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Transmit Entertainment Limited (HKG:1326) Stock Catapults 54% Though Its Price And Business Still Lag The Industry
Transmit Entertainment Limited (HKG:1326) Stock Catapults 54% Though Its Price And Business Still Lag The Industry
Transmit Entertainment Limited (HKG:1326) shareholders would be excited to see that the share price has had a great month, posting a 54% gain and recovering from prior weakness. Unfortunately, the gains of the last month did little to right the losses of the last year with the stock still down 40% over that time.
Even after such a large jump in price, Transmit Entertainment's price-to-sales (or "P/S") ratio of 0.6x might still make it look like a buy right now compared to the Entertainment industry in Hong Kong, where around half of the companies have P/S ratios above 1.7x and even P/S above 4x are quite common. However, the P/S might be low for a reason and it requires further investigation to determine if it's justified.
What Does Transmit Entertainment's Recent Performance Look Like?
As an illustration, revenue has deteriorated at Transmit Entertainment over the last year, which is not ideal at all. It might be that many expect the disappointing revenue performance to continue or accelerate, which has repressed the P/S. However, if this doesn't eventuate then existing shareholders may be feeling optimistic about the future direction of the share price.
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 Transmit Entertainment's earnings, revenue and cash flow.What Are Revenue Growth Metrics Telling Us About The Low P/S?
There's an inherent assumption that a company should underperform the industry for P/S ratios like Transmit Entertainment's to be considered reasonable.
Taking a look back first, the company's revenue growth last year wasn't something to get excited about as it posted a disappointing decline of 19%. This means it has also seen a slide in revenue over the longer-term as revenue is down 50% in total over the last three years. Therefore, it's fair to say the revenue growth recently has been undesirable for the company.
Comparing that to the industry, which is predicted to deliver 45% growth in the next 12 months, the company's downward momentum based on recent medium-term revenue results is a sobering picture.
In light of this, it's understandable that Transmit Entertainment's P/S would sit below the majority of other companies. However, we think shrinking revenues are unlikely to lead to a stable P/S over the longer term, which could set up shareholders for future disappointment. There's potential for the P/S to fall to even lower levels if the company doesn't improve its top-line growth.
The Key Takeaway
Transmit Entertainment's stock price has surged recently, but its but its P/S still remains modest. While the price-to-sales ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of revenue expectations.
Our examination of Transmit Entertainment confirms that the company's shrinking revenue over the past medium-term is a key factor in its low price-to-sales ratio, given the industry is projected to grow. At this stage investors feel the potential for an improvement in revenue isn't great enough to justify a higher P/S ratio. If recent medium-term revenue trends continue, it's hard to see the share price moving strongly in either direction in the near future under these circumstances.
You should always think about risks. Case in point, we've spotted 3 warning signs for Transmit Entertainment you should be aware of, and 2 of them are potentially serious.
If companies with solid past earnings growth is up your alley, you may wish to see this free collection of other companies with strong earnings growth and low P/E ratios.
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.
Transmit Entertainment Limited(HKG: 1326)股东会很高兴看到股价表现良好,涨幅为54%,并从先前的疲软中恢复过来。不幸的是,上个月的涨幅几乎没有弥补去年的亏损,在此期间,该股仍下跌了40%。
即使在价格大幅上涨之后,与香港娱乐业相比,Transmit Entertainment0.6倍的市销率(或 “市盈率”)目前仍可能使其看起来像买入。在香港,大约一半的公司的市销率高于1.7倍,甚至市盈率高于4倍也很常见。但是,市销率低可能是有原因的,需要进一步调查以确定其是否合理。
Transmit Entertainment最近的表现是什么样子?
举例来说,Transmit Entertainment的收入在过去一年中有所下降,这根本不理想。许多人可能预计,令人失望的收入表现将持续或加速,这抑制了市销率。但是,如果这种情况最终没有发生,那么现有股东可能会对股价的未来走向感到乐观。
我们没有分析师的预测,但您可以查看我们关于Transmit Entertainment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的未来做好准备。收入增长指标告诉我们低市销率有哪些?
人们固有的假设是,如果像Transmit Entertainment这样的市销率被认为是合理的,公司的表现应该低于该行业。
首先回顾一下,该公司去年的收入增长并不令人兴奋,因为它公布了令人失望的19%的跌幅。这意味着从长远来看,由于总收入在过去三年中下降了50%,其收入也出现了下滑。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。
相比之下,该行业预计将在未来12个月内实现45%的增长,根据最近的中期收入业绩,该公司的下滑势头令人震惊。
有鉴于此,Transmit Entertainment的市销率将低于其他多数公司是可以理解的。但是,我们认为,从长远来看,收入萎缩不太可能导致市销率稳定,这可能会使股东为未来的失望做好准备。如果公司不改善营收增长,市销率有可能降至更低的水平。
关键要点
Transmit Entertainment的股价最近飙升,但其市销率仍然不高。尽管市销率不应该成为决定你是否买入股票的决定性因素,但它是衡量收入预期的有力晴雨表。
我们对Transmit Entertainment的审查证实,鉴于该行业预计将增长,该公司在过去的中期收入萎缩是其低市销率的关键因素。在现阶段,投资者认为,收入改善的可能性不足以证明更高的市销率是合理的。如果最近的中期收入趋势继续下去,在这种情况下,很难看到股价在不久的将来双向强劲走势。
你应该时刻考虑风险。举个例子,我们发现了你应该注意的Transmit Entertainment的3个警告信号,其中两个可能很严重。
如果过去盈利增长稳健的公司处于困境,那么你可能希望看到这些盈利增长强劲、市盈率低的其他公司的免费集合。
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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