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Optimistic Investors Push Mingfa Group (International) Company Limited (HKG:846) Shares Up 33% But Growth Is Lacking
Optimistic Investors Push Mingfa Group (International) Company Limited (HKG:846) Shares Up 33% But Growth Is Lacking
Mingfa Group (International) Company Limited (HKG:846) shareholders have had their patience rewarded with a 33% share price jump in the last month. Not all shareholders will be feeling jubilant, since the share price is still down a very disappointing 28% in the last twelve months.
Even after such a large jump in price, there still wouldn't be many who think Mingfa Group (International)'s price-to-sales (or "P/S") ratio of 0.1x is worth a mention when the median P/S in Hong Kong's Real Estate industry is similar at about 0.6x. However, investors might be overlooking a clear opportunity or potential setback if there is no rational basis for the P/S.
How Has Mingfa Group (International) Performed Recently?
For example, consider that Mingfa Group (International)'s financial performance has been poor lately as its revenue has been in decline. One possibility is that the P/S is moderate because investors think the company might still do enough to be in line with the broader industry in the near future. If you like the company, you'd at least be hoping this is the case so that you could potentially pick up some stock while it's not quite in favour.
We don't have analyst forecasts, but you can see how recent trends are setting up the company for the future by checking out our free report on Mingfa Group (International)'s earnings, revenue and cash flow.Is There Some Revenue Growth Forecasted For Mingfa Group (International)?
Mingfa Group (International)'s P/S ratio would be typical for a company that's only expected to deliver moderate growth, and importantly, perform in line with the industry.
Retrospectively, the last year delivered a frustrating 20% decrease to the company's top line. As a result, revenue from three years ago have also fallen 38% overall. Therefore, it's fair to say the revenue growth recently has been undesirable for the company.
Weighing that medium-term revenue trajectory against the broader industry's one-year forecast for expansion of 7.7% shows it's an unpleasant look.
With this in mind, we find it worrying that Mingfa Group (International)'s P/S exceeds that of its industry peers. It seems most investors are ignoring the recent poor growth rate 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 revenue trends is likely to weigh on the share price eventually.
The Final Word
Its shares have lifted substantially and now Mingfa Group (International)'s P/S is back within range of the industry median. 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.
We find it unexpected that Mingfa Group (International) trades at a P/S ratio that is comparable to the rest of the industry, despite experiencing declining revenues during the medium-term, while the industry as a whole is expected to grow. When we see revenue heading backwards in the context of growing industry forecasts, it'd make sense to expect a possible share price decline on the horizon, sending the moderate P/S lower. Unless the recent medium-term conditions improve markedly, investors will have a hard time accepting the share price as fair value.
Plus, you should also learn about these 2 warning signs we've spotted with Mingfa Group (International) (including 1 which is a bit unpleasant).
Of course, profitable companies with a history of great earnings growth are generally safer bets. So you may wish to see this free collection of other companies that have reasonable P/E ratios and have grown earnings strongly.
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.
上个月,明发集团(国际)有限公司(HKG: 846)股东的耐心得到了回报,股价上涨了33%。并非所有股东都会感到欢欣鼓舞,因为股价在过去十二个月中仍然下跌了令人失望的28%。
即使价格大幅上涨,当香港房地产行业的市盈率中位数约为0.6倍时,仍然没有多少人认为明发集团(国际)0.1倍的市销率(或 “市盈率”)值得一提。但是,如果市销率没有合理的基础,投资者可能会忽略明显的机会或潜在的挫折。
明发集团(国际)最近表现如何?
例如,考虑到明发集团(国际)最近由于收入下降而财务表现不佳。一种可能性是市销率适中,因为投资者认为公司在不久的将来可能仍然做得足够多,足以与整个行业保持一致。如果你喜欢这家公司,你至少希望情况确实如此,这样你就有可能在它不太受青睐的情况下买入一些股票。
我们没有分析师的预测,但您可以查看我们关于明发集团(国际)收益、收入和现金流的免费报告,了解最近的趋势如何为公司未来做好准备。预计明发集团(国际)的收入会增长吗?
明发集团(国际)的市销率对于一家预计只会实现适度增长,而且重要的是表现与行业持平的公司来说是典型的。
回顾过去,去年的公司收入下降了20%,令人沮丧。结果,三年前的总体收入也下降了38%。因此,可以公平地说,最近的收入增长对公司来说是不可取的。
将中期收入轨迹与整个行业对7.7%的增长预测进行权衡,可以看出这是一个令人不快的表情。
考虑到这一点,我们感到担忧的是,明发集团(国际)的市销率超过业内同行。看来大多数投资者都忽视了最近的糟糕增长率,并希望公司的业务前景有所好转。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压制股价。
最后一句话
其股价已大幅上涨,现在明发集团(国际)的市销率已恢复在行业中位数范围内。仅使用市销率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。
我们感到意想不到的是,尽管中期收入下降,但明发集团(国际)的市销率与该行业其他部门相当,而整个行业预计将增长。在行业预测不断增长的背景下,当我们看到收入倒退时,预计股价可能会下跌,从而使温和的市销率走低是有道理的。除非最近的中期状况明显改善,否则投资者将很难接受股价作为公允价值。
另外,您还应该了解我们在明发集团(国际)发现的这两个警告信号(包括一个有点不愉快的警示信号)。
当然,具有良好收益增长历史的盈利公司通常是更安全的选择。因此,您可能希望看到这些免费收集的市盈率合理且收益增长强劲的其他公司。
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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。
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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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