Has Sea Limited's (NYSE:SE) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Has Sea Limited's (NYSE:SE) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Sea's (NYSE:SE) stock is up by a considerable 25% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Specifically, we decided to study Sea's ROE in this article.
過去三個月，Sea (NYSE:SE)公司的股價上漲了相當可觀的25%。考慮到股票價格通常與公司的長期財務表現相一致，我們決定更仔細地研究它的財務指標，以確定它們是否對最近的股價波動起到了作用。具體而言，我們決定在本文中研究Sea的ROE。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東應考慮的重要因素是淨資產收益率或roe，因爲它告訴他們投資的資本如何被有效地再投資。簡單來說，它用於評估公司與其股權資本相關的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Sea is:
因此，根據上述公式，Sea的ROE爲：
0.8% = US$52m ÷ US$6.8b (Based on the trailing twelve months to March 2024).
0.8% = 5200萬美元 ÷ 68億美元（截至2024年3月的近12個月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.01 in profit.
‘回報’是指公司在過去一年中的收益。這意味着對於每1美元的股東權益，公司產生了0.01美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前爲止，我們已經了解到ROE衡量公司利潤的效率如何。基於公司選擇再投資或保留多少利潤，我們隨後能夠評估公司未來產生利潤的能力。總的來說，在其他條件相等的情況下，具有高ROE和利潤保留的公司的增長率比沒有這些特徵的公司要高。
A Side By Side comparison of Sea's Earnings Growth And 0.8% ROE
Sea盈利增長與0.8%的ROE的並置比較
It is quite clear that Sea's ROE is rather low. Even when compared to the industry average of 15%, the ROE figure is pretty disappointing. Sea was still able to see a decent net income growth of 17% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
很明顯，Sea的ROE相當低，即使與15%的行業平均水平相比，ROE水平也相當令人失望。在過去五年中，Sea的淨利潤增長率仍然達到17%。我們認爲，可能存在其他積極影響公司盈利增長的方面。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司的支付比率較低。
We then compared Sea's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 24% in the same 5-year period, which is a bit concerning.
然後，我們將Sea的淨利潤增長與行業進行了比較，發現該公司的增長率低於同一五年期間24%的行業平均增長率，這有點令人擔憂。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is SE fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的盈利增長或下降，無論哪種情況，是否已經反映在定價中。然後，這有助於他們確定股票是處於光明還是黯淡的未來。SE是否被公平定價？這張有關該公司內在價值的信息圖表包含了您需要知道的所有信息。
Is Sea Using Its Retained Earnings Effectively?
Sea是否有效地利用了保留利潤？
Sea doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
Sea目前不支付任何普通股息，這基本上意味着它一直在將其所有利潤再投資於業務。這絕對有助於上述體面的盈利增長數字。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
In total, it does look like Sea has some positive aspects to its business. That is, a decent growth in earnings backed by a high rate of reinvestment. However, we do feel that that earnings growth could have been higher if the business were to improve on the low ROE rate. Especially given how the company is reinvesting a huge chunk of its profits. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，看起來Sea的業務方面有一些積極的方面。也就是說，業績增長不錯，受到高比率的再投資的支持。然而，我們確實認爲，如果該公司能夠改善低ROE水平，業績增長可能會更高。特別是考慮到公司正將其大部分利潤再投資。話雖如此，從當前的分析師預測來看，我們發現該公司的盈利預計將獲得動力。要了解有關公司最新分析師預測的更多信息，請查看這個可視化的分析師預測。
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。