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.
上個月股價下跌了36％，這給那些等待事情發生的麥迪遜控股集團有限公司（HKG: 8057）的股東受到了打擊。對於股東來說，最近的下跌結束了災難性的十二個月，在此期間，股東虧損了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.
儘管價格大幅下跌，但仍然沒有多少人認爲麥迪遜控股集團0.7倍的市銷率（或 “市盈率”）值得一提，而香港消費零售行業的市盈率中位數約爲0.6倍。儘管這可能不會引起任何關注，但如果市銷率不合理，投資者可能會錯過潛在的機會或無視迫在眉睫的失望情緒。
SEHK:8057 Price to Sales Ratio vs Industry March 6th 2024
SEHK: 8057 與行業的市銷比率 2024 年 3 月 6 日
What Does Madison Holdings Group's Recent Performance Look Like?
麥迪遜控股集團最近的表現如何？
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.
舉例來說，麥迪遜控股集團的收入在過去一年中有所惡化，這根本不理想。也許投資者認爲最近的收入表現足以與該行業保持一致，這阻止了市銷率的下降。如果不是，那麼現有股東可能會對股價的可行性有些緊張。
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.
儘管沒有分析師對麥迪遜控股集團的估計，但請看一下這個免費的數據豐富的可視化圖表，看看該公司的收益、收入和現金流是如何積累的。
How Is Madison Holdings Group's Revenue Growth Trending?
麥迪遜控股集團的收入增長趨勢如何？
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.
人們固有的假設是，公司應該與行業相提並論，使麥迪遜控股集團這樣的市銷率被認爲是合理的。
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.
回顧過去，去年的公司收入下降了29％，令人沮喪。過去三年看起來也不太好，因爲該公司的總收入減少了31％。因此，股東會對中期收入增長率感到悲觀。
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.
與該行業相比，該行業預計將在未來12個月內實現11％的增長，根據最近的中期收入業績，該公司的下行勢頭令人震驚。
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.
考慮到這一點，我們對麥迪遜控股集團的市銷率超過業內同行感到擔憂。看來大多數投資者都忽視了最近的糟糕增長率，並希望公司的業務前景有所好轉。如果市銷率降至更符合近期負增長率的水平，現有股東很有可能爲未來的失望做好準備。
The Bottom Line On Madison Holdings Group's P/S
麥迪遜控股集團市銷率的底線
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.
在麥迪遜控股集團股價暴跌之後，其市銷率一直保持在行業中位數的市銷率。我們可以說，市銷比率的力量主要不是作爲估值工具，而是衡量當前投資者情緒和未來預期。
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.
麥迪遜控股集團目前的市銷率與該行業其他公司持平，這一事實令我們感到驚訝，因爲其最近的收入在中期內一直在下降，而該行業仍將增長。在行業預測不斷增長的背景下，當我們看到收入倒退時，預計股價可能會下跌，從而使溫和的市銷率走低是合理的。如果最近的中期收入趨勢持續下去，將使股東的投資面臨風險，潛在投資者面臨支付不必要的溢價的危險。
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.
我們不想在遊行隊伍中下太多雨，但我們也確實發現了麥迪遜控股集團的兩個警告標誌，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.
如果您不確定麥迪遜控股集團的業務實力，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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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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