Investors Aren't Buying Hutchison Port Holdings Trust's (SGX:NS8U) Revenues
Investors Aren't Buying Hutchison Port Holdings Trust's (SGX:NS8U) Revenues
With a price-to-sales (or "P/S") ratio of 0.8x Hutchison Port Holdings Trust (SGX:NS8U) may be sending bullish signals at the moment, given that almost half of all the Infrastructure companies in Singapore have P/S ratios greater than 2x and even P/S higher than 4x are not unusual. However, the P/S might be low for a reason and it requires further investigation to determine if it's justified.
新加坡交易所的和記港口控股信託(P/S)比率爲0.8倍，目前可能發出積極信號，因爲新加坡近一半的製造行業公司的市銷率大於2倍，即使市銷率高於4倍也並不罕見。但是，市銷率可能因某種原因而低，需要進一步調查確定是否合理。
SGX:NS8U Price to Sales Ratio vs Industry June 12th 2024
和記港口控股信託(P/S)比率與行業板塊的比較(June 12th 2024)
How Hutchison Port Holdings Trust Has Been Performing
和記港口控股的表現
While the industry has experienced revenue growth lately, Hutchison Port Holdings Trust's revenue has gone into reverse gear, which is not great. It seems that many are expecting the poor revenue performance to persist, which has repressed the P/S ratio. If this is the case, then existing shareholders will probably struggle to get excited about the future direction of the share price.
儘管該行業最近經歷了營業收入的增長，但和記港口控股的營業收入已經急轉直下，這不太好。似乎許多人都預計營收表現不佳的趨勢將持續，這已經使市銷率下降。如果是這種情況，那麼現有股東可能會難以對股票未來的走勢感到興奮。
If you'd like to see what analysts are forecasting going forward, you should check out our free report on Hutchison Port Holdings Trust.
如果您想了解分析師對未來的預測，那麼您應該查看我們免費的和記港口控股信託報告。
Do Revenue Forecasts Match The Low P/S Ratio?
營業收入預測是否與低市銷率相匹配?
There's an inherent assumption that a company should underperform the industry for P/S ratios like Hutchison Port Holdings Trust's to be considered reasonable.
存在一種固有的假設，即要認爲像和記港口控股信託這樣的公司的市銷率合理，就應該表現出行業板塊的下行潛力。
Taking a look back first, the company's revenue growth last year wasn't something to get excited about as it posted a disappointing decline of 13%. This has erased any of its gains during the last three years, with practically no change in revenue being achieved in total. Accordingly, shareholders probably wouldn't have been overly satisfied with the unstable medium-term growth rates.
首先回顧一下，公司去年的營業收入增長並不令人興奮，因爲其營收慘淡下降了13%。這已經抵消了其過去三年的增長，總體上沒有實現營收的實質性變化。因此，股東們對不穩定的中期增長率可能並不會感到滿意。
Looking ahead now, revenue is anticipated to climb by 1.8% each year during the coming three years according to the two analysts following the company. With the industry predicted to deliver 13% growth each year, the company is positioned for a weaker revenue result.
現在展望未來，根據兩位跟蹤公司的分析師預測，在未來三年裏，營業收入預計每年增長1.8%。隨着製造行業預計每年增長13%，該公司處於營業收入較弱的地位。
With this in consideration, its clear as to why Hutchison Port Holdings Trust's P/S is falling short industry peers. Apparently many shareholders weren't comfortable holding on while the company is potentially eyeing a less prosperous future.
考慮到這一點，很明顯和記港口控股的市銷率比行業同行要低。顯然，許多股東不太願意持有該公司的股票，因爲公司未來的前景可能不太樂觀。
The Final Word
最終結論
While the price-to-sales ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of revenue expectations.
雖然市銷率不應成爲您是否購買股票的決定性因素，但它是一種相當能夠衡量營收預期的標誌。
As expected, our analysis of Hutchison Port Holdings Trust's analyst forecasts confirms that the company's underwhelming revenue outlook is a major contributor to its low P/S. At this stage investors feel the potential for an improvement in revenue isn't great enough to justify a higher P/S ratio. It's hard to see the share price rising strongly in the near future under these circumstances.
正如我們所預期的那樣，我們對和記港口控股的分析師預測的分析證實了公司的令人失望的營收預期是其低市銷率的一個重要原因。在這個階段，投資者認爲營業收入的改善潛力不足以爲更高的市銷率打下基礎。在這種情況下，很難看到步入良性發展軌道的前景，股票價格也不大可能出現大幅上漲。
We don't want to rain on the parade too much, but we did also find 3 warning signs for Hutchison Port Holdings Trust (1 is potentially serious!) that you need to be mindful of.
雖然我們不想太打擊人的好心情，但我們確實發現了3個和記港口控股的警告信號(其中1個可能很嚴重!)，您需要謹慎對待。
It's important to make sure you look for a great company, not just the first idea you come across. So if growing profitability aligns with your idea of a great company, take a peek at this free list of interesting companies with strong recent earnings growth (and a low P/E).
重要的是要確保您尋找一家優秀的公司，而不僅僅是您遇到的第一個想法。因此，如果您認爲增長利潤與偉大的公司理念相一致，請查看這份免費列表，其中包含有強大的最新盈利增長（以及低市盈率）的有趣公司。
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.
對本文有反饋？關注內容？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。
譯文內容由第三人軟體翻譯。