Asia Grocery Distribution Limited (HKG:8413) shareholders would be excited to see that the share price has had a great month, posting a 26% gain and recovering from prior weakness. But the last month did very little to improve the 68% share price decline over the last year.
Even after such a large jump in price, you could still be forgiven for feeling indifferent about Asia Grocery Distribution's P/S ratio of 0.5x, since the median price-to-sales (or "P/S") ratio for the Consumer Retailing industry in Hong Kong is also close to 0.6x. However, investors might be overlooking a clear opportunity or potential setback if there is no rational basis for the P/S.
View our latest analysis for Asia Grocery Distribution
SEHK:8413 Price to Sales Ratio vs Industry January 29th 2024
How Asia Grocery Distribution Has Been Performing
Asia Grocery Distribution has been doing a good job lately as it's been growing revenue at a solid pace. It might be that many expect the respectable revenue performance to wane, which has kept the P/S from rising. Those who are bullish on Asia Grocery Distribution will be hoping that this isn't the case, so that they can pick up the stock at a lower valuation.
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 Asia Grocery Distribution's earnings, revenue and cash flow.
Do Revenue Forecasts Match The P/S Ratio?
The only time you'd be comfortable seeing a P/S like Asia Grocery Distribution's is when the company's growth is tracking the industry closely.
Taking a look back first, we see that the company managed to grow revenues by a handy 14% last year. The latest three year period has also seen an excellent 40% overall rise in revenue, aided somewhat by its short-term performance. Therefore, it's fair to say the revenue growth recently has been superb for the company.
Comparing that to the industry, which is predicted to deliver 12% growth in the next 12 months, the company's momentum is pretty similar based on recent medium-term annualised revenue results.
In light of this, it's understandable that Asia Grocery Distribution's P/S sits in line with the majority of other companies. It seems most investors are expecting to see average growth rates continue into the future and are only willing to pay a moderate amount for the stock.
The Final Word
Asia Grocery Distribution's stock has a lot of momentum behind it lately, which has brought its P/S level with the rest of the industry. It's argued the price-to-sales ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator.
It appears to us that Asia Grocery Distribution maintains its moderate P/S off the back of its recent three-year growth being in line with the wider industry forecast. Currently, with a past revenue trend that aligns closely wit the industry outlook, shareholders are confident the company's future revenue outlook won't contain any major surprises. Given the current circumstances, it seems improbable that the share price will experience any significant movement in either direction in the near future if recent medium-term revenue trends persist.
We don't want to rain on the parade too much, but we did also find 3 warning signs for Asia Grocery Distribution (1 shouldn't be ignored!) that you need to be mindful of.
If companies with solid past earnings growth is up your alley, you may wish to see this free collection of other companies with strong earnings growth and low P/E ratios.
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亞洲富思(HKG: 8413)股東會很高興看到股價表現良好,漲幅爲26%,並從中恢復過來。但是上個月對改善去年68%的股價跌幅幾乎沒有起到任何作用。
即使在價格大幅上漲之後,你仍然對亞洲雜貨分銷的0.5倍市盈率漠不關心,這是可以原諒的,因爲香港消費零售行業的中位價與銷售額(或 “市盈率”)也接近0.6倍。但是,如果市銷率沒有合理的基礎,投資者可能會忽略明顯的機會或潛在的挫折。
查看我們對亞洲富思的最新分析
SEHK: 8413 2024 年 1 月 29 日與行業的股價銷售比率
亞洲富思的表現如何
亞洲富思分銷最近表現良好,收入穩步增長。許多人可能預計可觀的收入表現將減弱,這阻礙了市銷率的上升。那些看好亞洲雜貨分銷的人會希望情況並非如此,這樣他們就可以以較低的估值買入該股。
我們沒有分析師的預測,但您可以查看我們關於亞洲雜貨分銷收益、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。
收入預測與市銷率相匹配嗎?
只有當公司的增長密切關注該行業時,你才能放心地看到像亞洲富思這樣的市銷率。
首先回顧一下,我們發現該公司去年的收入成功增長了14%。在最近三年中,總收入也實現了40%的出色增長,這在一定程度上得益於其短期表現。因此,可以公平地說,該公司最近的收入增長非常好。
相比之下,該行業預計將在未來12個月內實現12%的增長,根據最近的中期年化收入業績,該公司的勢頭非常相似。
有鑑於此,亞洲雜貨分銷公司的市銷率與其他大部分公司持平,這是可以理解的。看來大多數投資者都預計平均增長率將持續到未來,並且只願意爲該股支付適度的費用。
最後一句話
Asia Grocery Distribution的股票最近勢頭強勁,這使其市銷率與該行業其他公司相比有所上升。有人認爲,在某些行業中,市銷率是衡量價值的較差指標,但它可以是一個有力的商業信心指標。
在我們看來,Asia Grocery Distribution在最近三年的增長與更廣泛的行業預測一致,因此維持了溫和的市銷率。目前,由於過去的收入趨勢與行業前景非常吻合,股東們相信公司未來的收入前景不會出現任何重大意外。鑑於目前的情況,如果最近的中期收入趨勢持續下去,股價在不久的將來似乎不可能在兩個方向上出現任何重大波動。
我們不想在遊行隊伍中下太多雨,但我們還發現了《亞洲富思》的 3 個警告標誌(1 個不容忽視!)你需要注意的。
如果過去盈利增長穩健的公司處於困境,那麼你可能希望看到這些盈利增長強勁、市盈率低的其他公司的免費集合。
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
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。