Could The Market Be Wrong About The Hour Glass Limited (SGX:AGS) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About The Hour Glass Limited (SGX:AGS) Given Its Attractive Financial Prospects?
Hour Glass (SGX:AGS) has had a rough three months with its share price down 16%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Hour Glass' ROE in this article.
Hour Glass（新加坡证券交易所股票代码：AGS）经历了艰难的三个月，其股价下跌了16％。但是，仔细观察其稳健的财务状况可能会让您重新考虑。鉴于基本面通常会推动长期市场业绩，该公司值得一看。具体而言，我们决定在本文中研究 Hour Glass 的投资回报率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或投资回报率是股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。简而言之，投资回报率显示了每美元从其股东投资中产生的利润。
View our latest analysis for Hour Glass
查看我们对 Hour Glass 的最新分析
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Hour Glass is:
因此，根据上述公式，Hour Glass 的投资回报率为：
22% = S$174m ÷ S$788m (Based on the trailing twelve months to March 2023).
22% = 1.74亿新元 ¥7.88亿新元（基于截至2023年3月的过去十二个月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each SGD1 of shareholders' capital it has, the company made SGD0.22 in profit.
“回报” 是每年的利润。将其概念化的一种方法是，公司每拥有1新加坡元的股东资本，就能获得0.22新加坡元的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确定，投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”，我们便能够评估公司未来创造利润的能力。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Hour Glass' Earnings Growth And 22% ROE
Hour Glass 的收益增长和 22% 的投资回报率
First thing first, we like that Hour Glass has an impressive ROE. Additionally, the company's ROE is higher compared to the industry average of 9.2% which is quite remarkable. Under the circumstances, Hour Glass' considerable five year net income growth of 26% was to be expected.
首先，我们喜欢 Hour Glass 的投资回报率令人印象深刻。此外，该公司的投资回报率高于行业平均水平的9.2％，这非常了不起。在这种情况下，Hour Glass在五年内实现26％的可观净收入增长是可以预料的。
As a next step, we compared Hour Glass' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 16%.
下一步，我们将Hour Glass的净收入增长与行业进行了比较，令人高兴的是，我们发现该公司的增长高于行业平均16％的增长。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Hour Glass fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是估值股票时要考虑的重要指标。投资者应努力确定预期的收益增长或下降，无论情况如何，是否已被考虑在内。通过这样做，他们将知道这只股票是进入清澈的蓝色海水还是沼泽水域在等着你。与其他公司相比，Hour Glass的估值是否公平？这三种估值指标可能有助于您做出决定。
Is Hour Glass Making Efficient Use Of Its Profits?
Hour Glass 是否在有效利用其利润？
Hour Glass has a three-year median payout ratio of 36% (where it is retaining 64% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and Hour Glass is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
Hour Glass的三年中位支付率为36％（保留收入的64％），不算太低或不太高。从表面上看，股息得到了很好的保障，Hour Glass正在有效地对其利润进行再投资，我们上面讨论的其出色增长就证明了这一点。
Additionally, Hour Glass has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
此外，Hour Glass已经在至少十年的时间里支付了股息，这意味着该公司非常认真地与股东分享利润。
Conclusion
结论
In total, we are pretty happy with Hour Glass' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Remember, the price of a stock is also dependent on the perceived risk. Therefore investors must keep themselves informed about the risks involved before investing in any company. You can see the 1 risk we have identified for Hour Glass by visiting our risks dashboard for free on our platform here.
总的来说，我们对Hour Glass的表现非常满意。特别是，我们喜欢该公司对其业务进行大量再投资，而且回报率很高。毫不奇怪，这带来了可观的收益增长。考虑到每股收益如何影响长期股价，如果该公司继续照原样增长收益，这可能会对其股价产生积极影响。请记住，股票的价格还取决于感知的风险。因此，投资者在投资任何公司之前必须随时了解所涉及的风险。您可以通过访问我们的 Hour Glass 来查看我们为 Hour Glass 确定的 1 种风险 风险仪表板 在我们的平台上免费使用。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。