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Central China Management Company Limited's (HKG:9982) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Central China Management Company Limited's (HKG:9982) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 21% over the past three months, it is easy to disregard Central China Management (HKG:9982). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Central China Management's ROE.
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for Central China Management
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Central China Management is:
33% = CN¥770m ÷ CN¥2.3b (Based on the trailing twelve months to December 2021).
The 'return' is the income the business earned over the last year. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.33.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
Central China Management's Earnings Growth And 33% ROE
Firstly, we acknowledge that Central China Management has a significantly high ROE. Second, a comparison with the average ROE reported by the industry of 7.4% also doesn't go unnoticed by us. So, the substantial 23% net income growth seen by Central China Management over the past five years isn't overly surprising.
Next, on comparing with the industry net income growth, we found that Central China Management's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
SEHK:9982 Past Earnings Growth July 12th 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Central China Management's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Central China Management Using Its Retained Earnings Effectively?
Central China Management's three-year median payout ratio is a pretty moderate 39%, meaning the company retains 61% of its income. So it seems that Central China Management is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
While Central China Management has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 50% over the next three years. Regardless, the ROE is not expected to change much for the company despite the higher expected payout ratio.
Conclusion
Overall, we are quite pleased with Central China Management's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
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.
在过去三个月其股价下跌21%的情况下,很容易忽视华中管理(HKG:9982)。然而,股价通常是由一家公司的长期财务表现推动的,在这种情况下,这看起来相当有希望。在本文中,我们决定将重点放在华中管理的净资产收益率上。
净资产收益率,即股本回报率,是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对华中地区管理的最新分析
净资产收益率是如何计算的?
这个净资产收益率公式是:
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,华中地区管理的净资产收益率为:
33%=7.7亿元×23亿元(以截至2021年12月的12个月为基础)。
“回报”指的是企业在过去一年中获得的收入。因此,这意味着股东每投资1港元,公司就会产生0.33港元的利润。
净资产收益率与盈利增长有什么关系?
到目前为止,我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司将这些利润再投资或“保留”多少,以及这样做的效率如何,我们就能够评估一家公司的收益增长潜力。一般来说,在其他条件相同的情况下,股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
华中管理的盈利增长和33%的净资产收益率
首先,我们承认华中管理层拥有相当高的净资产收益率。其次,与行业报告的7.4%的平均净资产收益率相比,我们也不是没有注意到。因此,华中资产管理公司过去五年实现23%的净利润大幅增长并不太令人意外。
接下来,对比行业净收入增长,我们发现,与同期8.7%的行业平均增长相比,华中管理的增长相当高,这是令人欣喜的。
联交所:9982过去盈利增长2022年7月12日赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。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。如果你想知道华中资产管理公司的估值,看看这个衡量其市盈率的指标,与其行业相比。
华中管理层是否有效利用其留存收益?
华中基金的三年派息率中值为39%,相当适中,这意味着该公司保留了61%的收入。因此,华中基金似乎正在以一种高效的方式进行再投资,它看到了令人印象深刻的收益增长(如上所述),并支付了丰厚的股息。
虽然华中基金的盈利有所增长,但它只是在最近才开始派发股息。最有可能的是,该公司决定用股息给新股东和现有股东留下深刻印象。看看目前分析师的共识数据,我们可以看到,该公司未来三年的派息率预计将升至50%。无论如何,尽管预期派息率较高,但预计公司的净资产收益率不会有太大变化。
结论
总体而言,我们对华中管理的表现相当满意。特别是,很高兴看到该公司在业务上投入了大量资金,并获得了高回报率,这导致了其收益的可观增长。话虽如此,该公司的盈利增长预计将放缓,正如目前分析师预测的那样。要了解更多有关该公司未来收益增长预测的信息,请查看以下内容免费报告分析师对该公司的预测,以了解更多信息。
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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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