Madison Holdings Group Limited (HKG:8057) May Have Run Too Fast Too Soon With Recent 36% Price Plummet
Madison Holdings Group Limited (HKG:8057) May Have Run Too Fast Too Soon With Recent 36% Price Plummet
Madison Holdings Group Limited (HKG:8057) shareholders that were waiting for something to happen have been dealt a blow with a 36% share price drop in the last month. The recent drop completes a disastrous twelve months for shareholders, who are sitting on a 74% loss during that time.
上个月股价下跌了36％，这给那些等待事情发生的麦迪逊控股集团有限公司（HKG: 8057）的股东受到了打击。对于股东来说，最近的下跌结束了灾难性的十二个月，在此期间，股东亏损了74％。
In spite of the heavy fall in price, there still wouldn't be many who think Madison Holdings Group's price-to-sales (or "P/S") ratio of 0.7x is worth a mention when the median P/S in Hong Kong's Consumer Retailing industry is similar at about 0.6x. While this might not raise any eyebrows, if the P/S ratio is not justified investors could be missing out on a potential opportunity or ignoring looming disappointment.
尽管价格大幅下跌，但仍然没有多少人认为麦迪逊控股集团0.7倍的市销率（或 “市盈率”）值得一提，而香港消费零售行业的市盈率中位数约为0.6倍。尽管这可能不会引起任何关注，但如果市销率不合理，投资者可能会错过潜在的机会或无视迫在眉睫的失望情绪。
SEHK:8057 Price to Sales Ratio vs Industry March 6th 2024
SEHK: 8057 与行业的市销比率 2024 年 3 月 6 日
What Does Madison Holdings Group's Recent Performance Look Like?
麦迪逊控股集团最近的表现如何？
As an illustration, revenue has deteriorated at Madison Holdings Group over the last year, which is not ideal at all. Perhaps investors believe the recent revenue performance is enough to keep in line with the industry, which is keeping the P/S from dropping off. If not, then existing shareholders may be a little nervous about the viability of the share price.
举例来说，麦迪逊控股集团的收入在过去一年中有所恶化，这根本不理想。也许投资者认为最近的收入表现足以与该行业保持一致，这阻止了市销率的下降。如果不是，那么现有股东可能会对股价的可行性有些紧张。
Although there are no analyst estimates available for Madison Holdings Group, take a look at this free data-rich visualisation to see how the company stacks up on earnings, revenue and cash flow.
尽管没有分析师对麦迪逊控股集团的估计，但请看一下这个免费的数据丰富的可视化图表，看看该公司的收益、收入和现金流是如何积累的。
How Is Madison Holdings Group's Revenue Growth Trending?
麦迪逊控股集团的收入增长趋势如何？
There's an inherent assumption that a company should be matching the industry for P/S ratios like Madison Holdings Group's to be considered reasonable.
人们固有的假设是，公司应该与行业相提并论，使麦迪逊控股集团这样的市销率被认为是合理的。
Retrospectively, the last year delivered a frustrating 29% decrease to the company's top line. The last three years don't look nice either as the company has shrunk revenue by 31% in aggregate. Accordingly, shareholders would have felt downbeat about the medium-term rates of revenue growth.
回顾过去，去年的公司收入下降了29％，令人沮丧。过去三年看起来也不太好，因为该公司的总收入减少了31％。因此，股东会对中期收入增长率感到悲观。
Comparing that to the industry, which is predicted to deliver 11% growth in the next 12 months, the company's downward momentum based on recent medium-term revenue results is a sobering picture.
与该行业相比，该行业预计将在未来12个月内实现11％的增长，根据最近的中期收入业绩，该公司的下行势头令人震惊。
With this in mind, we find it worrying that Madison Holdings Group's P/S exceeds that of its industry peers. It seems most investors are ignoring the recent poor growth rate and are hoping for a turnaround in the company's business prospects. There's a good chance existing shareholders are setting themselves up for future disappointment if the P/S falls to levels more in line with the recent negative growth rates.
考虑到这一点，我们对麦迪逊控股集团的市销率超过业内同行感到担忧。看来大多数投资者都忽视了最近的糟糕增长率，并希望公司的业务前景有所好转。如果市销率降至更符合近期负增长率的水平，现有股东很有可能为未来的失望做好准备。
The Bottom Line On Madison Holdings Group's P/S
麦迪逊控股集团市销率的底线
Following Madison Holdings Group's share price tumble, its P/S is just clinging on to the industry median P/S. We'd say the price-to-sales ratio's power isn't primarily as a valuation instrument but rather to gauge current investor sentiment and future expectations.
在麦迪逊控股集团股价暴跌之后，其市销率一直保持在行业中位数的市销率。我们可以说，市销比率的力量主要不是作为估值工具，而是衡量当前投资者情绪和未来预期。
The fact that Madison Holdings Group currently trades at a P/S on par with the rest of the industry is surprising to us since its recent revenues have been in decline over the medium-term, all while the industry is set to grow. When we see revenue heading backwards in the context of growing industry forecasts, it'd make sense to expect a possible share price decline on the horizon, sending the moderate P/S lower. If recent medium-term revenue trends continue, it will place shareholders' investments at risk and potential investors in danger of paying an unnecessary premium.
麦迪逊控股集团目前的市销率与该行业其他公司持平，这一事实令我们感到惊讶，因为其最近的收入在中期内一直在下降，而该行业仍将增长。在行业预测不断增长的背景下，当我们看到收入倒退时，预计股价可能会下跌，从而使温和的市销率走低是合理的。如果最近的中期收入趋势持续下去，将使股东的投资面临风险，潜在投资者面临支付不必要的溢价的危险。
We don't want to rain on the parade too much, but we did also find 2 warning signs for Madison Holdings Group that you need to be mindful of.
我们不想在游行队伍中下太多雨，但我们也确实发现了麦迪逊控股集团的两个警告标志，你需要注意。
If you're unsure about the strength of Madison Holdings Group's business, why not explore our interactive list of stocks with solid business fundamentals for some other companies you may have missed.
如果您不确定麦迪逊控股集团的业务实力，为什么不浏览我们的互动式股票清单，其中列出了一些您可能错过的其他公司，这些股票具有稳健的业务基本面。
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