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Sun Hung Kai & Co. Limited's (HKG:86) Subdued P/E Might Signal An Opportunity
Sun Hung Kai & Co. Limited's (HKG:86) Subdued P/E Might Signal An Opportunity
Sun Hung Kai & Co. Limited's (HKG:86) price-to-earnings (or "P/E") ratio of 2.7x might make it look like a strong buy right now compared to the market in Hong Kong, where around half of the companies have P/E ratios above 9x and even P/E's above 19x are quite common. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so limited.
Recent times haven't been advantageous for Sun Hung Kai as its earnings have been rising slower than most other companies. It seems that many are expecting the uninspiring earnings performance to persist, which has repressed the P/E. If this is the case, then existing shareholders will probably struggle to get excited about the future direction of the share price.
View our latest analysis for Sun Hung Kai
SEHK:86 Price Based on Past Earnings May 18th 2022 If you'd like to see what analysts are forecasting going forward, you should check out our free report on Sun Hung Kai.Is There Any Growth For Sun Hung Kai?
There's an inherent assumption that a company should far underperform the market for P/E ratios like Sun Hung Kai's to be considered reasonable.
Taking a look back first, we see that the company managed to grow earnings per share by a handy 11% last year. Pleasingly, EPS has also lifted 154% in aggregate from three years ago, partly thanks to the last 12 months of growth. So we can start by confirming that the company has done a great job of growing earnings over that time.
Looking ahead now, EPS is anticipated to climb by 14% per annum during the coming three years according to the dual analysts following the company. That's shaping up to be similar to the 16% each year growth forecast for the broader market.
In light of this, it's peculiar that Sun Hung Kai's P/E sits below the majority of other companies. It may be that most investors are not convinced the company can achieve future growth expectations.
The Key Takeaway
It's argued the price-to-earnings ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator.
We've established that Sun Hung Kai currently trades on a lower than expected P/E since its forecast growth is in line with the wider market. There could be some unobserved threats to earnings preventing the P/E ratio from matching the outlook. It appears some are indeed anticipating earnings instability, because these conditions should normally provide more support to the share price.
Before you take the next step, you should know about the 2 warning signs for Sun Hung Kai that we have uncovered.
You might be able to find a better investment than Sun Hung Kai. If you want a selection of possible candidates, check out this free list of interesting companies that trade on a P/E below 20x (but have proven they can grow earnings).
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.
Sun Hung Kai & Co. Limited's (HKG:86) price-to-earnings (or "P/E") ratio of 2.7x might make it look like a strong buy right now compared to the market in Hong Kong, where around half of the companies have P/E ratios above 9x and even P/E's above 19x are quite common. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so limited.
新鴻基股份有限公司(HKG:86)2.7倍的市盈率(或“市盈率”)可能使其與香港市場相比看起來是一個強勁的買入。在香港,大約一半的公司的市盈率高於9倍,即使市盈率高於19倍也相當常見。儘管如此,僅僅從面值來看待市盈率是不明智的,因為可能會有一個解釋,為什麼它如此有限。
Recent times haven't been advantageous for Sun Hung Kai as its earnings have been rising slower than most other companies. It seems that many are expecting the uninspiring earnings performance to persist, which has repressed the P/E. If this is the case, then existing shareholders will probably struggle to get excited about the future direction of the share price.
新鴻基地產最近的情況對其不利,因為它的盈利增速一直低於大多數其他公司。似乎許多人預計,令人沮喪的盈利表現將持續下去,這抑制了市盈率。如果是這樣的話,現有股東可能很難對未來股價的走勢感到興奮。
View our latest analysis for Sun Hung Kai
查看我們對新鴻基的最新分析
Is There Any Growth For Sun Hung Kai?
新鴻基有沒有增長?
There's an inherent assumption that a company should far underperform the market for P/E ratios like Sun Hung Kai's to be considered reasonable.
有一個固有的假設,即一家公司的市盈率應該遠遠遜於市場,新鴻基這樣的市盈率才被認為是合理的。
Taking a look back first, we see that the company managed to grow earnings per share by a handy 11% last year. Pleasingly, EPS has also lifted 154% in aggregate from three years ago, partly thanks to the last 12 months of growth. So we can start by confirming that the company has done a great job of growing earnings over that time.
首先回顧一下,我們看到該公司去年的每股收益輕鬆增長了11%。令人欣喜的是,每股收益較三年前上漲了154%,這在一定程度上要歸功於過去12個月的增長。因此,我們可以從確認該公司在這段時間內在增長收益方面做得很好開始。
Looking ahead now, EPS is anticipated to climb by 14% per annum during the coming three years according to the dual analysts following the company. That's shaping up to be similar to the 16% each year growth forecast for the broader market.
根據跟蹤該公司的兩位分析師的説法,展望未來三年,每股收益預計將以每年14%的速度攀升。這將與大盤每年16%的增長預期相仿。
In light of this, it's peculiar that Sun Hung Kai's P/E sits below the majority of other companies. It may be that most investors are not convinced the company can achieve future growth expectations.
有鑑於此,新鴻基的市盈率低於其他大多數公司,這是很奇怪的。這可能是因為大多數投資者不相信該公司能夠實現未來的增長預期。
The Key Takeaway
關鍵的外賣
It's argued the price-to-earnings ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator.
有人認為,市盈率是衡量某些行業價值的次要指標,但它可以成為一個強大的商業信心指標。
We've established that Sun Hung Kai currently trades on a lower than expected P/E since its forecast growth is in line with the wider market. There could be some unobserved threats to earnings preventing the P/E ratio from matching the outlook. It appears some are indeed anticipating earnings instability, because these conditions should normally provide more support to the share price.
我們已經確定,新鴻基目前的市盈率低於預期,因為它的預期增長與大盤一致。可能存在一些未被察覺的盈利威脅,阻礙了市盈率與預期的匹配。一些人似乎確實預計收益不穩定,因為這些條件通常應該會為股價提供更多支撐。
Before you take the next step, you should know about the 2 warning signs for Sun Hung Kai that we have uncovered.
在您採取下一步之前,您應該瞭解新鴻基的兩個警告標誌我們已經發現了。
You might be able to find a better investment than Sun Hung Kai. If you want a selection of possible candidates, check out this free list of interesting companies that trade on a P/E below 20x (but have proven they can grow earnings).
你或許能找到比新鴻基更好的投資。如果您想要選擇可能的候選人,請查看以下內容免費令人感興趣的市盈率低於20倍的公司名單(但已證明它們可以增加收益)。
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.
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。
本文由Simply Wall St.撰寫,具有概括性。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。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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