Should Weakness in Hainan Strait Shipping Co.,Ltd.'s (SZSE:002320) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Hainan Strait Shipping Co.,Ltd.'s (SZSE:002320) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Hainan Strait ShippingLtd (SZSE:002320) has had a rough three months with its share price down 13%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Hainan Strait ShippingLtd's ROE today.
海南海峡航运股份有限公司(SZSE：002320)经历了艰难的三个月，股价下跌了13%。然而，该公司的基本面看起来相当不错，长期财务状况通常与未来的市场价格走势保持一致。今天我们特别关注海南海峡航运有限公司的净资产收益率。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
View our latest analysis for Hainan Strait ShippingLtd
查看我们对海南海峡航运有限公司的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Hainan Strait ShippingLtd is:
因此，根据上述公式，海南海峡航运有限公司的净资产收益率为：
15% = CN¥923m ÷ CN¥6.1b (Based on the trailing twelve months to June 2023).
15%=9.23亿元×61亿元(以截至2023年6月的12个月为基础)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.15 in profit.
“收益”是过去12个月的利润。将其概念化的一种方法是，公司每持有1元人民币的股东资本，就会获得0.15元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Hainan Strait ShippingLtd's Earnings Growth And 15% ROE
海南海峡航运有限公司盈利增长和15%的净资产收益率
At first glance, Hainan Strait ShippingLtd seems to have a decent ROE. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. Given the circumstances, we can't help but wonder why Hainan Strait ShippingLtd saw little to no growth in the past five years. We reckon that there could be some other factors at play here that's limiting the company's growth. These include low earnings retention or poor allocation of capital.
乍一看，海南海峡航运有限公司似乎拥有不错的净资产收益率。与11%的行业平均净资产收益率相比，该公司的净资产收益率看起来相当惊人。在这种情况下，我们不禁要问，为什么海南海峡航运有限公司在过去五年里几乎没有增长。我们认为，可能还有一些其他因素在发挥作用，限制了公司的增长。这些问题包括低收益留存或资本配置不善。
Next, on comparing with the industry net income growth, we found that Hainan Strait ShippingLtd's reported growth was lower than the industry growth of 25% over the last few years, which is not something we like to see.
接下来，在与行业净收入增长进行比较时，我们发现海南海峡航运有限公司过去几年的报告增长低于行业25%的增长，这是我们不愿意看到的。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Hainan Strait ShippingLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。如果你想知道海南海峡航运有限公司的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Hainan Strait ShippingLtd Using Its Retained Earnings Effectively?
海南海峡航运有限公司是否有效利用其留存收益？
The high three-year median payout ratio of 73% (meaning, the company retains only 27% of profits) for Hainan Strait ShippingLtd suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
海南海峡航运有限公司的三年派息率中值为73%(即该公司仅保留利润的27%)，这表明该公司的收益增长微乎其微，因为该公司支付了大部分收益。
In addition, Hainan Strait ShippingLtd has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外，海南海峡航运有限公司在至少十年的时间里一直在分红，这表明保持分红对管理层来说要重要得多，即使这是以业务增长为代价的。
Summary
摘要
In total, it does look like Hainan Strait ShippingLtd has some positive aspects to its business. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return. Investors could have benefitted from the high ROE, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. Up till now, we've only made a short study of the company's growth data. To gain further insights into Hainan Strait ShippingLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总体而言，海南海峡航运有限公司的业务确实有一些积极的方面。然而，低收益增长有点令人担忧，特别是考虑到该公司的回报率很高。如果该公司将更多收益进行再投资，投资者本可以从高ROE中受益。正如前面讨论的那样，该公司保留了一小部分利润。到目前为止，我们只对该公司的增长数据进行了简短的研究。要进一步了解海南海峡航运有限公司过去的利润增长，请查看这张过去收益、收入和现金流的可视化图表。
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