Are Vtech Holdings Limited's (HKG:303) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Vtech Holdings Limited's (HKG:303) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
With its stock down 12% over the past three months, it is easy to disregard Vtech Holdings (HKG:303). 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. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Vtech Holdings' ROE.
在过去三个月股价下跌12%的情况下，很容易忽视伟易达控股(HKG：303)。市场似乎完全忽视了该公司基本面的积极方面，而决定更多地关注负面方面。基本面通常决定市场结果，因此研究该公司的财务状况是有意义的。在本文中，我们决定将重点放在Vtech Holdings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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
View our latest analysis for Vtech Holdings
查看我们对Vtech Holdings的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
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 Vtech Holdings is:
因此，根据上述公式，伟易达控股的净资产收益率为：
25% = US$173m ÷ US$679m (Based on the trailing twelve months to March 2022).
25%=1.73亿美元×6.79亿美元(基于截至2022年3月的12个月的往绩)。
The 'return' refers to a company's earnings over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.25 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，每1港元的股东权益，该公司就会产生0.25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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
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。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Vtech Holdings' Earnings Growth And 25% ROE
伟易达控股的盈利增长和25%的净资产收益率
To begin with, Vtech Holdings has a pretty high ROE which is interesting. Second, a comparison with the average ROE reported by the industry of 8.1% also doesn't go unnoticed by us. However, we are curious as to how the high returns still resulted in a flat growth for Vtech Holdings in the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
首先，Vtech Holdings拥有相当高的净资产收益率，这一点很有趣。其次，与行业报告的8.1%的平均净资产收益率相比，我们也注意到了这一点。然而，我们好奇的是，在过去的五年里，高回报如何仍然导致Vtech Holdings的持平增长。基于此，我们认为，可能还有本文迄今未讨论的其他原因，可能正在阻碍公司的增长。例如，公司将很大一部分收益作为股息支付，或者面临竞争压力。
Next, we compared Vtech Holdings' performance against the industry and found that the industry shrunk its earnings at 14% in the same period, which suggests that the company's earnings have been shrinking at a slower rate than its industry, While this is not particularly good, its not particularly bad either.
接下来，我们将Vtech Holdings的表现与行业进行了比较，发现该行业在同一时期的收益缩水了14%，这表明该公司的收益缩水速度一直低于行业，虽然这不是特别好，但也不是特别糟糕。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 303 worth today? The intrinsic value infographic in our free research report helps visualize whether 303 is currently mispriced by the market.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。今天，303值多少钱？我们免费研究报告中的内在价值信息图有助于直观地了解303目前是否被市场错误定价。
Is Vtech Holdings Efficiently Re-investing Its Profits?
Vtech Holdings是否有效地将其利润进行了再投资？
The high three-year median payout ratio of 91% (meaning, the company retains only 9.1% of profits) for Vtech Holdings suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
Vtech Holdings的三年派息率中值为91%(这意味着该公司只保留利润的9.1%)，这表明该公司的收益增长微不足道，因为它支付了大部分收益。
Moreover, Vtech Holdings 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. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 98%. Accordingly, forecasts suggest that Vtech Holdings' future ROE will be 30% which is again, similar to the current ROE.
此外，Vtech Holdings至少在十年或更长时间内一直在支付股息，这表明管理层肯定已经意识到，股东更喜欢股息，而不是收益增长。我们最新的分析师数据显示，该公司未来三年的派息率预计约为98%。因此，预测显示，Vtech Holdings未来的净资产收益率将为30%，与目前的净资产收益率相似。
Conclusion
结论
Overall, we have mixed feelings about Vtech Holdings. While the company does have a high rate of return, its low earnings retention is probably what's hampering its earnings growth. Up till now, we've only made a short study of the company's growth data. You can do your own research on Vtech Holdings 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，我们对伟易达控股有复杂的感受。虽然该公司确实拥有较高的回报率，但其较低的收益留存率可能是阻碍其收益增长的原因。到目前为止，我们只对该公司的增长数据进行了简短的研究。你可以自己研究一下Vtech Holdings，看看它在过去的表现如何详细图表过去的收益、收入和现金流。
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本文由Simply Wall St.撰写，具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。