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Are Shanghai Geoharbour Construction Group Co., Ltd.'s (SHSE:605598) Mixed Financials Driving The Negative Sentiment?

Are Shanghai Geoharbour Construction Group Co., Ltd.'s (SHSE:605598) Mixed Financials Driving The Negative Sentiment?

是上海港灣建設集團有限公司嗎s (SHSE: 605598) 漲跌互現的財務狀況推動了負面情緒?
Simply Wall St ·  2023/10/16 21:30

With its stock down 25% over the past three months, it is easy to disregard Shanghai Geoharbour Construction Group (SHSE:605598). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Particularly, we will be paying attention to Shanghai Geoharbour Construction Group's ROE today.

在過去三個月裡其股價下跌了25%,人們很容易忽視上海地港建設集團(上海證交所:605598)。然而,我們決定研究該公司的財務狀況,以確定它們是否與價格下跌有關。股票價格通常是由公司的長期財務表現推動的,因此我們決定更多地關注公司的財務表現。特別是今天我們將關注上海地港建設集團的淨資產收益率。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。換句話說,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 Shanghai Geoharbour Construction Group

查看我們對上海地港建設集團的最新分析

How Is ROE Calculated?

淨資產收益率是如何計算的?

The formula for return on equity is:

這個股本回報率公式是:

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 Shanghai Geoharbour Construction Group is:

因此,根據上述公式,上海地港建設集團的淨資產收益率為:

8.9% = CN¥150m ÷ CN¥1.7b (Based on the trailing twelve months to June 2023).

8.9%=1.5億元×17億元(基於截至2023年6月的12個月)。

The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.

“收益”是過去12個月的利潤。一種概念化的方法是,公司每擁有1元人民幣的股東資本,就會獲得0.09元人民幣的利潤。

What Is The Relationship Between ROE And Earnings Growth?

淨資產收益率與盈利增長之間有什麼關係?

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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

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。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。

Shanghai Geoharbour Construction Group's Earnings Growth And 8.9% ROE

上海地港建設集團盈利增長8.9%淨資產收益率

When you first look at it, Shanghai Geoharbour Construction Group's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 8.3%, so we won't completely dismiss the company. On the other hand, Shanghai Geoharbour Construction Group reported a fairly low 2.6% net income growth over the past five years. Remember, the company's ROE is not particularly great to begin with. So this could also be one of the reasons behind the company's low growth in earnings.

乍一看,上海地港建設集團的淨資產收益率(ROE)看起來並不那麼吸引人。不過,其淨資產收益率接近8.3%的行業平均水準,因此我們不會完全對該公司不屑一顧。另一方面,上海地港建設集團報告稱,過去五年的淨收入增長相當低,為2.6%。請記住,該公司的淨資產收益率從一開始就不是特別高。因此,這也可能是該公司盈利增長緩慢的原因之一。

We then compared Shanghai Geoharbour Construction Group's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 10% in the same 5-year period, which is a bit concerning.

然後,我們將上海地港建設集團的淨收入增長與行業進行了比較,發現該公司的增長數位低於同期10%的行業平均增長率,這有點令人擔憂。

past-earnings-growth
SHSE:605598 Past Earnings Growth October 17th 2023
上海證券交易所:過去605598的收益增長2023年10月17日

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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Shanghai Geoharbour Construction Group is trading on a high P/E or a low P/E, relative to its industry.

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。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。衡量預期收益增長的一個很好的指標是本益比,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看上海地港建設集團的本益比相對於其行業是高本益比還是低本益比。

Is Shanghai Geoharbour Construction Group Efficiently Re-investing Its Profits?

上海地港建設集團是否有效地將利潤進行了再投資?

Shanghai Geoharbour Construction Group's low three-year median payout ratio of 8.2% (or a retention ratio of 92%) should mean that the company is retaining most of its earnings to fuel its growth. This should be reflected in its earnings growth number, but that's not the case. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

上海地港建設集團較低的三年派息率中值為8.2%(或留存比率為92%),這應該意味著該公司將保留大部分收益來推動其增長。這本應反映在其盈利增長數據中,但事實並非如此。因此,可能還有其他一些原因來解釋這方面的缺乏。例如,這項業務可能正在衰落。

Additionally, Shanghai Geoharbour Construction Group started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.

此外,上海地港建設集團最近才開始分紅。因此,看起來管理層肯定已經意識到,股東更喜歡分紅,而不是收益增長。

Conclusion

結論

In total, we're a bit ambivalent about Shanghai Geoharbour Construction Group's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

總體而言,我們對上海地港建設集團的表現有點矛盾。雖然該公司的利潤留存率確實很高,但其低迴報率可能正在阻礙其收益增長。既然如此,最新的分析師預測顯示,該公司的收益將繼續增長。要了解更多分析師對該公司的最新預測,請查看分析師對該公司預測的可視化。

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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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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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