Joeone Co.,Ltd's (SHSE:601566) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Joeone Co.,Ltd's (SHSE:601566) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
JoeoneLtd (SHSE:601566) has had a great run on the share market with its stock up by a significant 42% over the last three months. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. Specifically, we decided to study JoeoneLtd's ROE in this article.
JoeoneLtd(上海證券交易所股票代碼:601566)在過去的三個月裡股票大幅上漲了42%。然而,我們決定密切關注其疲軟的財務狀況,因為考慮到這種情況,我們懷疑目前的勢頭能否保持下去。具體地說,我們決定在本文中研究JoeoneLtd的淨資產收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
See our latest analysis for JoeoneLtd
查看我們對JoeoneLtd.的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率?
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?股東權益
So, based on the above formula, the ROE for JoeoneLtd is:
因此,根據上述公式,JoeoneLtd的淨資產收益率為:
1.3% = CN¥50m ÷ CN¥3.8b (Based on the trailing twelve months to March 2023).
1.3%=CN元5000萬×CN元38億元(基於截至2023年3月的12個月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.01 in profit.
“回報”就是年度利潤。一種概念化的方法是,公司每擁有1元人民幣的股東資本,就會獲得0.01元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。假設其他條件不變,淨資產收益率和利潤保留率越高,與不一定具有這些特徵的公司相比,公司的增長率就越高。
JoeoneLtd's Earnings Growth And 1.3% ROE
JoeoneLtd的收益增長和1.3%的淨資產收益率
It is hard to argue that JoeoneLtd's ROE is much good in and of itself. Not just that, even compared to the industry average of 6.6%, the company's ROE is entirely unremarkable. Given the circumstances, the significant decline in net income by 40% seen by JoeoneLtd over the last five years is not surprising. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital.
JoeoneLtd的淨資產收益率本身很好,這一點很難辯稱。不僅如此,即使與6.6%的行業平均水準相比,該公司的淨資產收益率也完全不起眼。在這種情況下,JoeoneLtd在過去五年中淨收入大幅下降40%並不令人意外。我們認為,可能還有其他因素在起作用。例如-低收益留存或資本分配不佳。
However, when we compared JoeoneLtd's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 1.8% in the same period. This is quite worrisome.
然而,當我們將JoeoneLtd的增長與行業進行比較時,我們發現,儘管該公司的收益一直在萎縮,但同期該行業的收益增長了1.8%。這相當令人擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/pic/0-9dfb00a5099b0e07dd0d340d07d9b90a-0-94ab2ad001a3aaaa7a4c0c7d80f9bd3c.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if JoeoneLtd is trading on a high P/E or a low P/E, relative to its industry.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是本益比,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看JoeoneLtd相對於其行業是高本益比還是低本益比。
Is JoeoneLtd Using Its Retained Earnings Effectively?
JoeoneLtd是否有效地利用了其留存收益?
JoeoneLtd's very high three-year median payout ratio of 147% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits. To know the 3 risks we have identified for JoeoneLtd visit our risks dashboard for free.
JoeoneLtd.過去三年的派息率中值非常高,達到147%,這表明該公司向股東支付的股息高於其盈利,這就解釋了該公司收益縮水的原因。通常很難維持高於公佈利潤的股息支付。要了解我們為JoeoneLtd確定的3個風險,請免費訪問我們的風險儀錶板。
Additionally, JoeoneLtd has paid dividends over a period of nine years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外,JoeoneLtd在九年的時間裡支付了股息,這意味著公司管理層更專注於保持股息支付,而不是考慮收益的縮水。
Conclusion
結論
On the whole, JoeoneLtd's performance is quite a big let-down. Particularly, its ROE is a huge disappointment, not to mention its lack of proper reinvestment into the business. As a result its earnings growth has also been quite disappointing. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
總體而言,JoeoneLtd的表現相當令人失望。特別是,它的淨資產收益率令人大失所望,更不用說它缺乏對業務的適當再投資了。因此,它的收益增長也相當令人失望。話雖如此,我們研究了最新的分析師預測,發現儘管該公司過去的收益有所縮水,但分析師預計其未來的收益將會增長。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。