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Hengtai Securities Co., Ltd's (HKG:1476) Business Is Yet to Catch Up With Its Share Price
Hengtai Securities Co., Ltd's (HKG:1476) Business Is Yet to Catch Up With Its Share Price
When close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") below 8x, you may consider Hengtai Securities Co., Ltd (HKG:1476) as a stock to avoid entirely with its 19.8x P/E ratio. However, the P/E might be quite high for a reason and it requires further investigation to determine if it's justified.
For example, consider that Hengtai Securities' financial performance has been poor lately as it's earnings have been in decline. One possibility is that the P/E is high because investors think the company will still do enough to outperform the broader market in the near future. You'd really hope so, otherwise you're paying a pretty hefty price for no particular reason.
Check out our latest analysis for Hengtai Securities
SEHK:1476 Price Based on Past Earnings June 9th 2022 Although there are no analyst estimates available for Hengtai Securities, take a look at this free data-rich visualisation to see how the company stacks up on earnings, revenue and cash flow.Is There Enough Growth For Hengtai Securities?
The only time you'd be truly comfortable seeing a P/E as steep as Hengtai Securities' is when the company's growth is on track to outshine the market decidedly.
Retrospectively, the last year delivered a frustrating 34% decrease to the company's bottom line. This has erased any of its gains during the last three years, with practically no change in EPS being achieved in total. So it appears to us that the company has had a mixed result in terms of growing earnings over that time.
Comparing that to the market, which is predicted to deliver 17% growth in the next 12 months, the company's momentum is weaker based on recent medium-term annualised earnings results.
With this information, we find it concerning that Hengtai Securities is trading at a P/E higher than the market. It seems most investors are ignoring the fairly limited recent growth rates and are hoping for a turnaround in the company's business prospects. Only the boldest would assume these prices are sustainable as a continuation of recent earnings trends is likely to weigh heavily on the share price eventually.
The Final Word
While the price-to-earnings ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of earnings expectations.
We've established that Hengtai Securities currently trades on a much higher than expected P/E since its recent three-year growth is lower than the wider market forecast. When we see weak earnings with slower than market growth, we suspect the share price is at risk of declining, sending the high P/E lower. Unless the recent medium-term conditions improve markedly, it's very challenging to accept these prices as being reasonable.
Before you settle on your opinion, we've discovered 2 warning signs for Hengtai Securities that you should be aware of.
If P/E ratios interest you, you may wish to see this free collection of other companies that have grown earnings strongly and trade on P/E's below 20x.
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.
When close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") below 8x, you may consider Hengtai Securities Co., Ltd (HKG:1476) as a stock to avoid entirely with its 19.8x P/E ratio. However, the P/E might be quite high for a reason and it requires further investigation to determine if it's justified.
当接近一半的香港公司的市盈率(或“市盈率”)低于8倍时,你可以考虑恒泰证券股份有限公司(HKG:1476)作为一只股票,以19.8倍的市盈率完全避免。然而,市盈率可能相当高是有原因的,需要进一步调查才能确定它是否合理。
For example, consider that Hengtai Securities' financial performance has been poor lately as it's earnings have been in decline. One possibility is that the P/E is high because investors think the company will still do enough to outperform the broader market in the near future. You'd really hope so, otherwise you're paying a pretty hefty price for no particular reason.
例如,考虑到恒泰证券最近的财务表现一直不佳,因为它的收益一直在下降。一种可能性是,市盈率很高,因为投资者认为该公司在不久的将来仍将采取足够的措施来跑赢大盘。你真的希望如此,否则你会无缘无故地付出相当大的代价。
Check out our latest analysis for Hengtai Securities
查看我们对恒泰证券的最新分析
Is There Enough Growth For Hengtai Securities?
恒泰证券是否有足够的增长空间?
The only time you'd be truly comfortable seeing a P/E as steep as Hengtai Securities' is when the company's growth is on track to outshine the market decidedly.
看到恒泰证券这样高的市盈率,你唯一真正感到放心的时候,就是该公司的增长势头明显好于大盘的时候。
Retrospectively, the last year delivered a frustrating 34% decrease to the company's bottom line. This has erased any of its gains during the last three years, with practically no change in EPS being achieved in total. So it appears to us that the company has had a mixed result in terms of growing earnings over that time.
回顾过去一年,该公司的利润令人沮丧地下降了34%。这抹去了它在过去三年中的任何收益,每股收益几乎没有任何变化。因此,在我们看来,在这段时间里,该公司在收益增长方面的结果好坏参半。
Comparing that to the market, which is predicted to deliver 17% growth in the next 12 months, the company's momentum is weaker based on recent medium-term annualised earnings results.
与预计未来12个月将实现17%增长的市场相比,根据最近的中期年化收益结果,该公司的增长势头较弱。
With this information, we find it concerning that Hengtai Securities is trading at a P/E higher than the market. It seems most investors are ignoring the fairly limited recent growth rates and are hoping for a turnaround in the company's business prospects. Only the boldest would assume these prices are sustainable as a continuation of recent earnings trends is likely to weigh heavily on the share price eventually.
有了这些信息,我们发现恒泰证券的市盈率高于大盘。似乎大多数投资者忽视了最近相当有限的增长率,并希望该公司的业务前景有所好转。只有最大胆的人才会认为这些价格是可持续的,因为最近盈利趋势的延续最终可能会对股价造成沉重压力。
The Final Word
最后的结论
While the price-to-earnings ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of earnings expectations.
虽然市盈率不应该是你是否买入一只股票的决定性因素,但它是一个很好的盈利预期晴雨表。
We've established that Hengtai Securities currently trades on a much higher than expected P/E since its recent three-year growth is lower than the wider market forecast. When we see weak earnings with slower than market growth, we suspect the share price is at risk of declining, sending the high P/E lower. Unless the recent medium-term conditions improve markedly, it's very challenging to accept these prices as being reasonable.
我们已经确定,恒泰证券目前的市盈率远高于预期,因为其最近三年的增长低于更广泛的市场预测。当我们看到盈利疲软、增长慢于市场增长时,我们怀疑股价有下跌的风险,导致高市盈率下降。除非最近的中期状况明显改善,否则要接受这些价格是合理的是非常具有挑战性的。
Before you settle on your opinion, we've discovered 2 warning signs for Hengtai Securities that you should be aware of.
在你决定你的观点之前,我们发现2恒泰证券警示标志这一点你应该知道。
If P/E ratios interest you, you may wish to see this free collection of other companies that have grown earnings strongly and trade on P/E's below 20x.
如果你对市盈率感兴趣,你可能想看看这个免费其他盈利增长强劲、市盈率低于20倍的公司。
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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