What ASL Marine Holdings Ltd.'s (SGX:A04) 27% Share Price Gain Is Not Telling You
What ASL Marine Holdings Ltd.'s (SGX:A04) 27% Share Price Gain Is Not Telling You
ASL Marine Holdings Ltd. (SGX:A04) shareholders would be excited to see that the share price has had a great month, posting a 27% gain and recovering from prior weakness. Looking back a bit further, it's encouraging to see the stock is up 71% in the last year.
Even after such a large jump in price, it's still not a stretch to say that ASL Marine Holdings' price-to-sales (or "P/S") ratio of 0.1x right now seems quite "middle-of-the-road" compared to the Machinery industry in Singapore, where the median P/S ratio is around 0.5x. Although, it's not wise to simply ignore the P/S without explanation as investors may be disregarding a distinct opportunity or a costly mistake.
Check out our latest analysis for ASL Marine Holdings
What Does ASL Marine Holdings' Recent Performance Look Like?
ASL Marine Holdings certainly has been doing a great job lately as it's been growing its revenue at a really rapid pace. Perhaps the market is expecting future revenue performance to taper off, which has kept the P/S from rising. If that doesn't eventuate, then existing shareholders have reason to be feeling optimistic about the future direction of the share price.
We don't have analyst forecasts, but you can see how recent trends are setting up the company for the future by checking out our free report on ASL Marine Holdings' earnings, revenue and cash flow.Is There Some Revenue Growth Forecasted For ASL Marine Holdings?
There's an inherent assumption that a company should be matching the industry for P/S ratios like ASL Marine Holdings' to be considered reasonable.
Retrospectively, the last year delivered an exceptional 41% gain to the company's top line. Pleasingly, revenue has also lifted 50% in aggregate from three years ago, thanks to the last 12 months of growth. So we can start by confirming that the company has done a great job of growing revenue over that time.
Comparing the recent medium-term revenue trends against the industry's one-year growth forecast of 37% shows it's noticeably less attractive.
With this in mind, we find it intriguing that ASL Marine Holdings' P/S is comparable to that of its industry peers. It seems most investors are ignoring the fairly limited recent growth rates and are willing to pay up for exposure to the stock. They may be setting themselves up for future disappointment if the P/S falls to levels more in line with recent growth rates.
The Bottom Line On ASL Marine Holdings' P/S
ASL Marine Holdings' stock has a lot of momentum behind it lately, which has brought its P/S level with the rest of the industry. Typically, we'd caution against reading too much into price-to-sales ratios when settling on investment decisions, though it can reveal plenty about what other market participants think about the company.
Our examination of ASL Marine Holdings revealed its poor three-year revenue trends aren't resulting in a lower P/S as per our expectations, given they look worse than current industry outlook. Right now we are uncomfortable with the P/S as this revenue performance isn't likely to support a more positive sentiment for long. Unless the recent medium-term conditions improve, it's hard to accept the current share price as fair value.
There are also other vital risk factors to consider and we've discovered 4 warning signs for ASL Marine Holdings (1 doesn't sit too well with us!) that you should be aware of before investing here.
If these risks are making you reconsider your opinion on ASL Marine Holdings, explore our interactive list of high quality stocks to get an idea of what else is out there.
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.
ASL Marine Holdings Ltd.(新加坡證券交易所股票代碼:A04)股東會很高興看到股價表現良好,上漲了27%,並從先前的疲軟中恢復過來。再往前看,令人鼓舞的是,該股去年上漲了71%。
即使在價格大幅上漲之後,可以毫不誇張地說,與新加坡機械行業相比,ASL Marine Holdings目前0.1倍的市售率(或 “市盈率”)似乎相當 “處於中間位置”,後者的市盈率中位數約爲0.5倍。但是,在沒有解釋的情況下乾脆忽略市盈率是不明智的,因爲投資者可能忽視了獨特的機會或代價高昂的錯誤。
查看我們對 ASL Marine Holdings 的最新分析
ASL Marine Holdings最近的表現如何?
ASL Marine Holdings最近確實做得很好,因爲它的收入增長非常快。也許市場預計未來的收入表現將逐漸減弱,這使市盈率無法上升。如果最終沒有成功,那麼現有股東就有理由對股價的未來走向感到樂觀。
我們沒有分析師的預測,但您可以查看我們關於ASL Marine Holdings收益、收入和現金流的免費報告,了解最近的趨勢如何爲公司未來做好準備。預計ASL Marine Holdings的收入會有所增長嗎?
有一種固有的假設是,像ASL Marine Holdings這樣的公司應該與行業相提並論,這樣市盈率才算合理。
回顧過去,去年該公司的收入實現了驚人的41%的增長。令人高興的是,得益於過去12個月的增長,總收入也比三年前增長了50%。因此,我們可以首先確認該公司在這段時間內在增加收入方面做得很好。
將最近的中期收入趨勢與該行業的一年增長預測的37%進行比較,可以看出該行業的吸引力明顯降低。
考慮到這一點,我們發現有趣的是,ASL Marine Holdings的市盈率與業內同行相當。看來大多數投資者都忽視了近期相當有限的增長率,他們願意爲股票敞口付出代價。如果市盈率降至更符合近期增長率的水平,他們可能會爲未來的失望做好準備。
ASL Marine Holdings 市盈率的底線
ASL Marine Holdings的股票最近勢頭強勁,這使其市盈率與業內其他公司持平。通常,在做出投資決策時,我們會謹慎行事,不要過多地解讀市銷比率,儘管這可以充分揭示其他市場參與者對公司的看法。
我們對ASL Marine Holdings的審查顯示,其糟糕的三年收入趨勢並沒有導致市盈率低於我們的預期,因爲市盈率看起來比目前的行業前景差。目前,我們對市盈率感到不舒服,因爲這種收入表現不太可能長期支撐更樂觀的情緒。除非最近的中期條件有所改善,否則很難接受當前的股價作爲公允價值。
還有其他重要的風險因素需要考慮,我們發現了ASL Marine Holdings的4個警告信號(其中一個對我們來說不太合適!)在這裏投資之前,你應該意識到這一點。
如果這些風險使你重新考慮對ASL Marine Holdings的看法,請瀏覽我們的高質量股票互動清單,了解還有什麼。
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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。
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