Could The Market Be Wrong About The Hour Glass Limited (SGX:AGS) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About The Hour Glass Limited (SGX:AGS) Given Its Attractive Financial Prospects?
Hour Glass (SGX:AGS) has had a rough three months with its share price down 16%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Hour Glass' ROE in this article.
Hour Glass（新加坡證券交易所股票代碼：AGS）經歷了艱難的三個月，其股價下跌了16％。但是，仔細觀察其穩健的財務狀況可能會讓您重新考慮。鑑於基本面通常會推動長期市場業績，該公司值得一看。具體而言，我們決定在本文中研究 Hour Glass 的投資回報率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
View our latest analysis for Hour Glass
查看我們對 Hour Glass 的最新分析
How Is ROE Calculated?
ROE 是如何計算的？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Hour Glass is:
因此，根據上述公式，Hour Glass 的投資回報率爲：
22% = S$174m ÷ S$788m (Based on the trailing twelve months to March 2023).
22% = 1.74億新元 ¥7.88億新元（基於截至2023年3月的過去十二個月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each SGD1 of shareholders' capital it has, the company made SGD0.22 in profit.
“回報” 是每年的利潤。將其概念化的一種方法是，公司每擁有1新加坡元的股東資本，就能獲得0.22新加坡元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
我們已經確定，投資回報率是衡量公司未來收益的有效盈利指標。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Hour Glass' Earnings Growth And 22% ROE
Hour Glass 的收益增長和 22% 的投資回報率
First thing first, we like that Hour Glass has an impressive ROE. Additionally, the company's ROE is higher compared to the industry average of 9.2% which is quite remarkable. Under the circumstances, Hour Glass' considerable five year net income growth of 26% was to be expected.
首先，我們喜歡 Hour Glass 的投資回報率令人印象深刻。此外，該公司的投資回報率高於行業平均水平的9.2％，這非常了不起。在這種情況下，Hour Glass在五年內實現26％的可觀淨收入增長是可以預料的。
As a next step, we compared Hour Glass' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 16%.
下一步，我們將Hour Glass的淨收入增長與行業進行了比較，令人高興的是，我們發現該公司的增長高於行業平均16％的增長。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Hour Glass fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是估值股票時要考慮的重要指標。投資者應努力確定預期的收益增長或下降，無論情況如何，是否已被考慮在內。通過這樣做，他們將知道這隻股票是進入清澈的藍色海水還是沼澤水域在等着你。與其他公司相比，Hour Glass的估值是否公平？這三種估值指標可能有助於您做出決定。
Is Hour Glass Making Efficient Use Of Its Profits?
Hour Glass 是否在有效利用其利潤？
Hour Glass has a three-year median payout ratio of 36% (where it is retaining 64% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and Hour Glass is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
Hour Glass的三年中位支付率爲36％（保留收入的64％），不算太低或不太高。從表面上看，股息得到了很好的保障，Hour Glass正在有效地對其利潤進行再投資，我們上面討論的其出色增長就證明了這一點。
Additionally, Hour Glass has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
此外，Hour Glass已經在至少十年的時間裏支付了股息，這意味着該公司非常認真地與股東分享利潤。
Conclusion
結論
In total, we are pretty happy with Hour Glass' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Remember, the price of a stock is also dependent on the perceived risk. Therefore investors must keep themselves informed about the risks involved before investing in any company. You can see the 1 risk we have identified for Hour Glass by visiting our risks dashboard for free on our platform here.
總的來說，我們對Hour Glass的表現非常滿意。特別是，我們喜歡該公司對其業務進行大量再投資，而且回報率很高。毫不奇怪，這帶來了可觀的收益增長。考慮到每股收益如何影響長期股價，如果該公司繼續照原樣增長收益，這可能會對其股價產生積極影響。請記住，股票的價格還取決於感知的風險。因此，投資者在投資任何公司之前必須隨時了解所涉及的風險。您可以通過訪問我們的 Hour Glass 來查看我們爲 Hour Glass 確定的 1 種風險 風險儀表板 在我們的平台上免費使用。
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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。
譯文內容由第三人軟體翻譯。