Is The Market Rewarding Shanghai International Airport Co., Ltd. (SHSE:600009) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Shanghai International Airport Co., Ltd. (SHSE:600009) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Shanghai International Airport (SHSE:600009) has had a rough three months with its share price down 8.0%. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on Shanghai International Airport's ROE.
上海機場(SHSE:600009)過去三個月股價下跌8.0%。似乎市場完全忽視了公司基本面的積極因素,決定更加看重負面因素。長期基本面通常是驅動市場結果的因素,所以值得密切關注。在本文中,我們決定重點關注上海機場的roe。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東應考慮的重要因素是淨資產收益率或roe,因爲它告訴他們投資的資本如何被有效地再投資。簡單來說,它用於評估公司與其股權資本相關的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Shanghai International Airport is:
所以,根據上述公式,上海機場的roe是:
4.5% = CN¥1.9b ÷ CN¥43b (Based on the trailing twelve months to June 2024).
4.5% = CN¥19億 ÷ CN¥430億(基於截至2024年6月的過去十二個月)。
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¥0.05 in profit.
「回報」是業務在過去一年內實現的收入。這意味着,對於每個CN¥1股東權益,公司的利潤爲CN¥0.05。
What Is The Relationship Between ROE And Earnings Growth?
ROE與盈利增長之間的關係是什麼?
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. 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.
我們已經確定,ROE是一個公司未來盈利的高效測量工具。基於公司選擇重新投資或「保留」多少利潤,我們可以評估公司未來產生利潤的能力。假設其他條件相同,具有更高股本回報率和更高利潤保留比的公司通常增長速度較高,而沒有相同特徵的公司則通常增長速度較低。
Shanghai International Airport's Earnings Growth And 4.5% ROE
上海機場的盈利增長和4.5%的roe
It is hard to argue that Shanghai International Airport's ROE is much good in and of itself. Even compared to the average industry ROE of 6.3%, the company's ROE is quite dismal. Therefore, it might not be wrong to say that the five year net income decline of 40% seen by Shanghai International Airport was possibly a result of it having a lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很難說上海機場的roe本身就很好。即使與行業平均roe6.3%相比,該公司的roe也相當糟糕。因此,可以說上海機場五年的淨利潤下降了40%,可能是因爲它的roe較低。我們認爲還可能有其他方面對公司的盈利前景產生了負面影響。例如,該公司的派息比率非常高,或者面臨競爭壓力。
That being said, we compared Shanghai International Airport'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 4.9% in the same 5-year period.
話雖如此,我們將上海機場的表現與行業進行了比較,當我們發現在同一5年期間,公司的收益縮水的同時,行業的收益卻以4.9%的速度增長時,我們產生了擔憂。
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Earnings growth is a huge factor in stock valuation. 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. What is 600009 worth today? The intrinsic value infographic in our free research report helps visualize whether 600009 is currently mispriced by the market.
盈利增長是股票估值中的一個重要因素。投資者應該設法確定預期的盈利增長或下降,無論情況如何,是否已經定價。這樣做,他們就會知道該股票是走向清澈見底的沃特世,還是等待着泥濘水域。今日600009值多少錢?我們的免費研究報告中的內在價值信息圖表有助於直觀地判斷600009目前是否被市場錯誤定價。
Is Shanghai International Airport Efficiently Re-investing Its Profits?
上海機場是否有效地再投資其利潤?
Shanghai International Airport's low three-year median payout ratio of 21% (implying that it retains the remaining 79% of its profits) comes as a surprise when you pair it with the shrinking earnings. This typically shouldn't be the case when a company is retaining most of its earnings. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
上海機場低三年中位數分紅比率爲21%(暗示其留存了其利潤的其餘79%),當您將其與萎縮的盈利相配對時,可能會感到意外。當一家公司留存大部分盈利時,通常不會出現這種情況。因此,此處可能存在其他影響增長的因素。例如,業務遇到了一些阻力。
Moreover, Shanghai International Airport has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 32% over the next three years. Regardless, the future ROE for Shanghai International Airport is speculated to rise to 8.0% despite the anticipated increase in the payout ratio. There could probably be other factors that could be driving the future growth in the ROE.
此外,上海機場至少已經連續十年支付股息,這表明管理層必定認爲股東更偏好分紅派息而不是盈利增長。在研究了最新的分析師一致預測數據後,我們發現公司未來的分紅比率預計將在未來三年內上升到32%。儘管分紅比率預計將增加,但預計上海機場的未來ROE將上升至8.0%。在未來可能會有其他推動ROE增長的因素。
Conclusion
結論
In total, we're a bit ambivalent about Shanghai International Airport's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總體而言,我們對上海機場的表現持有一種矛盾的態度。雖然該公司的利潤保留率很高,但其回報率較低可能阻礙了其盈利增長。話雖如此,根據目前的分析師預測,我們發現該公司的盈利增長率有望大幅改善。要了解更多有關該公司未來盈利增長預測的信息,請查看這份免費的分析師預測報告。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。