Town Health International Medical Group Limited's (HKG:3886) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Town Health International Medical Group Limited's (HKG:3886) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Town Health International Medical Group (HKG:3886) has had a great run on the share market with its stock up by a significant 31% over the last month. However, in this article, we decided to focus on its weak fundamentals, as long-term financial performance of a business is what ultimatley dictates market outcomes. In this article, we decided to focus on Town Health International Medical Group's ROE.
城市健康国际医疗集团(HKG：3886)在股票市场表现强劲，其股票在过去一个月大幅上涨了31%。然而，在本文中，我们决定将重点放在其疲弱的基本面上，因为企业的长期财务业绩是最终决定市场结果的因素。在本文中，我们决定将重点放在城市健康国际医疗集团的ROE上。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
View our latest analysis for Town Health International Medical Group
查看我们对城市健康国际医疗集团的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Town Health International Medical Group is:
因此，根据上述公式，城市健康国际医疗集团的净资产收益率为：
1.8% = HK$75m ÷ HK$4.2b (Based on the trailing twelve months to December 2021).
1.8%=7,500万港元×42亿港元(以截至2021年12月的过去12个月计算)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.02 in profit.
“回报”指的是一家公司过去一年的收益。另一种说法是，该公司每持有价值1港元的股票，就能赚取0.02港元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
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 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.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Town Health International Medical Group's Earnings Growth And 1.8% ROE
城镇健康国际医疗集团盈利增长与1.8%净资产收益率的并列比较
It is quite clear that Town Health International Medical Group's ROE is rather low. Not just that, even compared to the industry average of 7.1%, the company's ROE is entirely unremarkable. Given the circumstances, the significant decline in net income by 41% seen by Town Health International Medical Group over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. Such as - low earnings retention or poor allocation of capital.
很明显，城市健康国际医疗集团的净资产收益率相当低。不仅如此，即使与7.1%的行业平均水平相比，该公司的净资产收益率也完全不起眼。在这种情况下，城市健康国际医疗集团在过去五年中净收入大幅下降41%并不令人惊讶。我们认为，可能还有其他方面对公司的收益前景产生负面影响。例如-低收益留存或资本分配不佳。
However, when we compared Town Health International Medical Group's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 9.0% in the same period. This is quite worrisome.
然而，当我们将城市健康国际医疗集团的增长与行业进行比较时发现，尽管该公司的收益一直在萎缩，但同期该行业的收益增长了9.0%。这相当令人担忧。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Town Health International Medical Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是评估一只股票时需要考虑的一个重要指标。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。与其他公司相比，城市健康国际医疗集团的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Town Health International Medical Group Making Efficient Use Of Its Profits?
城市健康国际医疗集团是否在有效利用其利润？
Town Health International Medical Group has a high three-year median payout ratio of 51% (that is, it is retaining 49% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run. To know the 2 risks we have identified for Town Health International Medical Group visit our risks dashboard for free.
城市健康国际医疗集团的三年中值派息率高达51%(也就是说，它保留了49%的利润)。这表明该公司正在将大部分利润作为股息支付给股东。这在一定程度上解释了为什么它的收益一直在缩水。这家企业只剩下一小部分资金可以再投资--这是一个恶性循环，从长远来看对公司没有好处。要了解我们为城市健康国际医疗集团确定的两个风险，请免费访问我们的风险仪表板。
Additionally, Town Health International Medical Group has paid dividends over a period of eight years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外，城市健康国际医疗集团在八年的时间里支付了股息，这意味着公司管理层更专注于保持股息支付，而不考虑收益的缩水。
Summary
摘要
Overall, we would be extremely cautious before making any decision on Town Health International Medical Group. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. So far, we've only made a quick discussion around the company's earnings growth. You can do your own research on Town Health International Medical Group and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总体而言，我们在对城市健康国际医疗集团做出任何决定之前都会非常谨慎。由于保留了很少的利润，该公司的收益增长乏力，而且无论它保留的是什么，再投资的回报率都非常低。到目前为止，我们只是围绕该公司的收益增长进行了简短的讨论。你可以自己做关于城市健康国际医疗集团的研究，通过查看这个免费的过去收益、收入和现金流的详细图表，看看它在过去的表现如何。
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这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说，华尔街在提到的任何股票中都没有头寸。