Are Trip.com Group Limited's (NASDAQ:TCOM) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Trip.com Group Limited's (NASDAQ:TCOM) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Trip.com Group (NASDAQ:TCOM) has had a rough three months with its share price down 25%. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Particularly, we will be paying attention to Trip.com Group's ROE today.
攜程網集團(納斯達克: TCOM)的股價在過去三個月中下跌了25%。 但是,如果您仔細觀察,可能會發現其關鍵財務指標看起來相當不錯,這意味着該公司可能會在長期內上漲,因爲市場通常會獎勵更具彈性的長期基本面。 特別是今天我們將注意攜程網集團的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率(roe)是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之,它是一種利潤率,衡量由公司股東提供的資本的回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算?
The formula for ROE is:
roe的公式是:
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 Trip.com Group is:
因此,根據上述公式,攜程網集團的roe爲:
8.5% = CN¥11b ÷ CN¥129b (Based on the trailing twelve months to March 2024).
8.5%= CN ¥ 110億 ÷ CN ¥ 1290億(基於截至2024年3月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.09 in profit.
「收益」是過去十二個月稅後收益。一個理解的方式是,在每美元股東的資本中,公司賺了$0.09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 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程度。現在我們需要評估公司爲未來增長而重新投資或「保留」的利潤數量,然後了解公司的增長潛力。假設其他一切不變,roe和利潤保留率越高,公司的增長率就越高,而與不一定具備這些特徵的公司相比,這種增長率的相對性就越高。
Trip.com Group's Earnings Growth And 8.5% ROE
攜程網集團的收益增長和8.5%的roe
On the face of it, Trip.com Group's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 18% either. Despite this, surprisingly, Trip.com Group saw an exceptional 29% net income growth over the past five years. Therefore, there could be other reasons behind this growth. Such as - high earnings retention or an efficient management in place.
表面上看,攜程網集團的roe並沒有太多可說之處。進一步研究表明,該公司的roe與行業平均水平的18%相比也不佔優勢。儘管如此,令人驚訝的是,攜程網集團過去五年的淨利潤增長率高達29%。 因此,這種增長背後可能存在其他原因。 例如 - 高利潤保留率或高效的管理措施。
As a next step, we compared Trip.com Group's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 28% in the same period.
作爲下一步,我們將攜程網集團的淨利潤增長與該行業進行了比較,並發現該公司的增長率與同期行業平均增長率28%相似。
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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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for TCOM? You can find out in our latest intrinsic value infographic research report.
收益增長是股票估值的一個巨大因素。投資者知道市場是否已經定價了公司預期的收益增長(或下降)非常重要。通過這樣做,他們將了解股票是否正朝着清晰的藍色水域或是泥濘的水域前進。市場是否已經爲TCOM未來的前景定價? 您可以在我們最新的內在價值信息圖研究報告中了解。
Is Trip.com Group Efficiently Re-investing Its Profits?
攜程網集團是否在有效地重新投資其利潤?
Given that Trip.com Group 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.
鑑於攜程網集團不向股東支付任何定期股息,我們推斷該公司一直在將其所有利潤重新投資以發展業務。
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。
On the whole, we do feel that Trip.com Group has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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,我們確實認爲攜程網集團具有一些正面的特徵。儘管率高,但該公司將其非常高的利潤比例再投資到業務中,無疑促進了其高收益增長。話雖如此,最新的行業分析師預測表明,該公司的收益增長有望放緩。想了解有關該公司的最新分析師預測的更多信息,請查看此可視化工具。
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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。