Shenzhen HeungKong Holding Co.,Ltd's (SHSE:600162) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Shenzhen HeungKong Holding Co.,Ltd's (SHSE:600162) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Most readers would already be aware that Shenzhen HeungKong HoldingLtd's (SHSE:600162) stock increased significantly by 7.8% over the past week. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. Specifically, we decided to study Shenzhen HeungKong HoldingLtd's ROE in this article.
大多數讀者已經意識到，深圳香江控股有限公司（SHSE: 600162）的股票在過去一週大幅上漲了7.8％。但是，我們決定密切關注其疲軟的財務狀況，因爲在這種情況下，我們懷疑目前的勢頭能否持續下去。具體而言，我們決定在本文中研究深圳香江控股有限公司的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
See our latest analysis for Shenzhen HeungKong HoldingLtd
查看我們對深圳香江控股有限公司的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
ROE can be calculated by using the formula:
投資回報率可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營）≥ 股東權益
So, based on the above formula, the ROE for Shenzhen HeungKong HoldingLtd is:
因此，根據上述公式，深圳香江控股有限公司的投資回報率爲：
1.2% = CN¥84m ÷ CN¥6.8b (Based on the trailing twelve months to December 2022).
1.2% = 840萬人民幣 ÷ 68億元人民幣（基於截至2022年12月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.01 in profit.
“回報” 是指公司去年的收益。這意味着，公司每獲得價值1元人民幣的股東權益，就會產生0.01元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有甚麼關係？
So far, we've learned that ROE is a measure of a company's profitability. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前爲止，我們已經瞭解到，投資回報率是衡量公司盈利能力的指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Shenzhen HeungKong HoldingLtd's Earnings Growth And 1.2% ROE
深圳香江控股有限公司的收益增長和1.2％的投資回報率
It is quite clear that Shenzhen HeungKong HoldingLtd's ROE is rather low. Not just that, even compared to the industry average of 4.6%, the company's ROE is entirely unremarkable. Given the circumstances, the significant decline in net income by 28% seen by Shenzhen HeungKong HoldingLtd over the last five years is not surprising. We reckon that there could also be other factors at play here. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
很明顯，深圳香江控股有限公司的投資回報率相當低。不僅如此，即使與行業平均水平4.6％相比，該公司的投資回報率也完全不引人注目。在這種情況下，深圳香江控股有限公司在過去五年中淨收入大幅下降28％也就不足爲奇了。我們認爲這裏還可能有其他因素在起作用。例如，企業的資本配置不佳，或者公司的派息率很高。
However, when we compared Shenzhen HeungKong HoldingLtd's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 2.5% in the same period. This is quite worrisome.
但是，當我們將深圳香江控股有限公司的增長與該行業進行比較時，我們發現，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2.5％。這很令人擔憂。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Shenzhen HeungKong HoldingLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是股票估值的重要因素。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。這樣，他們就能知道這隻種羣是進入清澈的藍色海水還是沼澤水域在等着你。與其他公司相比，深圳香江控股有限公司的估值是否公平？這三種估值衡量標準可能會幫助您做出決定。
Is Shenzhen HeungKong HoldingLtd Efficiently Re-investing Its Profits?
深圳香江控股有限公司是否有效地將其利潤再投資？
Shenzhen HeungKong HoldingLtd has a high three-year median payout ratio of 66% (that is, it is retaining 34% 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. Our risks dashboard should have the 3 risks we have identified for Shenzhen HeungKong HoldingLtd.
深圳香江控股有限公司的三年中位派息率高達66％（也就是說，它保留了34％的利潤）。這表明該公司將其大部分利潤作爲股息支付給股東。這在某種程度上解釋了其收益萎縮的原因。該企業只剩下一小部分資金可供再投資——從長遠來看，這種惡性循環對公司沒有好處。我們的風險儀表板應包含我們爲深圳香江控股有限公司確定的三種風險。
Moreover, Shenzhen HeungKong HoldingLtd has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，深圳香江控股有限公司支付股息已經有至少十年或更長時間了，這表明管理層一定已經意識到股東更喜歡分紅而不是收益增長。
Conclusion
結論
On the whole, Shenzhen HeungKong HoldingLtd's performance is quite a big let-down. 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. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. You can do your own research on Shenzhen HeungKong HoldingLtd and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
總的來說，深圳香江控股有限公司的表現相當令人失望。由於保留的利潤很少，該公司的收益增長乏力，無論保留的利潤很少，都以非常低的回報率進行再投資。到目前爲止，我們只是通過研究公司的基本面來了解公司過去的表現。你可以自己研究深圳香江控股有限公司，看看這個免費的，看看它過去的表現 詳細圖表 過去的收益、收入和現金流量。
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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.
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Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論，我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議，也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意，我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之，華爾街對上述任何股票都沒有頭寸。