Declining Stock and Decent Financials: Is The Market Wrong About Sicher Elevator Co., Ltd. (SZSE:301056)?
Declining Stock and Decent Financials: Is The Market Wrong About Sicher Elevator Co., Ltd. (SZSE:301056)?
It is hard to get excited after looking at Sicher Elevator's (SZSE:301056) recent performance, when its stock has declined 17% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Sicher Elevator's ROE.
看了Sicher Elevator(深圳證券交易所代碼:301056)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了17%。但是,該公司的基本面看起來相當不錯,長期財務狀況通常與未來的市場價格走勢一致。在這篇文章中,我們決定重點介紹森赫電梯的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,投資回報率顯示了每美元從其股東投資中產生的利潤。
View our latest analysis for Sicher Elevator
查看我們對 Sicher Elevator 的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率?
The formula for ROE is:
ROE 的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益
So, based on the above formula, the ROE for Sicher Elevator is:
因此,根據上述公式,Sicher Elevator的投資回報率爲:
9.5% = CN¥76m ÷ CN¥797m (Based on the trailing twelve months to September 2023).
9.5% = 7600萬元人民幣 ÷ 7.97億元人民幣(基於截至2023年9月的過去十二個月)。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.10 in profit.
“回報” 是每年的利潤。另一種思考方式是,公司每持有價值1元人民幣的股權,就能獲得0.10元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係?
So far, we've learned that ROE is a measure of a company's profitability. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。根據公司選擇將多少利潤進行再投資或 “保留”,我們便能夠評估公司未來創造利潤的能力。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
Sicher Elevator's Earnings Growth And 9.5% ROE
Sicher Elevator的收益增長和9.5%的投資回報率
When you first look at it, Sicher Elevator's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 7.5% doesn't go unnoticed by us. However, Sicher Elevator's five year net income growth was quite low averaging at only 2.7%. Bear in mind, the company does have a low ROE. It is just that the industry ROE is lower. Therefore, the low growth in earnings could also be the result of this.
當你第一次看的時候,Sicher Elevator的投資回報率看起來並不那麼吸引人。但是,其投資回報率遠高於行業平均水平的7.5%,這一事實並沒有被我們忽視。但是,Sicher Elevator的五年淨收入增長相當低,平均僅爲2.7%。請記住,該公司的投資回報率確實很低。只是行業的投資回報率較低。因此,收益的低增長也可能是其結果。
As a next step, we compared Sicher Elevator's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 11% in the same period.
下一步,我們將Sicher Elevator的淨收入增長與該行業進行了比較,並失望地看到該公司的增長低於同期11%的行業平均增長。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Sicher Elevator fairly valued compared to other companies? These 3 valuation measures might help you decide.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。通過這樣做,他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。與其他公司相比,Sicher Elevator的估值是否合理?這3種估值指標可能會幫助您做出決定。
Is Sicher Elevator Using Its Retained Earnings Effectively?
Sicher Elevator是否有效地使用了其留存收益?
Despite having a moderate three-year median payout ratio of 43% (implying that the company retains the remaining 57% of its income), Sicher Elevator's earnings growth was quite low. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
儘管三年派息率中位數爲43%(這意味着該公司保留了剩餘的57%的收入),但Sicher Elevator的收益增長還是相當低的。因此,可能還有其他一些原因可以解釋這方面的不足。例如,業務可能會下滑。
Additionally, Sicher Elevator started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.
此外,Sicher Elevator直到最近才開始派發股息。因此,看來管理層一定已經意識到股東偏愛股息而不是收益增長。
Conclusion
結論
In total, it does look like Sicher Elevator has some positive aspects to its business. However, while the company does have a decent ROE and a high profit retention, its earnings growth number is quite disappointing. This suggests that there might be some external threat to the business, that's hampering growth.
總的來說,看起來Sicher Elevator的業務確實有一些積極的方面。但是,儘管該公司的投資回報率確實不錯,利潤保留率很高,但其收益增長數字令人失望。這表明業務可能面臨一些外部威脅,這阻礙了增長。
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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,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。