Declining Stock and Decent Financials: Is The Market Wrong About Ningbo Ocean Shipping Co., Ltd. (SHSE:601022)?
Declining Stock and Decent Financials: Is The Market Wrong About Ningbo Ocean Shipping Co., Ltd. (SHSE:601022)?
It is hard to get excited after looking at Ningbo Ocean Shipping's (SHSE:601022) recent performance, when its stock has declined 18% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Ningbo Ocean Shipping's ROE today.
看了宁波远洋运输(SHSE: 601022)最近的表现,很难感到兴奋,当时其股票在过去三个月中下跌了18%。但是,从长远来看,股票价格通常由公司的财务状况驱动,在这种情况下,这看起来相当可观。特别是,我们今天将关注宁波远洋运输的投资回报率。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。简而言之,它衡量公司相对于股东权益的盈利能力。
How To Calculate Return On Equity?
如何计算股本回报率?
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算:
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 Ningbo Ocean Shipping is:
因此,根据上述公式,宁波远洋运输的投资回报率为:
9.6% = CN¥513m ÷ CN¥5.3b (Based on the trailing twelve months to September 2023).
9.6% = 5.13亿元人民币 ÷ 53亿元人民币(基于截至2023年9月的过去十二个月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.10 in profit.
“回报” 是企业在过去一年中获得的收入。这意味着,每持有价值1元人民币的股权,公司就会产生0.10元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
到目前为止,我们已经了解到,投资回报率是衡量公司盈利能力的指标。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。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。
Ningbo Ocean Shipping's Earnings Growth And 9.6% ROE
宁波远洋航运的收益增长和9.6%的投资回报率
At first glance, Ningbo Ocean Shipping's ROE doesn't look very promising. However, its ROE is similar to the industry average of 9.7%, so we won't completely dismiss the company. Moreover, we are quite pleased to see that Ningbo Ocean Shipping's net income grew significantly at a rate of 24% over the last five years. Given the slightly low ROE, it is likely that there could be some other aspects that are driving this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看,宁波远洋运输的投资回报率看起来并不十分乐观。但是,其投资回报率与行业平均水平的9.7%相似,因此我们不会完全解散该公司。此外,我们非常高兴地看到,宁波远洋运输的净收入在过去五年中以24%的速度大幅增长。鉴于投资回报率略低,可能还有其他一些方面推动这种增长。例如,公司的管理层可能做出了一些良好的战略决策,或者公司的派息率很低。
Next, on comparing Ningbo Ocean Shipping's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 23% over the last few years.
接下来,在将宁波远洋运输的净收入增长与该行业的净收入增长进行比较时,我们发现该公司报告的增长与过去几年23%的行业平均增长率相似。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240222/0-798bd1d9b47047ac5ac4dca3d47b118d-0-9cda013937cd6ff7063bfcd958a9998e.png/big)
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Ningbo Ocean Shipping fairly valued compared to other companies? These 3 valuation measures might help you decide.
为公司附加价值的基础在很大程度上与其收益增长息息相关。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。与其他公司相比,宁波远洋运输的估值是否合理?这3种估值指标可能会帮助您做出决定。
Is Ningbo Ocean Shipping Efficiently Re-investing Its Profits?
宁波远洋航运是否有效地将其利润再投资?
Ningbo Ocean Shipping has a three-year median payout ratio of 30% (where it is retaining 70% of its income) which is not too low or not too high. So it seems that Ningbo Ocean Shipping is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
宁波远洋航运的三年派息率中位数为30%(保留了收入的70%),不太低或不太高。因此,宁波远洋航运似乎正在高效地进行再投资,其收益实现了可观的增长(如上所述),并支付的股息可以充分支付。
Along with seeing a growth in earnings, Ningbo Ocean Shipping only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
随着收益的增长,宁波远洋运输直到最近才开始派发股息。该公司很可能想给股东留下深刻的印象。
Summary
摘要
In total, it does look like Ningbo Ocean Shipping has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard would have the 2 risks we have identified for Ningbo Ocean Shipping.
总的来说,宁波远洋运输的业务确实有一些积极的方面。尽管投资回报率很低,但由于再投资率很高,该公司的收益实现了可观的增长。虽然我们不会完全解散公司,但我们要做的是努力确定业务的风险,以便在公司周围做出更明智的决定。我们的风险仪表板将包含我们为宁波远洋运输确定的两种风险。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。