Investors Don't See Light At End Of Jiangsu ChengXing Phosph-Chemicals Co., Ltd.'s (SHSE:600078) Tunnel
Investors Don't See Light At End Of Jiangsu ChengXing Phosph-Chemicals Co., Ltd.'s (SHSE:600078) Tunnel
You may think that with a price-to-sales (or "P/S") ratio of 1.3x Jiangsu ChengXing Phosph-Chemicals Co., Ltd. (SHSE:600078) is a stock worth checking out, seeing as almost half of all the Chemicals companies in China have P/S ratios greater than 2.3x and even P/S higher than 5x 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 limited.
你可能會認為,以1.3倍的市售比(或“P/S”)江秀克誠興磷化工有限公司。上海證券交易所股票代碼:600078)是一隻值得一看的股票,因為中國幾乎一半的化工公司的本益比高於S的2.3倍,即使是高於5倍的本益比也並不罕見。儘管如此,只看本益比/S的面值是不明智的,因為可能會有一個解釋為什麼它是有限的。
Check out our latest analysis for Jiangsu ChengXing Phosph-Chemicals
查看我們對江秀克成興磷化公司的最新分析
![ps-multiple-vs-industry](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231014/0-662f1433b471a37a2406ec0c1507345e-0-26e8a4b738be16895e2af95604a8fb90.png/big)
What Does Jiangsu ChengXing Phosph-Chemicals' P/S Mean For Shareholders?
江秀克成興磷化P/S對股東意味著什麼?
For example, consider that Jiangsu ChengXing Phosph-Chemicals' financial performance has been poor lately as its revenue has been in decline. One possibility is that the P/S is low because investors think the company won't do enough to avoid underperforming the broader industry in the near future. Those who are bullish on Jiangsu ChengXing Phosph-Chemicals will be hoping that this isn't the case so that they can pick up the stock at a lower valuation.
例如,考慮到江秀克誠興磷化公司最近的財務表現不佳,因為其收入一直在下降。一種可能性是,本益比較低是因為投資者認為,在不久的將來,該公司在避免表現遜於大盤方面做得不夠。那些看好江秀克誠興磷化股份的人會希望情況並非如此,這樣他們才能以較低的估值買入該股。
Do Revenue Forecasts Match The Low P/S Ratio?
收入預測是否符合較低的本益比?
There's an inherent assumption that a company should underperform the industry for P/S ratios like Jiangsu ChengXing Phosph-Chemicals' to be considered reasonable.
有一種固有的假設,即一家公司的表現應該遜於行業,才能讓江秀克誠興磷化這樣的本益比被認為是合理的。
Retrospectively, the last year delivered a frustrating 13% decrease to the company's top line. This has soured the latest three-year period, which nevertheless managed to deliver a decent 12% overall rise in revenue. So we can start by confirming that the company has generally done a good job of growing revenue over that time, even though it had some hiccups along the way.
回顧過去一年,該公司的營收令人沮喪地下降了13%。這讓最近三年的情況變得糟糕,儘管如此,該公司的整體收入仍實現了12%的可觀增長。因此,我們可以從確認該公司在這段時間內總體上在收入增長方面做得很好開始,儘管在此過程中出現了一些小問題。
This is in contrast to the rest of the industry, which is expected to grow by 30% over the next year, materially higher than the company's recent medium-term annualised growth rates.
這與其他行業形成鮮明對比,預計明年該行業將增長30%,大大高於該公司最近的中期年化增長率。
With this in consideration, it's easy to understand why Jiangsu ChengXing Phosph-Chemicals' P/S falls short of the mark set by its industry peers. Apparently many shareholders weren't comfortable holding on to something they believe will continue to trail the wider industry.
考慮到這一點,就不難理解為什麼江秀克誠興磷化工的P/S沒有達到行業同行的標準。顯然,許多股東對持有他們認為將繼續落後於整個行業的股票感到不舒服。
What Does Jiangsu ChengXing Phosph-Chemicals' P/S Mean For Investors?
江秀克成興磷化P/S對投資者意味著什麼?
While the price-to-sales ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of revenue expectations.
雖然市銷率不應該成為你是否買入一隻股票的決定性因素,但它是一個很好的收入預期晴雨錶。
As we suspected, our examination of Jiangsu ChengXing Phosph-Chemicals revealed its three-year revenue trends are contributing to its low P/S, given they look worse than current industry expectations. Right now shareholders are accepting the low P/S as they concede future revenue probably won't provide any pleasant surprises. If recent medium-term revenue trends continue, it's hard to see the share price experience a reversal of fortunes anytime soon.
正如我們懷疑的那樣,我們對江秀克誠興磷化公司的調查顯示,鑑於其本益比/S比看起來比當前行業預期的要差,該公司三年的收入趨勢是導致其低本益比的原因之一。目前,股東們正在接受S的低本益比,因為他們承認,未來的收入可能不會帶來任何令人愉快的驚喜。如果近期的中期營收趨勢持續下去,很難看到該公司股價在短期內出現逆轉。
And what about other risks? Every company has them, and we've spotted 2 warning signs for Jiangsu ChengXing Phosph-Chemicals (of which 1 shouldn't be ignored!) you should know about.
還有其他風險呢?每家公司都有它們,我們已經發現江秀克成興磷化工的2個警示標誌(其中1個不應該被忽視!)你應該知道。
It's important to make sure you look for a great company, not just the first idea you come across. So if growing profitability aligns with your idea of a great company, take a peek at this free list of interesting companies with strong recent earnings growth (and a low P/E).
重要的是確保你尋找的是一家偉大的公司,而不僅僅是你遇到的第一個想法。因此,如果不斷增長的盈利能力符合你對一家偉大公司的看法,不妨看看這一點免費近期收益增長強勁(本益比較低)的有趣公司名單。
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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.