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Nanjing Port Co., Ltd.'s (SZSE:002040) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?

Nanjing Port Co., Ltd.'s (SZSE:002040) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?

南京港股份有限公司(SZSE:002040)的股票正在上涨,但财务状况看起来含糊不清:势头会继续吗?
Simply Wall St ·  10/01 18:25

Nanjing Port's (SZSE:002040) stock is up by a considerable 21% over the past month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Nanjing Port's ROE in this article.

南京港(SZSE:002040)的股票在过去一个月内上涨了可观的21%。 但是公司的关键财务指标似乎在各方面存在差异,这让我们怀疑公司当前的股价动量是否能够维持。 具体来说,我们决定在本文中研究南京港的roe。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股东权益回报率(ROE)是测试公司如何有效地增加其价值并管理投资者资金的指标。简而言之,它用于评估公司相对于股本资本的盈利能力。

How Do You Calculate Return On Equity?

怎样计算ROE?

Return on equity can be calculated by using the formula:

股东权益报酬率可以使用以下公式计算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

净资产收益率 = 净利润(从持续经营中获得)÷ 股东权益

So, based on the above formula, the ROE for Nanjing Port is:

因此,根据上述公式,南京港的ROE为:

5.6% = CN¥216m ÷ CN¥3.9b (Based on the trailing twelve months to June 2024).

5.6% = 2.16亿人民币 ÷ 390亿人民币(截至2024年6月的过去十二个月)。

The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.

“收益率”是公司在过去12个月税后盈利金额。可以这样理解,对于每1元股东资本,公司赚得0.06元利润。

What Is The Relationship Between ROE And Earnings Growth?

ROE与盈利增长之间的关系是什么?

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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.

我们已经确定ROE作为一个高效的盈利规模可以评估公司未来的收益。根据公司选择再投资或保留多少利润,我们可以评估公司未来盈利的能力。假设其他所有条件均保持不变,ROE和利润留存率越高,相对于没有这些特点的公司,公司的增长率就越高。

Nanjing Port's Earnings Growth And 5.6% ROE

南京港的收益增长和5.6%的roe

When you first look at it, Nanjing Port's ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 6.2%, we may spare it some thought. Having said that, Nanjing Port has shown a meagre net income growth of 3.1% over the past five years. Bear in mind, the company's ROE is not very high . So this could also be one of the reasons behind the company's low growth in earnings.

当你第一次看到它时,南京港的roe并不那么吸引人。然而,考虑到公司的roe与6.2%的行业平均roe相似,我们可以稍加考虑。话虽如此,南京港过去五年的净利润增长率仅为3.1%。请牢记,公司的roe并不是很高。因此,这也可能是公司收益增长较低的原因之一。

As a next step, we compared Nanjing Port'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 6.0% in the same period.

作为下一步,我们将南京港的净利润增长与行业进行了比较,令人失望的是,该公司的增长低于同期行业平均增长率6.0%。

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SZSE:002040 Past Earnings Growth October 1st 2024
SZSE:002040过去的收益增长2024年10月1日

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. Is Nanjing Port fairly valued compared to other companies? These 3 valuation measures might help you decide.

盈利增长是股票估值中的重要因素。投资者应该尝试确定预期的盈利增长或下降,无论哪种情况,是否已经反映在股价中。通过这样做,他们将会了解股票是走向清晰的蓝海,还是沼泽水域。南京港相对于其他公司是否定价合理?这3个估值指标可能会帮助您做出决策。

Is Nanjing Port Using Its Retained Earnings Effectively?

南京港是否有效利用留存盈利?

Nanjing Port has a low three-year median payout ratio of 23% (meaning, the company keeps the remaining 77% of profits) which means that the company is retaining more of its earnings. However, the low earnings growth number doesn't reflect this as high growth usually follows high profit retention. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

南京港的三年中位支付比率为23%(意味着公司保留了剩余的77%利润),这意味着公司保留了更多盈利。然而,低盈利增长数字并不反映这一点,因为高盈利保留通常伴随着高增长。因此,可能有一些其他原因来解释这种情况的欠缺。例如,业务可能正在下滑。

Moreover, Nanjing Port 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.

此外,南京港至少已经连续分红十年或更长时间,这表明管理层必须认为股东更喜欢股利而不是盈利增长。

Conclusion

结论

Overall, we have mixed feelings about Nanjing Port. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct.

总体而言,我们对南京港有着复杂的看法。尽管它似乎保留了大部分利润,但由于roe较低,投资者可能并未从所有再投资中受益。低收益增长率表明我们的理论是正确的。

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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.

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