Should Weakness in Perfect Medical Health Management Limited's (HKG:1830) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Perfect Medical Health Management Limited's (HKG:1830) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Perfect Medical Health Management (HKG:1830) has had a rough three months with its share price down 22%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Perfect Medical Health Management's ROE today.
Perfect Medical Health Management（HKG: 1830）經歷了艱難的三個月，其股價下跌了22％。但是，從長遠來看，股票價格通常由公司的財務狀況驅動，在這種情況下，財務狀況看起來相當不錯。特別是，今天我們將關注Perfect Medical Health Management的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之，它衡量公司相對於股東權益的盈利能力。
View our latest analysis for Perfect Medical Health Management
查看我們對完美醫療健康管理的最新分析
How Is ROE Calculated?
投資回報率是如何計算的？
The formula for ROE is:
這個 投資回報率公式 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）≥ 股東權益
So, based on the above formula, the ROE for Perfect Medical Health Management is:
因此，根據上述公式，完美醫療健康管理的投資回報率爲：
40% = HK$239m ÷ HK$604m (Based on the trailing twelve months to September 2022).
40% = 2.39億港元 ≥ 6.04億港元（基於截至2022年9月的過去十二個月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.40 in profit.
“回報” 是企業去年獲得的收入。另一種思考方式是，公司每持有價值1港元的股權，就能獲得0.40港元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有甚麼關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前爲止，我們已經瞭解到，投資回報率衡量的是公司創造利潤的效率。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所瞭解。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
A Side By Side comparison of Perfect Medical Health Management's Earnings Growth And 40% ROE
完美醫療健康管理的收益增長和40％的投資回報率的並排比較
To begin with, Perfect Medical Health Management has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 11% the company's ROE is quite impressive. This probably laid the groundwork for Perfect Medical Health Management's moderate 6.3% net income growth seen over the past five years.
首先，完美醫療健康管理的投資回報率相當高，這很有趣。其次，即使與11％的行業平均水平相比，該公司的投資回報率也相當可觀。這可能爲Perfect Medical Health Management在過去五年中實現6.3％的溫和淨收入增長奠定了基礎。
As a next step, we compared Perfect Medical Health Management's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 8.2% in the same period.
下一步，我們將Perfect Medical Health Management的淨收入增長與該行業進行了比較，但令人失望的是，該公司的增長低於同期8.2％的行業平均增長率。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Perfect Medical Health Management's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
賦予公司價值的基礎在很大程度上與其收益增長息息相關。投資者接下來需要確定的是，預期的收益增長或缺乏收益增長是否已經包含在股價中。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。如果你想知道Perfect Medical Health Management的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is Perfect Medical Health Management Using Its Retained Earnings Effectively?
完美醫療健康管理能否有效利用其留存收益？
While Perfect Medical Health Management has a three-year median payout ratio of 101% (which means it retains -0.6% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.
儘管Perfect Medical Health Management的三年支付率中位數爲101％（這意味着它保留了-0.6％的利潤），但該公司過去的收益仍有相當大的增長，這意味着其高支付率並沒有阻礙其增長能力。
Besides, Perfect Medical Health Management has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders.
此外，Perfect Medical Health Management已經派發股息了至少十年或更長時間。這表明該公司致力於與股東分享利潤。
Conclusion
結論
In total, it does look like Perfect Medical Health Management has some positive aspects to its business. As noted earlier, its earnings growth has been quite decent, and the high ROE does contribute to that growth. Still, the company invests little to almost none of its profits. This could potentially reduce the odds that the company continues to see the same level of growth in the future. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，Perfect Medical Health Management的業務看起來確實有一些積極的方面。如前所述，其收益增長相當不錯，高投資回報率確實爲這種增長做出了貢獻。儘管如此，該公司的利潤幾乎沒有投資。這有可能降低公司未來繼續保持相同增長水平的幾率。話雖如此，從目前的分析師估計來看，我們發現該公司的收益有望增強。要進一步瞭解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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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。