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Kehua Holdings Co.,Ltd (SHSE:603161) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

Kehua Holdings Co.,Ltd (SHSE:603161) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

科華控股有限公司, Ltd(SHSE: 603161)股票一直在下滑但基本面看起來不錯:未來市場會修正股價嗎?
Simply Wall St ·  01/31 18:17

With its stock down 22% over the past three months, it is easy to disregard Kehua HoldingsLtd (SHSE:603161). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Kehua HoldingsLtd's ROE in this article.

科華控股有限公司(上海證券交易所股票代碼:603161)的股票在過去三個月中下跌了22%,很容易被忽視。但是,該公司的基本面看起來相當不錯,長期財務狀況通常與未來的市場價格走勢一致。具體而言,我們決定在本文中研究科華控股有限公司的投資回報率。

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.

投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。

See our latest analysis for Kehua HoldingsLtd

查看我們對科華控股有限公司的最新分析

How To Calculate Return On Equity?

如何計算股本回報率?

The formula for return on equity is:

股本回報率的公式是:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Kehua HoldingsLtd is:

因此,根據上述公式,科華控股有限公司的投資回報率爲:

11% = CN¥150m ÷ CN¥1.4b (Based on the trailing twelve months to September 2023).

11% = 1.5億元人民幣 ÷ 14億元人民幣(基於截至2023年9月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.11.

“申報表” 是過去十二個月的稅後收入金額。因此,這意味着其股東每投資1元人民幣,公司就會產生0.11元人民幣的利潤。

Why Is ROE Important For Earnings Growth?

爲什麼投資回報率對收益增長很重要?

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. 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.

到目前爲止,我們已經了解到,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。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。

Kehua HoldingsLtd's Earnings Growth And 11% ROE

科華控股有限公司的收益增長和11%的投資回報率

At first glance, Kehua HoldingsLtd seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 7.3%. Needless to say, we are quite surprised to see that Kehua HoldingsLtd's net income shrunk at a rate of 22% over the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. These include low earnings retention or poor allocation of capital.

乍一看,科華控股有限公司的投資回報率似乎不錯。此外,該公司的投資回報率與行業平均水平的7.3%相比相當不錯。毋庸置疑,科華控股有限公司的淨收入在過去五年中以22%的速度萎縮,我們感到非常驚訝。基於此,我們認爲可能還有其他原因本文迄今尚未討論過,這些原因可能會阻礙公司的發展。其中包括收益保留率低或資本配置不善。

However, when we compared Kehua HoldingsLtd's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 3.8% in the same period. This is quite worrisome.

但是,當我們將Kehua HoldingsLtd的增長與該行業的增長進行比較時,我們發現,儘管該公司的收益一直在萎縮,但該行業同期的收益增長了3.8%。這非常令人擔憂。

past-earnings-growth
SHSE:603161 Past Earnings Growth January 31st 2024
SHSE: 603161 過去的收益增長 2024 年 1 月 31 日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is Kehua HoldingsLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.

爲公司附加價值的基礎在很大程度上與其收益增長息息相關。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。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。與其他公司相比,科華控股有限公司的估值是否合理?這3種估值指標可能會幫助您做出決定。

Is Kehua HoldingsLtd Making Efficient Use Of Its Profits?

科華控股有限公司是否在有效利用其利潤?

While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.

儘管該公司過去確實支付了部分股息,但目前不支付股息。這意味着其所有利潤都可能被再投資於該業務。

Summary

摘要

On the whole, we do feel that Kehua HoldingsLtd has some positive attributes. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. You can see the 3 risks we have identified for Kehua HoldingsLtd by visiting our risks dashboard for free on our platform here.

總的來說,我們確實認爲科華控股有限公司具有一些積極的屬性。但是,儘管投資回報率和再投資率很高,但我們仍然對收益缺乏增長感到失望。我們認爲,可能有一些外部因素可能會對業務產生負面影響。雖然我們不會完全解散公司,但我們要做的是努力確定業務的風險,以便在公司周圍做出更明智的決定。您可以訪問我們的 3 種風險來查看我們爲科華控股有限公司確定的三種風險 風險儀表板 在我們的平台上免費使用。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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