Is The Market Rewarding Songcheng Performance Development Co.,Ltd (SZSE:300144) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Songcheng Performance Development Co.,Ltd (SZSE:300144) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
It is hard to get excited after looking at Songcheng Performance DevelopmentLtd's (SZSE:300144) recent performance, when its stock has declined 10.0% over the past three months. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. In this article, we decided to focus on Songcheng Performance DevelopmentLtd's ROE.
在觀察宋城演藝發展有限公司(SZSE:300144)最近的表現之後很難感到興奮,因爲其股價在過去三個月下跌了10.0%。看起來市場可能完全忽略了該公司基本面的積極因素,並決定更多地權衡負面因素。股價通常受公司長期內的財務表現推動,因此我們決定更多關注公司的財務表現。在本文中,我們決定關注宋城演藝發展有限公司的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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說,股東回報率(ROE)是一個重要的考慮因素,因爲它告訴股東他們的資本被有效地再投資了多少。換句話說,它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 Songcheng Performance DevelopmentLtd is:
因此,根據上述公式,宋城演藝發展有限公司的roe爲:
1.9% = CN¥151m ÷ CN¥7.9b (Based on the trailing twelve months to June 2024).
1.9% = 中國¥15100萬元 ÷ 中國¥79億(截至2024年6月的過去十二個月)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 in profit.
「回報」是年利潤。這意味着公司每1元股東權益創造了0.02元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
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 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.
我們已經確定ROE作爲一個高效的盈利規模可以評估公司未來的收益。根據公司選擇再投資或保留多少利潤,我們可以評估公司未來盈利的能力。假設其他所有條件均保持不變,ROE和利潤留存率越高,相對於沒有這些特點的公司,公司的增長率就越高。
A Side By Side comparison of Songcheng Performance DevelopmentLtd's Earnings Growth And 1.9% ROE
宋城演藝發展有限公司的盈利增長和1.9%的roe進行了並排比較
It is quite clear that Songcheng Performance DevelopmentLtd's ROE is rather low. Not just that, even compared to the industry average of 9.2%, the company's ROE is entirely unremarkable. For this reason, Songcheng Performance DevelopmentLtd's five year net income decline of 20% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
宋城演藝發展有限公司的roe相當低。不僅如此,甚至與行業平均水平的9.2%相比,公司的roe也非常不起眼。由於這個原因,考慮到其較低的roe,宋城演藝發展有限公司五年的淨利潤下降20%並不令人驚訝。然而,導致盈利下降的原因也可能是其他因素。例如,公司的派息比率非常高,或者面臨競爭壓力。
That being said, we compared Songcheng Performance DevelopmentLtd'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 1.1% in the same 5-year period.
話雖如此,我們將宋城演藝發展有限公司的表現與行業進行了對比,當我們發現公司的盈利在同樣的五年期間下降時,我們感到擔憂,而行業則以1.1%的增長率增加了盈利。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. What is 300144 worth today? The intrinsic value infographic in our free research report helps visualize whether 300144 is currently mispriced by the market.
公司價值的基礎很大程度上取決於其盈利增長。投資者需要判斷的是,預期的盈利增長或缺乏盈利增長是否已經融入股價中。這有助於他們判斷股票是面臨光明未來還是暗淡未來。今天300144值多少錢呢?我們免費研究報告中的內在價值信息圖表,可以幫助您直觀地看出300144當前是否被市場錯誤定價。
Is Songcheng Performance DevelopmentLtd Using Its Retained Earnings Effectively?
宋城演藝發展有限公司是否有效利用了留存收益?
Songcheng Performance DevelopmentLtd's low three-year median payout ratio of 20% (implying that it retains the remaining 80% of its profits) comes as a surprise when you pair it with the shrinking earnings. 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.
宋城演藝發展有限公司的三年中位數低至20%的股息支付比率(暗示其留存了其利潤的其餘80%)令人驚訝,尤其是當您將其與收益萎縮相結合時。當一家公司大部分利潤被留存時,通常不應出現這種情況。因此,在這方面可能有一些其他解釋。例如,公司的業務可能正在惡化。
Additionally, Songcheng Performance DevelopmentLtd has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 27% over the next three years. However, Songcheng Performance DevelopmentLtd's future ROE is expected to rise to 15% despite the expected increase in the company's payout ratio. We infer that there could be other factors that could be driving the anticipated growth in the company's ROE.
此外,宋城演藝發展有限公司在至少十年內支付了股息,這意味着公司管理層決心支付股息,即使這意味着幾乎沒有盈利增長。我們最新的分析師數據顯示,該公司未來的派息比率預計將在未來三年內上升至27%。然而,儘管預計公司的派息比率將增加,宋城演藝發展有限公司的未來roe預計將上升到15%。我們推斷可能存在其他因素推動了預期的roe增長。
Conclusion
結論
Overall, we have mixed feelings about Songcheng Performance DevelopmentLtd. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. 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. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總的來說,我們對宋城表演發展有着複雜的感受。雖然公司具有較高的再投資率,但低roe意味着所有的再投資並沒有爲投資者帶來任何好處,而且還對收益增長產生了負面影響。鑑於此,最新的行業分析師預測顯示,分析師預計公司的收益增長率將有巨大改善。這些分析師的預期是基於行業的廣泛預期,還是基於公司的基本面呢?點擊這裏查看公司的分析師預測頁面。
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