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Mandarin Oriental International Limited's (SGX:M04) Popularity With Investors Is Under Threat From Overpricing
Mandarin Oriental International Limited's (SGX:M04) Popularity With Investors Is Under Threat From Overpricing
When close to half the companies in the Hospitality industry in Singapore have price-to-sales ratios (or "P/S") below 1.9x, you may consider Mandarin Oriental International Limited (SGX:M04) as a stock to potentially avoid with its 3.9x P/S ratio. Nonetheless, we'd need to dig a little deeper to determine if there is a rational basis for the elevated P/S.
See our latest analysis for Mandarin Oriental International
What Does Mandarin Oriental International's P/S Mean For Shareholders?
The revenue growth achieved at Mandarin Oriental International over the last year would be more than acceptable for most companies. One possibility is that the P/S ratio is high because investors think this respectable revenue growth will be enough to outperform the broader industry in the near future. You'd really hope so, otherwise you're paying a pretty hefty price for no particular reason.
Although there are no analyst estimates available for Mandarin Oriental International, take a look at this free data-rich visualisation to see how the company stacks up on earnings, revenue and cash flow.What Are Revenue Growth Metrics Telling Us About The High P/S?
There's an inherent assumption that a company should outperform the industry for P/S ratios like Mandarin Oriental International's to be considered reasonable.
If we review the last year of revenue growth, the company posted a terrific increase of 25%. Pleasingly, revenue has also lifted 35% in aggregate from three years ago, thanks to the last 12 months of growth. Therefore, it's fair to say the revenue growth recently has been superb for the company.
Comparing the recent medium-term revenue trends against the industry's one-year growth forecast of 17% shows it's noticeably less attractive.
With this information, we find it concerning that Mandarin Oriental International is trading at a P/S higher than the industry. Apparently many investors in the company are way more bullish than recent times would indicate and aren't willing to let go of their stock at any price. Only the boldest would assume these prices are sustainable as a continuation of recent revenue trends is likely to weigh heavily on the share price eventually.
The Key Takeaway
Using the price-to-sales ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.
Our examination of Mandarin Oriental International revealed its poor three-year revenue trends aren't detracting from the P/S as much as we though, given they look worse than current industry expectations. When we see slower than industry revenue growth but an elevated P/S, there's considerable risk of the share price declining, sending the P/S lower. Unless the recent medium-term conditions improve markedly, it's very challenging to accept these the share price as being reasonable.
It is also worth noting that we have found 1 warning sign for Mandarin Oriental International that you need to take into consideration.
It's important to make sure you look for a great company, not just the first idea you come across. So if growing profitability aligns with your idea of a great company, take a peek at this free list of interesting companies with strong recent earnings growth (and a low P/E).
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.
当新加坡近一半的酒店业公司的市售比(或 “市盈率”)低于1.9倍时,您可以考虑文华东方国际有限公司(新加坡证券交易所股票代码:M04)作为股票,其市盈率为3.9倍,可能会避免。尽管如此,我们需要更深入地挖掘以确定市盈率上升是否有合理的基础。
查看我们对文华东方国际的最新分析
文华东方国际集团的市盈率对股东意味着什么?
文华东方国际去年实现的收入增长对于大多数公司来说是完全可以接受的。一种可能性是市盈率很高,因为投资者认为这种可观的收入增长足以在不久的将来跑赢整个行业。你真的希望如此,否则你会无缘无故地付出相当大的代价。
尽管没有分析师对文华东方国际的估计,但看看这个免费的数据丰富的可视化工具,看看该公司的收益、收入和现金流是如何积累的。收入增长指标告诉我们高市盈率有哪些?
人们固有的假设是,如果像文华东方国际这样的市盈率才算合理,公司的表现应该优于该行业。
如果我们回顾一下去年的收入增长,该公司公布了25%的惊人增长。令人高兴的是,得益于过去12个月的增长,总收入也比三年前增长了35%。因此,可以公平地说,该公司最近的收入增长非常好。
将最近的中期收入趋势与该行业17%的年度增长预测进行比较,可以看出其吸引力明显降低。
根据这些信息,我们发现文华东方国际的交易市盈率高于该行业。显然,该公司的许多投资者比最近所表示的要看涨得多,他们不愿意以任何价格抛售股票。只有最大胆的人才会假设这些价格是可持续的,因为近期收入趋势的延续最终可能会严重压制股价。
关键要点
仅使用市销比来确定是否应该出售股票是不明智的,但它可以作为公司未来前景的实用指南。
我们对文华东方国际的审查显示,其糟糕的三年收入趋势并没有像我们那样影响市盈率,因为它们看起来比当前的行业预期还要糟糕。当我们看到收入增长慢于行业但市盈率上升时,股价下跌的风险很大,导致市盈率下降。除非最近的中期状况明显改善,否则很难接受这些股价的合理性。
还值得注意的是,我们发现了 1 个文华东方国际的警告信号,您需要加以考虑。
重要的是要确保你寻找一家优秀的公司,而不仅仅是你遇到的第一个想法。因此,如果盈利能力的增长与你对一家优秀公司的想法一致,那就来看看这份免费名单吧,列出了最近收益增长强劲(市盈率低)的有趣公司。
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。
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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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