Chasen Holdings Limited's (SGX:5NV) 28% Share Price Surge Not Quite Adding Up
Chasen Holdings Limited's (SGX:5NV) 28% Share Price Surge Not Quite Adding Up
Chasen Holdings Limited (SGX:5NV) shares have had a really impressive month, gaining 28% after a shaky period beforehand. Unfortunately, the gains of the last month did little to right the losses of the last year with the stock still down 20% over that time.
中信控股有限公司 新加坡證券交易所股票代碼:5NV)的股價表現非常令人印象深刻,在經歷了動盪的時期之後上漲了28%。不幸的是,上個月的漲勢並沒有彌補去年的虧損,在此期間,該股仍下跌了20%。
Although its price has surged higher, it's still not a stretch to say that Chasen Holdings' price-to-earnings (or "P/E") ratio of 13x right now seems quite "middle-of-the-road" compared to the market in Singapore, where the median P/E ratio is around 13x. Although, it's not wise to simply ignore the P/E without explanation as investors may be disregarding a distinct opportunity or a costly mistake.
儘管其價格飆升,但可以毫不費力地說,與新加坡市場相比,Chasen Holdings目前的13倍市盈率(或 “市盈率”)似乎相當 “中間路線”,後者的市盈率中位數約爲13倍。但是,在沒有解釋的情況下簡單地忽視市盈率是不明智的,因爲投資者可能忽視了獨特的機會或代價高昂的錯誤。
For example, consider that Chasen Holdings' financial performance has been poor lately as its earnings have been in decline. One possibility is that the P/E is moderate because investors think the company might still do enough to be in line with the broader market in the near future. If not, then existing shareholders may be a little nervous about the viability of the share price.
例如,考慮到Chasen Holdings最近的財務表現一直很差,因爲其收益一直在下降。一種可能性是市盈率適中,因爲投資者認爲該公司在不久的將來仍可能做得足夠多,可以與整個市場保持一致。如果不是,那麼現有股東可能會對股價的可行性有些緊張。
See our latest analysis for Chasen Holdings
查看我們對Chasen Holdings的最新分析
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What Are Growth Metrics Telling Us About The P/E?
關於市盈率,增長指標告訴我們什麼?
The only time you'd be comfortable seeing a P/E like Chasen Holdings' is when the company's growth is tracking the market closely.
你唯一能放心地看到像Chasen Holdings這樣的市盈率是該公司的增長密切關注市場的時候。
Taking a look back first, the company's earnings per share growth last year wasn't something to get excited about as it posted a disappointing decline of 51%. This has erased any of its gains during the last three years, with practically no change in EPS being achieved in total. Accordingly, shareholders probably wouldn't have been overly satisfied with the unstable medium-term growth rates.
首先回顧一下,該公司去年的每股收益增長並不令人興奮,因爲它公佈了令人失望的51%的跌幅。這抹去了其在過去三年中的任何收益,每股收益總額幾乎沒有變化。因此,股東們可能不會對不穩定的中期增長率過於滿意。
Comparing that to the market, which is predicted to deliver 9.1% growth in the next 12 months, the company's momentum is weaker based on recent medium-term annualised earnings results.
與市場相比,預計未來12個月將實現9.1%的增長,根據最近的中期年化收益業績,該公司的勢頭較弱。
With this information, we find it interesting that Chasen Holdings is trading at a fairly similar P/E to the market. Apparently many investors in the company are less bearish than recent times would indicate and aren't willing to let go of their stock right now. Maintaining these prices will be difficult to achieve as a continuation of recent earnings trends is likely to weigh down the shares eventually.
有了這些信息,我們發現有趣的是,Chasen Holdings的市盈率與市場相當相似。顯然,該公司的許多投資者的看跌程度沒有最近所表明的那麼看跌,他們現在不願意放棄股票。維持這些價格將很難實現,因爲最近的收益趨勢的延續最終可能會壓低股價。
The Key Takeaway
關鍵要點
Its shares have lifted substantially and now Chasen Holdings' P/E is also back up to the market median. Generally, our preference is to limit the use of the price-to-earnings ratio to establishing what the market thinks about the overall health of a company.
其股價大幅上漲,現在Chasen Holdings的市盈率也回到了市場中位數。通常,我們傾向於將市盈率的使用限制在確定市場對公司整體健康狀況的看法上。
We've established that Chasen Holdings currently trades on a higher than expected P/E since its recent three-year growth is lower than the wider market forecast. When we see weak earnings with slower than market growth, we suspect the share price is at risk of declining, sending the moderate P/E lower. If recent medium-term earnings trends continue, it will place shareholders' investments at risk and potential investors in danger of paying an unnecessary premium.
我們已經確定,Chasen Holdings目前的市盈率高於預期,因爲其最近三年的增長低於更廣泛的市場預期。當我們看到收益疲軟且增長低於市場增長時,我們懷疑股價有下跌的風險,從而導致溫和的市盈率走低。如果最近的中期收益趨勢繼續下去,將使股東的投資面臨風險,潛在投資者面臨支付不必要溢價的危險。
Plus, you should also learn about these 5 warning signs we've spotted with Chasen Holdings (including 3 which are concerning).
另外,你還應該了解這些 我們在Chasen Holdings發現了5個警告信號 (包括涉及的三項).
If you're unsure about the strength of Chasen Holdings' business, why not explore our interactive list of stocks with solid business fundamentals for some other companies you may have missed.
如果你是 不確定Chasen Holdings的業務實力,爲什麼不瀏覽我們的互動股票清單,爲你可能錯過的其他一些公司提供堅實的商業基本面。
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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.
對這篇文章有反饋嗎?擔心內容嗎? 取得聯繫 直接和我們在一起。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之,華爾街在上述任何股票中都沒有頭寸。