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Does The Market Have A Low Tolerance For China Pioneer Pharma Holdings Limited's (HKG:1345) Mixed Fundamentals?
Does The Market Have A Low Tolerance For China Pioneer Pharma Holdings Limited's (HKG:1345) Mixed Fundamentals?
With its stock down 13% over the past week, it is easy to disregard China Pioneer Pharma Holdings (HKG:1345). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study China Pioneer Pharma Holdings' ROE in this article.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
Check out our latest analysis for China Pioneer Pharma Holdings
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for China Pioneer Pharma Holdings is:
15% = CN¥141m ÷ CN¥911m (Based on the trailing twelve months to December 2021).
The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.15 in profit.
Why Is ROE Important For Earnings Growth?
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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
China Pioneer Pharma Holdings' Earnings Growth And 15% ROE
To begin with, China Pioneer Pharma Holdings seems to have a respectable ROE. On comparing with the average industry ROE of 7.1% the company's ROE looks pretty remarkable. Needless to say, we are quite surprised to see that China Pioneer Pharma Holdings' net income shrunk at a rate of 31% over the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
However, when we compared China Pioneer Pharma Holdings' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 8.5% in the same period. This is quite worrisome.
SEHK:1345 Past Earnings Growth July 11th 2022Earnings growth is a huge factor in stock valuation. 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 China Pioneer Pharma Holdings fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is China Pioneer Pharma Holdings Making Efficient Use Of Its Profits?
China Pioneer Pharma Holdings' very high three-year median payout ratio of 145% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits. Our risks dashboard should have the 2 risks we have identified for China Pioneer Pharma Holdings.
In addition, China Pioneer Pharma Holdings has been paying dividends over a period of eight years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline.
Conclusion
In total, we're a bit ambivalent about China Pioneer Pharma Holdings' performance. While the company does have a high rate of return, its low earnings retention is probably what's hampering its earnings growth. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into China Pioneer Pharma Holdings' past profit growth, check out this visualization of past earnings, revenue and cash flows.
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.
在过去一周股价下跌13%的情况下,人们很容易忽视中国先锋医药控股公司(HKG:1345)。市场似乎完全忽视了该公司基本面的积极方面,而决定更多地关注负面方面。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。具体地说,我们决定在本文中研究中国先锋医药控股公司的净资产收益率。
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对中国先锋医药控股公司的最新分析
你如何计算股本回报率?
可使用以下公式计算净资产收益率:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上述公式,中国先锋医药控股的净资产收益率为:
15%=1.41亿元×9.11亿元(以截至2021年12月的12个月为基础)。
“收益”是过去12个月的利润。另一种说法是,该公司每持有价值1港元的股票,就能赚取0.15港元的利润。
为什么净资产收益率对收益增长很重要?
到目前为止,我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。假设其他条件不变,净资产收益率和利润保留率越高,与不一定具有这些特征的公司相比,公司的增长率就越高。
中国先锋医药控股盈利增长和15%的净资产收益率
首先,中国先锋医药控股公司似乎拥有令人尊敬的净资产收益率。与7.1%的行业平均净资产收益率相比,该公司的净资产收益率看起来相当惊人。不用说,我们相当惊讶地看到,中国先锋医药控股的净利润在过去五年里以31%的速度缩水。基于此,我们认为,可能还有本文迄今未讨论的其他原因,可能正在阻碍公司的增长。例如,公司将很大一部分收益作为股息支付,或者面临竞争压力。
然而,当我们将中国先锋医药控股的增长与行业进行比较时,我们发现,尽管该公司的收益一直在缩水,但同期该行业的收益增长了8.5%。这相当令人担忧。
联交所:1345过去盈利增长2022年7月11日盈利增长是股票估值的一个重要因素。对于投资者来说,重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。与其他公司相比,中国先锋医药控股的估值是否公平?这3个估值指标可能会帮助你做出决定。
中国先锋医药控股公司是否在有效利用其利润?
中国先锋医药控股过去三年的派息率中值高达145%,这表明该公司向股东支付的股息高于其盈利,这解释了该公司收益缩水的原因。通常很难维持高于公布利润的股息支付。我们的风险仪表板应该包含我们为中国先锋医药控股确定的两个风险。
此外,中国先锋医药控股公司在过去8年里一直在派发股息,这表明,尽管盈利一直在下降,但管理层更倾向于继续派发股息。
结论
总体而言,我们对中国先锋医药控股的表现有点矛盾。虽然该公司确实拥有较高的回报率,但其较低的收益留存率可能是阻碍其收益增长的原因。到目前为止,我们只是通过观察公司的基本面来了解公司过去的业绩。要进一步了解中国先锋医药控股公司过去的利润增长,请查看这张过去收益、收入和现金流的可视化图表。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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