share_log

China Television Media, Ltd.'s (SHSE:600088) Stock Is Going Strong: Have Financials A Role To Play?

China Television Media, Ltd.'s (SHSE:600088) Stock Is Going Strong: Have Financials A Role To Play?

中国电视传媒有限公司s (SHSE: 600088) 股票走强:金融可以发挥作用吗?
Simply Wall St ·  04/13 20:30

China Television Media's (SHSE:600088) stock is up by a considerable 40% over the past three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study China Television Media's ROE in this article.

中国电视传媒(上海证券交易所代码:600088)的股票在过去三个月中上涨了40%。我们想知道公司的财务状况在价格变动中是否起着什么作用,因为公司的长期基本面通常决定市场业绩。具体而言,我们决定在本文中研究中国电视媒体的投资回报率。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之,它衡量公司相对于股东权益的盈利能力。

How Is ROE Calculated?

ROE 是如何计算的?

The formula for return on equity is:

股本回报率的公式是:

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 China Television Media is:

因此,根据上述公式,中国电视媒体的投资回报率为:

23% = CN¥317m ÷ CN¥1.4b (Based on the trailing twelve months to September 2023).

23% = 3.17亿元人民币 ÷ 14亿元人民币(基于截至2023年9月的过去十二个月)。

The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.23.

“回报” 是过去十二个月的税后收入。因此,这意味着,其股东每投资1元人民币,公司就会产生0.23元人民币的利润。

What Has ROE Got To Do With Earnings Growth?

投资回报率与收益增长有什么关系?

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. 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。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。

China Television Media's Earnings Growth And 23% ROE

中国电视媒体的收益增长和23%的投资回报率

First thing first, we like that China Television Media has an impressive ROE. Secondly, even when compared to the industry average of 5.8% the company's ROE is quite impressive. Needless to say, we are quite surprised to see that China Television Media's net income shrunk at a rate of 3.3% over the past five years. So, there might be some other aspects that could explain this. These include low earnings retention or poor allocation of capital.

首先,我们喜欢中国电视媒体的投资回报率令人印象深刻。其次,即使与行业平均水平的5.8%相比,该公司的投资回报率也相当可观。毋庸置疑,我们惊讶地看到,中国电视媒体的净收入在过去五年中以3.3%的速度萎缩。因此,可能还有其他一些方面可以解释这一点。其中包括收益保留率低或资本配置不善。

That being said, we compared China Television Media's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 17% in the same 5-year period.

话虽如此,我们将中国电视媒体的表现与该行业的表现进行了比较,当我们发现尽管该公司缩减了收益,但该行业在同期的5年中收益增长了17%,这让我们感到担忧。

past-earnings-growth
SHSE:600088 Past Earnings Growth April 14th 2024
SHSE: 600088 过去的收益增长 2024 年 4 月 14 日

Earnings growth is a huge factor in stock valuation. 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 China Television Media's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

收益增长是股票估值的重要因素。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。这样做将帮助他们确定股票的未来是乐观还是不祥的。如果你想知道中国电视媒体的估值,可以看看这个衡量其市盈率与行业相比的指标。

Is China Television Media Efficiently Re-investing Its Profits?

中国电视媒体是否有效地将其利润再投资?

China Television Media doesn't pay any regular dividends, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.

中国电视媒体不支付任何定期股息,这意味着该公司保留了所有利润,这使我们想知道,如果它不能利用收益来发展业务,为什么还要保留收益。因此,在这方面可能还有其他解释。例如,该公司的业务可能正在恶化。

Summary

摘要

In total, it does look like China Television Media has some positive aspects to its business. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. 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. To know the 3 risks we have identified for China Television Media visit our risks dashboard for free.

总的来说,看来中国电视传媒的业务确实有一些积极的方面。但是,鉴于高投资回报率和高利润保留率,我们预计该公司将实现强劲的收益增长,但情况并非如此。这表明该业务可能面临一些外部威胁,这阻碍了其增长。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。要了解我们为中国电视媒体确定的三种风险,请免费访问我们的风险仪表板。

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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发