Are Vtech Holdings Limited's (HKG:303) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Vtech Holdings Limited's (HKG:303) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
With its stock down 12% over the past three months, it is easy to disregard Vtech Holdings (HKG:303). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Vtech Holdings' ROE.
在過去三個月股價下跌12%的情況下，很容易忽視偉易達控股(HKG：303)。市場似乎完全忽視了該公司基本面的積極方面，而決定更多地關注負面方面。基本面通常決定市場結果，因此研究該公司的財務狀況是有意義的。在本文中，我們決定將重點放在Vtech Holdings的ROE上。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
淨資產收益率，即股本回報率，是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。簡而言之，淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
View our latest analysis for Vtech Holdings
查看我們對Vtech Holdings的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
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 Vtech Holdings is:
因此，根據上述公式，偉易達控股的淨資產收益率為：
25% = US$173m ÷ US$679m (Based on the trailing twelve months to March 2022).
25%=1.73億美元×6.79億美元(基於截至2022年3月的12個月的往績)。
The 'return' refers to a company's earnings over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.25 in profit.
“回報”指的是一家公司過去一年的收益。這意味着，每1港元的股東權益，該公司就會產生0.25港元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
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. 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。一般來説，在其他條件相同的情況下，股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Vtech Holdings' Earnings Growth And 25% ROE
偉易達控股的盈利增長和25%的淨資產收益率
To begin with, Vtech Holdings has a pretty high ROE which is interesting. Second, a comparison with the average ROE reported by the industry of 8.1% also doesn't go unnoticed by us. However, we are curious as to how the high returns still resulted in a flat growth for Vtech Holdings in 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. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
首先，Vtech Holdings擁有相當高的淨資產收益率，這一點很有趣。其次，與行業報告的8.1%的平均淨資產收益率相比，我們也注意到了這一點。然而，我們好奇的是，在過去的五年裏，高回報如何仍然導致Vtech Holdings的持平增長。基於此，我們認為，可能還有本文迄今未討論的其他原因，可能正在阻礙公司的增長。例如，公司將很大一部分收益作為股息支付，或者面臨競爭壓力。
Next, we compared Vtech Holdings' performance against the industry and found that the industry shrunk its earnings at 14% in the same period, which suggests that the company's earnings have been shrinking at a slower rate than its industry, While this is not particularly good, its not particularly bad either.
接下來，我們將Vtech Holdings的表現與行業進行了比較，發現該行業在同一時期的收益縮水了14%，這表明該公司的收益縮水速度一直低於行業，雖然這不是特別好，但也不是特別糟糕。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 303 worth today? The intrinsic value infographic in our free research report helps visualize whether 303 is currently mispriced by the market.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。對於投資者來説，重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。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。今天，303值多少錢？我們免費研究報告中的內在價值信息圖有助於直觀地瞭解303目前是否被市場錯誤定價。
Is Vtech Holdings Efficiently Re-investing Its Profits?
Vtech Holdings是否有效地將其利潤進行了再投資？
The high three-year median payout ratio of 91% (meaning, the company retains only 9.1% of profits) for Vtech Holdings suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
Vtech Holdings的三年派息率中值為91%(這意味着該公司只保留利潤的9.1%)，這表明該公司的收益增長微不足道，因為它支付了大部分收益。
Moreover, Vtech Holdings 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. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 98%. Accordingly, forecasts suggest that Vtech Holdings' future ROE will be 30% which is again, similar to the current ROE.
此外，Vtech Holdings至少在十年或更長時間內一直在支付股息，這表明管理層肯定已經意識到，股東更喜歡股息，而不是收益增長。我們最新的分析師數據顯示，該公司未來三年的派息率預計約為98%。因此，預測顯示，Vtech Holdings未來的淨資產收益率將為30%，與目前的淨資產收益率相似。
Conclusion
結論
Overall, we have mixed feelings about Vtech Holdings. While the company does have a high rate of return, its low earnings retention is probably what's hampering its earnings growth. Up till now, we've only made a short study of the company's growth data. You can do your own research on Vtech Holdings and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
總體而言，我們對偉易達控股有複雜的感受。雖然該公司確實擁有較高的回報率，但其較低的收益留存率可能是阻礙其收益增長的原因。到目前為止，我們只對該公司的增長數據進行了簡短的研究。你可以自己研究一下Vtech Holdings，看看它在過去的表現如何詳細圖表過去的收益、收入和現金流。
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。