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NSL Ltd's (SGX:N02) 37% Share Price Surge Not Quite Adding Up

NSL Ltd's (SGX:N02) 37% Share Price Surge Not Quite Adding Up

NSL Ltd(新加坡证券交易所股票代码:N02)37%的股价上涨幅度不大
Simply Wall St ·  2023/08/28 19:22

The NSL Ltd (SGX:N02) share price has done very well over the last month, posting an excellent gain of 37%. Looking back a bit further, it's encouraging to see the stock is up 31% in the last year.

这个 NSL Ltd (SGX: N02) 股价在上个月表现良好,涨幅惊人,为37%。再往前看,令人鼓舞的是,该股在去年上涨了31%。

Since its price has surged higher, NSL may be sending very bearish signals at the moment with a price-to-earnings (or "P/E") ratio of 34.8x, since almost half of all companies in Singapore have P/E ratios under 13x and even P/E's lower than 7x are not unusual. However, the P/E might be quite high for a reason and it requires further investigation to determine if it's justified.

由于价格飙升,NSL目前可能正在发出非常看跌的信号,市盈率(或 “市盈率”)为34.8倍,因为新加坡将近一半的公司市盈率低于13倍,即使市盈率低于7倍也并不罕见。但是,市盈率可能相当高是有原因的,需要进一步调查才能确定是否合理。

As an illustration, earnings have deteriorated at NSL over the last year, which is not ideal at all. It might be that many expect the company to still outplay most other companies over the coming period, which has kept the P/E from collapsing. If not, then existing shareholders may be quite nervous about the viability of the share price.

举例来说,去年,NSL的收益有所恶化,这根本不理想。许多人可能预计,在未来一段时间内,该公司的表现仍将超过大多数其他公司,这使市盈率无法暴跌。如果不是,那么现有股东可能会对股价的可行性感到非常紧张。

View our latest analysis for NSL

查看我们对 NSL 的最新分析

pe-multiple-vs-industry
SGX:N02 Price to Earnings Ratio vs Industry August 28th 2023
新加坡交易所:N02 市盈率与行业的对比 2023 年 8 月 28 日
Want the full picture on earnings, revenue and cash flow for the company? Then our
想全面了解公司的收益、收入和现金流吗?然后我们的
free
免费的
report on NSL will help you shine a light on its historical performance.
关于NSL的报告将帮助您了解其历史表现。

How Is NSL's Growth Trending?

NSL 的增长趋势如何?

There's an inherent assumption that a company should far outperform the market for P/E ratios like NSL's to be considered reasonable.

人们固有的假设是,如果像NSL这样的市盈率被认为是合理的,那么公司的表现应该远远超过市场。

If we review the last year of earnings, dishearteningly the company's profits fell to the tune of 17%. This has erased any of its gains during the last three years, with practically no change in EPS being achieved in total. So it appears to us that the company has had a mixed result in terms of growing earnings over that time.

如果我们回顾一下去年的收益,令人沮丧的是,该公司的利润降至17%。这抹去了其在过去三年中的任何收益,每股收益总额几乎没有变化。因此,在我们看来,在这段时间里,该公司的收益增长好坏参半。

Weighing that recent medium-term earnings trajectory against the broader market's one-year forecast for expansion of 8.9% shows it's noticeably less attractive on an annualised basis.

将最近的中期收益轨迹与整个市场一年期8.9%的增长预测进行权衡,结果表明,按年计算,它的吸引力明显降低。

In light of this, it's alarming that NSL's P/E sits above the majority of other companies. Apparently many investors in the company are way more bullish than recent times would indicate and aren't willing to let go of their stock at any price. Only the boldest would assume these prices are sustainable as a continuation of recent earnings trends is likely to weigh heavily on the share price eventually.

有鉴于此,令人震惊的是,NSL的市盈率高于大多数其他公司。显然,该公司的许多投资者比最近所显示的要看涨得多,他们不愿意不惜任何代价放弃股票。只有最大胆的人才会认为这些价格是可持续的,因为最近收益趋势的延续最终可能会严重影响股价。

The Bottom Line On NSL's P/E

NSL 市盈率的底线

NSL's P/E is flying high just like its stock has during the last month. Generally, our preference is to limit the use of the price-to-earnings ratio to establishing what the market thinks about the overall health of a company.

NSL的市盈率像上个月的股票一样飞高。通常,我们倾向于将市盈率的使用限制在确定市场对公司整体健康状况的看法上。

We've established that NSL currently trades on a much higher than expected P/E since its recent three-year growth is lower than the wider market forecast. When we see weak earnings with slower than market growth, we suspect the share price is at risk of declining, sending the high P/E lower. If recent medium-term earnings trends continue, it will place shareholders' investments at significant risk and potential investors in danger of paying an excessive premium.

我们已经确定,NSL目前的市盈率远高于预期,因为其最近的三年增长低于更广泛的市场预期。当我们看到收益疲软且增长低于市场增长时,我们怀疑股价有下跌的风险,从而导致高市盈率走低。如果最近的中期收益趋势继续下去,这将使股东的投资面临重大风险,潜在投资者面临支付过高溢价的危险。

You always need to take note of risks, for example - NSL has 4 warning signs we think you should be aware of.

你总是需要注意风险,例如- NSL 有 4 个警告标志 我们认为你应该知道。

It's important to make sure you look for a great company, not just the first idea you come across. So take a peek at this free list of interesting companies with strong recent earnings growth (and a low P/E).

重要的是 一定要寻找一家优秀的公司,而不仅仅是你遇到的第一个想法。 所以来看看这个 免费的 近期收益增长强劲(市盈率低)的有趣公司名单。

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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 的这篇文章本质上是笼统的。 我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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