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Shanghai International Airport Co., Ltd. (SHSE:600009) Is Up But Financials Look Inconsistent: Which Way Is The Stock Headed?

Shanghai International Airport Co., Ltd. (SHSE:600009) Is Up But Financials Look Inconsistent: Which Way Is The Stock Headed?

上海機場股份有限公司(SHSE:600009)股票上漲,但財務數據看起來不一致:股票將走向何方?
Simply Wall St ·  2024/11/25 09:27

Most readers would already know that Shanghai International Airport's (SHSE:600009) stock increased by 5.3% over the past three months. However, we decided to study the company's mixed-bag of fundamentals to assess what this could mean for future share prices, as stock prices tend to be aligned with a company's long-term financial performance. In this article, we decided to focus on Shanghai International Airport's ROE.

大多數讀者已經知道,上海國際機場(SHSE: 600009)的股票在過去三個月中增長了5.3%。但是,我們決定研究公司的混合基本面,以評估這對未來股價可能意味着什麼,因爲股價往往與公司的長期財務表現一致。在本文中,我們決定重點關注上海國際機場的投資回報率。

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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回報率或投資回報率是股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。

How Do You Calculate Return On Equity?

你如何計算股本回報率?

ROE can be calculated by using the formula:

ROE 可以通過使用以下公式計算:

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

股本回報率 = 淨利潤(來自持續經營)÷ 股東權益

So, based on the above formula, the ROE for Shanghai International Airport is:

因此,根據上述公式,上海國際機場的投資回報率爲:

4.6% = CN¥2.0b ÷ CN¥43b (Based on the trailing twelve months to September 2024).

4.6% = 20元人民幣 ÷ 430元人民幣(基於截至2024年9月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.

「回報」 是過去十二個月的稅後收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.05元人民幣的利潤。

Why Is ROE Important For Earnings Growth?

爲什麼投資回報率對收益增長很重要?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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,投資回報率衡量的是公司創造利潤的效率。然後,我們能夠評估公司的收益增長潛力,具體取決於公司對這些利潤進行再投資或 「保留」 了多少及其有效性。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。

A Side By Side comparison of Shanghai International Airport's Earnings Growth And 4.6% ROE

上海國際機場的收益增長和4.6%的投資回報率的並排比較

It is hard to argue that Shanghai International Airport's ROE is much good in and of itself. Not just that, even compared to the industry average of 6.3%, the company's ROE is entirely unremarkable. Given the circumstances, the significant decline in net income by 26% seen by Shanghai International Airport over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.

很難說上海國際機場的投資回報率本身就非常好。不僅如此,即使與6.3%的行業平均水平相比,該公司的投資回報率也完全不引人注目。在這種情況下,上海國際機場在過去五年中淨收入大幅下降了26%,這並不奇怪。但是,也可能有其他因素導致收益下降。例如,該公司的派息率非常高,或者面臨競爭壓力。

So, as a next step, we compared Shanghai International Airport's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 6.2% over the last few years.

因此,下一步,我們將上海國際機場的表現與行業進行了比較,失望地發現,儘管該公司一直在縮減收益,但該行業在過去幾年中一直以6.2%的速度增長。

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SHSE:600009 Past Earnings Growth November 25th 2024
SHSE: 600009 過去的收益增長 2024 年 11 月 25 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. Has the market priced in the future outlook for 600009? You can find out in our latest intrinsic value infographic research report.

收益增長是股票估值的重要因素。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。市場在未來展望中是否定價爲600009美元?您可以在我們最新的內在價值信息圖研究報告中找到答案。

Is Shanghai International Airport Making Efficient Use Of Its Profits?

上海國際機場是否在有效利用其利潤?

Despite having a normal three-year median payout ratio of 33% (where it is retaining 67% of its profits), Shanghai International Airport has seen a decline in earnings as we saw above. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

儘管正常的三年派息率中位數爲33%(保留了67%的利潤),但如上所示,上海國際機場的收益卻有所下降。看來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。

In addition, Shanghai International Airport has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 33%. Still, forecasts suggest that Shanghai International Airport's future ROE will rise to 7.7% even though the the company's payout ratio is not expected to change by much.

此外,上海國際機場至少十年來一直在派發股息,這表明即使以業務增長爲代價,維持股息支付對管理層來說也更爲重要。我們的最新分析師數據顯示,公司未來三年的派息率預計約爲33%。儘管如此,預測表明,上海國際機場未來的投資回報率將升至7.7%,儘管該公司的派息率預計不會有太大變化。

Summary

摘要

Overall, we have mixed feelings about Shanghai International Airport. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

總的來說,我們對上海國際機場有喜憂參半的感覺。儘管該公司的再投資率確實很高,但低投資回報率意味着所有這些再投資都沒有給投資者帶來任何好處,而且還對收益增長產生了負面影響。既然如此,最新的行業分析師預測顯示,分析師預計公司的收益增長率將大幅提高。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。

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.

對這篇文章有反饋嗎?擔心內容嗎?直接聯繫我們。或者,發送電子郵件給編輯組(網址爲)simplywallst.com。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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