Is Coupang, Inc.'s (NYSE:CPNG) Latest Stock Performance A Reflection Of Its Financial Health?
Is Coupang, Inc.'s (NYSE:CPNG) Latest Stock Performance A Reflection Of Its Financial Health?
Most readers would already be aware that Coupang's (NYSE:CPNG) stock increased significantly by 20% over the past three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. In this article, we decided to focus on Coupang's ROE.
大部分讀者已經意識到韓國電商巨頭Coupang（紐交所股票代碼：CPNG）的股價在過去三個月內上漲了驚人的20%。由於市場通常會爲公司的長期基本面付費，我們決定研究公司的關鍵業績指標，以確定它們是否可能會影響市場。在本文中，我們決定重點關注Coupang的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（ROE）是衡量公司增值和管理投資者資金有效性的測試。換句話說，它是一種盈利能力比率，用於衡量公司股東提供的資金回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 Coupang is:
因此，根據上述公式，Coupang的ROE爲:
30% = US$1.2b ÷ US$4.2b (Based on the trailing twelve months to March 2024).
30% = US$1.2b ÷ US$4.2b（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.30 in profit.
“回報”是企業過去一年賺取的收入。 另一種思考方法是，對於每1美元的股本，公司能夠賺取0.30美元的利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼？
So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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是衡量公司盈利能力的一個指標。現在我們需要評估公司再投資或“保留”未來增長所需的利潤，然後我們可以大致了解公司的增長潛力。一般來說，在其他條件相等的情況下，具有高ROE和利潤保留的公司比沒有這些屬性的公司具有更高的增長率。
A Side By Side comparison of Coupang's Earnings Growth And 30% ROE
Coupang盈利增長和30% ROE 並排比較
To begin with, Coupang has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 20% the company's ROE is quite impressive. Under the circumstances, Coupang's considerable five year net income growth of 67% was to be expected.
首先，Coupang的ROE相當高，這很有趣。其次，即使與行業平均水平20％相比，如果看公司的ROE，也是相當令人印象深刻的。在這種情況下，Coupang五年淨收入增長了67％，這是可以預期的。
We then compared Coupang's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 15% in the same 5-year period.
然後，我們將Coupang的淨收入增長與行業進行了比較，我們很高興看到公司的增長數字比行業在同一5年期間的15％增長率更高。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is CPNG fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是考量股票價值時需要考慮的重要指標。投資者了解市場是否已經將公司預期的盈利增長（或下降）的價格計入其中很重要。這有助於他們確定股票的未來前景是否看好或不利。CPNG的內在價值信息圖表詳盡解析，歡迎點擊。
Is Coupang Efficiently Re-investing Its Profits?
Coupang是否有效地將利潤重新投入到業務中?
Coupang 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 high earnings growth number that we discussed above.
Coupang目前不支付任何普通股息，這基本上意味着它一直在將所有利潤重新投入到業務中。這無疑爲我們上面討論的高盈利增長數字做出了貢獻。
Conclusion
結論
Overall, we are quite pleased with Coupang's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總的來說，我們對Coupang的表現感到相當滿意。特別是，我們喜歡這家公司以高回報率將其大部分利潤再次投資到業務中。當然，這導致公司的盈利增長產生了顯着增長。話雖如此，根據分析師的預測，公司的盈利增長預計會放緩。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？請點擊此處以進入我們的分析師預測頁面。
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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
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譯文內容由第三人軟體翻譯。