Subdued Growth No Barrier To Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Price
Subdued Growth No Barrier To Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Price
With a price-to-earnings (or "P/E") ratio of 59.6x Shanghai Haixin Group Co., Ltd. (SHSE:600851) may be sending very bearish signals at the moment, given that almost half of all companies in China have P/E ratios under 30x and even P/E's lower than 19x are not unusual. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so lofty.
市盈率(P/E)為59.6倍上海海信集團有限公司。(上交所:600851)目前可能發出了非常悲觀的信號,因為中國幾乎一半的公司的市盈率低於30倍,即使是低於19倍的市盈率也並不罕見。然而,僅僅從表面上看待市盈率是不明智的,因為可能會有一個解釋,為什麼它如此之高。
The earnings growth achieved at Shanghai Haixin Group over the last year would be more than acceptable for most companies. It might be that many expect the respectable earnings performance to beat most other companies over the coming period, which has increased investors' willingness to pay up for the stock. You'd really hope so, otherwise you're paying a pretty hefty price for no particular reason.
上海海信集團過去一年實現的盈利增長對大多數公司來説都是可以接受的。許多人可能預計,在未來一段時間裏,令人尊敬的盈利表現將超過大多數其他公司,這提高了投資者購買該股的意願。你真的希望如此,否則你會無緣無故地付出相當大的代價。
See our latest analysis for Shanghai Haixin Group
查看我們對上海海信集團的最新分析
Is There Enough Growth For Shanghai Haixin Group?
上海海信集團是否有足夠的增長空間?
The only time you'd be truly comfortable seeing a P/E as steep as Shanghai Haixin Group's is when the company's growth is on track to outshine the market decidedly.
看到上海海信集團這樣高的市盈率,你唯一會真正感到放心的時候,就是該公司的增長勢頭明顯好於大盤的時候。
Taking a look back first, we see that the company managed to grow earnings per share by a handy 15% last year. The latest three year period has also seen an excellent 31% overall rise in EPS, aided somewhat by its short-term performance. So we can start by confirming that the company has done a great job of growing earnings over that time.
首先回顧一下,我們看到該公司去年的每股收益輕鬆增長了15%。在最近三年期間,每股收益也出現了31%的出色整體漲幅,這在一定程度上得益於其短期表現。因此,我們可以從確認該公司在這段時間內在增長收益方面做得很好開始。
Comparing that to the market, which is predicted to deliver 34% growth in the next 12 months, the company's momentum is weaker based on recent medium-term annualised earnings results.
與預計未來12個月將實現34%增長的市場相比,根據最近的中期年化收益結果,該公司的增長勢頭較弱。
In light of this, it's alarming that Shanghai Haixin Group'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. There's a good chance existing shareholders are setting themselves up for future disappointment if the P/E falls to levels more in line with recent growth rates.
有鑑於此,上海海信集團的市盈率高於其他大多數公司,這是令人擔憂的。顯然,該公司的許多投資者比最近的情況所顯示的要樂觀得多,不願以任何價格拋售他們的股票。如果市盈率下降到與最近的增長率更一致的水平,現有股東很可能會讓自己未來感到失望。
The Final Word
最後的結論
While the price-to-earnings ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of earnings expectations.
雖然市盈率不應該是你是否買入一隻股票的決定性因素,但它是一個很好的盈利預期晴雨表。
Our examination of Shanghai Haixin Group revealed its three-year earnings trends aren't impacting its high P/E anywhere near as much as we would have predicted, given they look worse than current market expectations. Right now we are increasingly uncomfortable with the high P/E as this earnings performance isn't likely to support such positive sentiment for long. 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.
我們對上海海信集團的調查顯示,該集團三年來的盈利趨勢對其高市盈率的影響並不像我們預期的那麼大,因為它們看起來比當前市場預期的要差。目前,我們對高市盈率越來越感到不安,因為這種盈利表現不太可能長期支撐這種積極情緒。如果近期的中期盈利趨勢持續下去,將使股東的投資面臨重大風險,潛在投資者面臨支付過高溢價的危險。
Having said that, be aware Shanghai Haixin Group is showing 2 warning signs in our investment analysis, you should know about.
話雖如此,請注意,上海海信集團在我們的投資分析中出現了兩個警告信號,你應該知道。
If these risks are making you reconsider your opinion on Shanghai Haixin Group, explore our interactive list of high quality stocks to get an idea of what else is out there.
如果這些風險讓你重新考慮對上海海信集團的看法,探索我們的高質量股票互動列表,以瞭解還有什麼。
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。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。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。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。