Town Health International Medical Group Limited's (HKG:3886) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Town Health International Medical Group Limited's (HKG:3886) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Town Health International Medical Group (HKG:3886) has had a great run on the share market with its stock up by a significant 31% over the last month. However, in this article, we decided to focus on its weak fundamentals, as long-term financial performance of a business is what ultimatley dictates market outcomes. In this article, we decided to focus on Town Health International Medical Group's ROE.
城市健康國際醫療集團(HKG：3886)在股票市場表現強勁，其股票在過去一個月大幅上漲了31%。然而，在本文中，我們決定將重點放在其疲弱的基本面上，因為企業的長期財務業績是最終決定市場結果的因素。在本文中，我們決定將重點放在城市健康國際醫療集團的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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率，即股本回報率，是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
View our latest analysis for Town Health International Medical Group
查看我們對城市健康國際醫療集團的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Town Health International Medical Group is:
因此，根據上述公式，城市健康國際醫療集團的淨資產收益率為：
1.8% = HK$75m ÷ HK$4.2b (Based on the trailing twelve months to December 2021).
1.8%=7,500萬港元×42億港元(以截至2021年12月的過去12個月計算)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.02 in profit.
“回報”指的是一家公司過去一年的收益。另一種説法是，該公司每持有價值1港元的股票，就能賺取0.02港元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前為止，我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司將這些利潤再投資或“保留”多少，以及這樣做的效率如何，我們就能夠評估一家公司的收益增長潛力。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
A Side By Side comparison of Town Health International Medical Group's Earnings Growth And 1.8% ROE
城鎮健康國際醫療集團盈利增長與1.8%淨資產收益率的並列比較
It is quite clear that Town Health International Medical Group's ROE is rather low. Not just that, even compared to the industry average of 7.1%, the company's ROE is entirely unremarkable. Given the circumstances, the significant decline in net income by 41% seen by Town Health International Medical Group over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. Such as - low earnings retention or poor allocation of capital.
很明顯，城市健康國際醫療集團的淨資產收益率相當低。不僅如此，即使與7.1%的行業平均水平相比，該公司的淨資產收益率也完全不起眼。在這種情況下，城市健康國際醫療集團在過去五年中淨收入大幅下降41%並不令人驚訝。我們認為，可能還有其他方面對公司的收益前景產生負面影響。例如-低收益留存或資本分配不佳。
However, when we compared Town Health International Medical Group's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 9.0% in the same period. This is quite worrisome.
然而，當我們將城市健康國際醫療集團的增長與行業進行比較時發現，儘管該公司的收益一直在萎縮，但同期該行業的收益增長了9.0%。這相當令人擔憂。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Town Health International Medical Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是評估一隻股票時需要考慮的一個重要指標。投資者下一步需要確定的是，預期的收益增長是否已經計入了股價。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。與其他公司相比，城市健康國際醫療集團的估值是否公平？這3個估值指標可能會幫助你做出決定。
Is Town Health International Medical Group Making Efficient Use Of Its Profits?
城市健康國際醫療集團是否在有效利用其利潤？
Town Health International Medical Group has a high three-year median payout ratio of 51% (that is, it is retaining 49% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run. To know the 2 risks we have identified for Town Health International Medical Group visit our risks dashboard for free.
城市健康國際醫療集團的三年中值派息率高達51%(也就是説，它保留了49%的利潤)。這表明該公司正在將大部分利潤作為股息支付給股東。這在一定程度上解釋了為什麼它的收益一直在縮水。這家企業只剩下一小部分資金可以再投資--這是一個惡性循環，從長遠來看對公司沒有好處。要了解我們為城市健康國際醫療集團確定的兩個風險，請免費訪問我們的風險儀錶板。
Additionally, Town Health International Medical Group has paid dividends over a period of eight years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外，城市健康國際醫療集團在八年的時間裏支付了股息，這意味着公司管理層更專注於保持股息支付，而不考慮收益的縮水。
Summary
摘要
Overall, we would be extremely cautious before making any decision on Town Health International Medical Group. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. So far, we've only made a quick discussion around the company's earnings growth. You can do your own research on Town Health International Medical Group and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
總體而言，我們在對城市健康國際醫療集團做出任何決定之前都會非常謹慎。由於保留了很少的利潤，該公司的收益增長乏力，而且無論它保留的是什麼，再投資的回報率都非常低。到目前為止，我們只是圍繞該公司的收益增長進行了簡短的討論。你可以自己做關於城市健康國際醫療集團的研究，通過查看這個免費的過去收益、收入和現金流的詳細圖表，看看它在過去的表現如何。
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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.
對這篇文章有什麼反饋嗎？擔心內容嗎？保持聯繫直接與我們聯繫。或者，也可以給編輯組發電子郵件，地址是implywallst.com。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説，華爾街在提到的任何股票中都沒有頭寸。