Citic Press Corporation (SZSE:300788) Stock's On A Decline: Are Poor Fundamentals The Cause?
Citic Press Corporation (SZSE:300788) Stock's On A Decline: Are Poor Fundamentals The Cause?
Citic Press (SZSE:300788) has had a rough week with its share price down 19%. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Particularly, we will be paying attention to Citic Press' ROE today.
中信出版(SZSE:300788)股價一週下跌了19%。爲了判斷這一趨勢是否會持續,我們決定看一下其基本面對長期市場趨勢的影響。特別是今天我們將關注中信出版的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 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 Citic Press is:
因此,根據上述公式,中信出版的roe爲:
5.5% = CN¥116m ÷ CN¥2.1b (Based on the trailing twelve months to March 2024).
5.5%= CN¥11600萬 ÷ CN¥21億(根據過去十二個月截至2024年3月) 。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.05.
『回報』指的是公司過去一年的收益。這意味着對於每一元股東投資,公司會創造CN¥0.05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?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
我們已經確定,ROE是一個公司未來盈利的高效測量工具。基於公司選擇重新投資或「保留」多少利潤,我們可以評估公司未來產生利潤的能力。假設其他條件相同,具有更高股本回報率和更高利潤保留比的公司通常增長速度較高,而沒有相同特徵的公司則通常增長速度較低。
Citic Press' Earnings Growth And 5.5% ROE
中信出版的收益增長和5.5%的roe
On the face of it, Citic Press' ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 5.5%, we may spare it some thought. But Citic Press saw a five year net income decline of 14% over the past five years. Bear in mind, the company does have a slightly low ROE. Therefore, the decline in earnings could also be the result of this.
從表面上看,中信出版的roe並不值得多說。然而,考慮到公司的roe與平均行業roe相似,我們可能要認真考慮一下。但是,在過去五年中,中信出版的淨利潤下降了14%。請記住,該公司的roe稍微偏低。因此,收益下降也可能是這一因素的結果。
However, when we compared Citic Press' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 3.4% in the same period. This is quite worrisome.
然而,當我們將中信出版的增長與行業進行比較時,我們發現雖然公司的收益在縮水,但行業在同一時期實現了3.4%的增長。這是非常令人擔憂的。
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. Is Citic Press fairly valued compared to other companies? These 3 valuation measures might help you decide.
當評估股票時,收益增長是一個重要的指標。投資者需要判斷預期的收益增長(或者缺乏增長)是否已經融入了股價之中。通過這樣做,他們可以判斷股票是否即將進入明朗的境地,或者是否等待着沼澤般的困境。與其他公司相比,中信出版是否被合理估值?這三個估值指標可能會幫助你做出決定。
Is Citic Press Making Efficient Use Of Its Profits?
中信出版是否高效利用其利潤?
With a high three-year median payout ratio of 52% (implying that 48% of the profits are retained), most of Citic Press' profits are being paid to shareholders, which explains the company's shrinking earnings. With only very little left to reinvest into the business, growth in earnings is far from likely. Our risks dashboard should have the 2 risks we have identified for Citic Press.
中信出版的三年平均派息比率很高,達到52%(意味着有48%的利潤被保留),這解釋了公司利潤下降。由於剩餘資金很少用於業務再投資,盈利增長的可能性很小。我們的風險儀表將顯示中信出版已經識別出的兩個風險。
Moreover, Citic Press has been paying dividends for four 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. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 62% of its profits over the next three years. Still, forecasts suggest that Citic Press' future ROE will rise to 7.6% even though the the company's payout ratio is not expected to change by much.
此外,中信出版連續四年派發股息,這是相當長的時間,這說明管理層認爲股東更看重穩定的股息,即使利潤一直在下降。在研究最新的分析師共識數據時,我們發現公司在未來三年中預計將繼續支付約62%的利潤。然而,預測顯示,中信出版的未來roe將升至7.6%,儘管公司的派息比率預計不會有很大變化。
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, Citic Press' performance is quite a big let-down. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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,中信出版社的業績相當令人失望。由於公司沒有投資很多業務,並且由於低ROE,其收入的增長缺乏或者根本沒有增長也就不足爲奇了。由於如此,最新的行業分析師預測顯示,分析師們預計該公司的收益增長率將有巨大的改善。要了解更多關於該公司最新的分析師預測,請查看此可視化分析師的預測。
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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。