,阻止了增長。雖然我們不會完全拒絕該公司,但我們會嘗試確定業務的風險狀況,以做出更明智的決策。要了解我們識別出的四川僑源燃氣股份有限公司的第一個風險,請免費訪問我們的風險特斯拉-儀表。
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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。