Guilin Tourism Corporation Limited's (SZSE:000978) Shareholders Might Be Looking For Exit
Guilin Tourism Corporation Limited's (SZSE:000978) Shareholders Might Be Looking For Exit
You may think that with a price-to-sales (or "P/S") ratio of 11.1x Guilin Tourism Corporation Limited (SZSE:000978) is a stock to avoid completely, seeing as almost half of all the Hospitality companies in China have P/S ratios under 6.5x and even P/S lower than 3x aren't out of the ordinary. Although, it's not wise to just take the P/S at face value as there may be an explanation why it's so lofty.
你可能会认为,市销率(或“P/S”)为11.1倍桂林旅游股份有限公司深交所(SZSE:000978)是一只应该完全避免的股票,因为中国几乎一半的酒店公司的P/S比率低于6.5倍,即使是P/S低于3倍的公司也不是不寻常的。尽管如此,仅仅从表面上看待P/S是不明智的,因为可能会有一个解释为什么它如此之高。
See our latest analysis for Guilin Tourism
查看我们对桂林旅游的最新分析
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How Guilin Tourism Has Been Performing
桂林旅游业的表现如何
Recent times have been quite advantageous for Guilin Tourism as its revenue has been rising very briskly. It seems that many are expecting the strong revenue performance to beat most other companies over the coming period, which has increased investors' willingness to pay up for the stock. You'd really hope so, otherwise you're paying a pretty hefty price for no particular reason.
最近一段时间对桂林旅游业来说相当有利,因为它的收入一直在快速增长。似乎许多人预计,苹果强劲的营收表现将在未来一段时间内击败大多数其他公司,这增加了投资者支付高价购买该股的意愿。你真的希望如此,否则你会无缘无故地付出相当大的代价。
Do Revenue Forecasts Match The High P/S Ratio?
收入预测是否与高市盈率相匹配?
Guilin Tourism's P/S ratio would be typical for a company that's expected to deliver very strong growth, and importantly, perform much better than the industry.
对于一家有望实现非常强劲增长的公司来说,桂林旅游的市盈率/S比率是典型的,而且重要的是,它的表现远远好于行业。
Taking a look back first, we see that the company grew revenue by an impressive 102% last year. However, this wasn't enough as the latest three year period has seen the company endure a nasty 29% drop in revenue in aggregate. Accordingly, shareholders would have felt downbeat about the medium-term rates of revenue growth.
首先回顾一下,我们看到该公司去年的收入增长了102%,令人印象深刻。然而,这还不够,因为在最近三年的时间里,该公司的总收入大幅下降了29%。因此,股东们会对中期营收增长率感到悲观。
Comparing that to the industry, which is predicted to deliver 72% growth in the next 12 months, the company's downward momentum based on recent medium-term revenue results is a sobering picture.
相比之下,该行业预计将在未来12个月实现72%的增长,根据最近的中期营收结果,该公司的下滑势头令人警醒。
In light of this, it's alarming that Guilin Tourism's P/S sits above the majority of other companies. It seems most investors are ignoring the recent poor growth rate and are hoping for a turnaround in the company's business prospects. There's a very good chance existing shareholders are setting themselves up for future disappointment if the P/S falls to levels more in line with the recent negative growth rates.
有鉴于此,桂林旅游的P/S位居大多数其他公司之首,这是令人担忧的。似乎大多数投资者都忽视了最近糟糕的增长率,并希望该公司的业务前景有所好转。如果市盈率/S指数跌至与近期负增长更为一致的水平,现有股东很有可能正在为未来的失望做准备。
What Does Guilin Tourism's P/S Mean For Investors?
桂林旅游P/S对投资者意味着什么?
Generally, our preference is to limit the use of the price-to-sales ratio to establishing what the market thinks about the overall health of a company.
一般来说,我们倾向于将市销率的使用限制在确定市场对公司整体健康状况的看法上。
We've established that Guilin Tourism currently trades on a much higher than expected P/S since its recent revenues have been in decline over the medium-term. Right now we aren't comfortable with the high P/S as this revenue performance is highly unlikely to support such positive sentiment for long. If recent medium-term revenue trends continue, it will place shareholders' investments at significant risk and potential investors in danger of paying an excessive premium.
我们已经确定,桂林旅游目前的市盈率远高于预期,因为该公司最近的收入在中期内一直在下降。目前,我们对高市盈率S并不满意,因为这种收入表现不太可能长期支持这种积极的情绪。如果近期的中期营收趋势持续下去,将使股东的投资面临重大风险,潜在投资者面临支付过高溢价的危险。
There are also other vital risk factors to consider before investing and we've discovered 1 warning sign for Guilin Tourism that you should be aware of.
在投资之前,还有其他重要的风险因素需要考虑,我们发现桂林旅游的1个警示标志这一点你应该知道。
If these risks are making you reconsider your opinion on Guilin Tourism, explore our interactive list of high quality stocks to get an idea of what else is out there.
如果这些风险让你重新考虑对桂林旅游的看法,探索我们的高质量股票互动列表,以了解还有什么。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。