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With China Mengniu Dairy Company Limited (HKG:2319) It Looks Like You'll Get What You Pay For

With China Mengniu Dairy Company Limited (HKG:2319) It Looks Like You'll Get What You Pay For

有了中國蒙牛乳業有限公司(HKG: 2319),看來你會得到你所付出的
Simply Wall St ·  2023/12/26 02:10

With a price-to-earnings (or "P/E") ratio of 15.7x China Mengniu Dairy Company Limited (HKG:2319) may be sending very bearish signals at the moment, given that almost half of all companies in Hong Kong have P/E ratios under 9x and even P/E's lower than 4x 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.  

中國蒙牛乳業有限公司(HKG: 2319)的市盈率(或 “市盈率”)爲15.7倍,目前可能會發出非常看跌的信號,因爲幾乎一半的香港公司的市盈率低於9倍,甚至市盈率低於4倍也並不罕見。但是,市盈率可能相當高是有原因的,需要進一步調查以確定其是否合理。

Recent times haven't been advantageous for China Mengniu Dairy as its earnings have been falling quicker than most other companies.   It might be that many expect the dismal earnings performance to recover substantially, which has kept the P/E from collapsing.  If not, then existing shareholders may be very nervous about the viability of the share price.    

最近對中國蒙牛乳業來說並不是有利的,因爲其收益的下降速度比大多數其他公司快。許多人可能預計,慘淡的收益表現將大幅恢復,這阻止了市盈率的暴跌。如果不是,那麼現有股東可能會對股價的可行性感到非常擔憂。

View our latest analysis for China Mengniu Dairy

查看我們對中國蒙牛乳業的最新分析

SEHK:2319 Price to Earnings Ratio vs Industry December 26th 2023

SEHK: 2319 對比行業的市盈率 2023 年 12 月 26 日

Keen to find out how analysts think China Mengniu Dairy's future stacks up against the industry? In that case, our free report is a great place to start.

想了解分析師如何看待中國蒙牛乳業的未來與該行業的對立嗎?在這種情況下,我們的免費報告是一個很好的起點。

Does Growth Match The High P/E?  

增長與高市盈率相匹配嗎?

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

人們固有的假設是,如果像中國蒙牛乳業這樣的市盈率是合理的,公司的表現應該遠遠超過市場。

If we review the last year of earnings, dishearteningly the company's profits fell to the tune of 22%.   Even so, admirably EPS has lifted 41% in aggregate from three years ago, notwithstanding the last 12 months.  So we can start by confirming that the company has generally done a very good job of growing earnings over that time, even though it had some hiccups along the way.  

如果我們回顧一下去年的收益,令人沮喪的是,該公司的利潤下降了22%。即便如此,儘管過去12個月,但每股收益總額仍比三年前增長了41%,令人欽佩。因此,我們可以首先確認該公司在此期間在增加收益方面總體上做得非常出色,儘管在此過程中遇到了一些小問題。

Turning to the outlook, the next three years should generate growth of 19%  per year as estimated by the analysts watching the company.  Meanwhile, the rest of the market is forecast to only expand by 16% per year, which is noticeably less attractive.

展望來看,根據關注該公司的分析師的估計,未來三年將實現每年19%的增長。同時,預計其他市場每年僅增長16%,吸引力明顯降低。

In light of this, it's understandable that China Mengniu Dairy's P/E sits above the majority of other companies.  Apparently shareholders aren't keen to offload something that is potentially eyeing a more prosperous future.  

有鑑於此,中國蒙牛乳業的市盈率高於其他大多數公司是可以理解的。顯然,股東們並不熱衷於轉移可能着眼於更繁榮未來的東西。

The Bottom Line On China Mengniu Dairy's P/E

中國蒙牛乳業市盈率的底線

It's argued the price-to-earnings ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator.

有人認爲,市盈率是衡量某些行業價值的次要指標,但它可能是一個有力的商業情緒指標。

As we suspected, our examination of China Mengniu Dairy's analyst forecasts revealed that its superior earnings outlook is contributing to its high P/E.  Right now shareholders are comfortable with the P/E as they are quite confident future earnings aren't under threat.  It's hard to see the share price falling strongly in the near future under these circumstances.    

正如我們所懷疑的那樣,我們對中國蒙牛乳業分析師預測的審查顯示,其優異的盈利前景是其高市盈率的原因。目前,股東對市盈率感到滿意,因爲他們非常有信心未來的收益不會受到威脅。在這種情況下,很難看到股價在不久的將來會強勁下跌。

We don't want to rain on the parade too much, but we did also find 2 warning signs for China Mengniu Dairy that you need to be mindful of.  

我們不想在遊行隊伍中下太多雨,但我們也確實發現了中國蒙牛乳業的兩個警示標誌,你需要注意。

If you're unsure about the strength of China Mengniu Dairy's business, why not explore our interactive list of stocks with solid business fundamentals for some other companies you may have missed.

如果您不確定中國蒙牛乳業的業務實力,爲什麼不瀏覽我們的互動式股票清單,其中列出了一些您可能錯過的其他公司,這些股票具有穩健的業務基本面。

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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。

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