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Geely Automobile Holdings Limited (HKG:175) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Geely Automobile Holdings Limited (HKG:175) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Most readers would already be aware that Geely Automobile Holdings' (HKG:175) stock increased significantly by 52% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Geely Automobile Holdings' ROE in this article.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
Check out our latest analysis for Geely Automobile Holdings
How Do You Calculate Return On Equity?
Return on equity 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 Geely Automobile Holdings is:
6.2% = CN¥4.4b ÷ CN¥70b (Based on the trailing twelve months to December 2021).
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.06 in profit.
Why Is ROE Important For Earnings Growth?
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.
Geely Automobile Holdings' Earnings Growth And 6.2% ROE
When you first look at it, Geely Automobile Holdings' ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 7.7%, we may spare it some thought. But Geely Automobile Holdings saw a five year net income decline of 11% over the past five years. Bear in mind, the company does have a slightly low ROE. Hence, this goes some way in explaining the shrinking earnings.
Next, when we compared with the industry, which has shrunk its earnings at a rate of 5.3% in the same period, we still found Geely Automobile Holdings' performance to be quite bleak, because the company has been shrinking its earnings faster than the industry.
SEHK:175 Past Earnings Growth July 25th 2022Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for 175? You can find out in our latest intrinsic value infographic research report.
Is Geely Automobile Holdings Efficiently Re-investing Its Profits?
Looking at its three-year median payout ratio of 30% (or a retention ratio of 70%) which is pretty normal, Geely Automobile Holdings' declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
Moreover, Geely Automobile Holdings has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 33% of its profits over the next three years. Still, forecasts suggest that Geely Automobile Holdings' future ROE will rise to 13% even though the the company's payout ratio is not expected to change by much.
Summary
On the whole, we feel that the performance shown by Geely Automobile Holdings can be open to many interpretations. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
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.
大多数读者应该已经知道,吉利汽车控股(HKG:175)的股票在过去三个月里大幅上涨了52%。但该公司的关键财务指标似乎在所有方面都不同,这让我们质疑该公司目前的股价势头能否保持下去。具体地说,我们决定在本文中研究吉利汽车控股的净资产收益率。
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。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。
查看我们对吉利汽车控股的最新分析
你如何计算股本回报率?
股本回报率可使用以下公式计算:
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,吉利汽车控股的净资产收益率为:
6.2%=44亿元×700亿元(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。一种将其概念化的方法是,公司每持有1港元的股东资本,就能获得0.06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,我们了解到净资产收益率是衡量一家公司盈利能力的指标。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长,这就让我们对公司的增长潜力有了一个了解。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。
吉利汽车控股盈利增长6.2%净资产收益率
乍一看,吉利汽车控股的净资产收益率看起来并没有那么诱人。然而,鉴于该公司的净资产收益率(ROE)与7.7%的行业平均ROE相似,我们或许可以省去一些思考。但在过去五年中,吉利汽车控股的净利润下降了11%。请记住,该公司的净资产收益率确实略低。因此,这在一定程度上解释了收益缩水的原因。
接下来,当我们与同期盈利缩水5.3%的行业进行比较时,我们仍然发现吉利汽车控股的业绩相当黯淡,因为该公司的盈利缩水速度一直快于行业。
联交所:175过去盈利增长2022年7月25日盈利增长是评估一只股票时需要考虑的一个重要指标。投资者下一步需要确定的是,预期的收益增长是否已经计入了股价。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。市场是否已经消化了175的未来前景?你可以在我们最新的内在价值信息图研究报告中找到答案。
吉利汽车控股是否有效地将其利润进行了再投资?
吉利汽车控股的三年派息率中值为30%(或留存比率为70%),这是相当正常的,这一点很正常,但当一家公司保留了很大一部分利润时,人们会预期它会出现相当大的增长,所以盈利下降的情况相当令人费解。看起来可能还有其他一些原因来解释这方面的缺乏。例如,这项业务可能正在衰落。
此外,吉利汽车控股至少在十年或更长时间里一直在支付股息,这表明管理层肯定已经意识到,与盈利增长相比,股东更喜欢股息。在研究了最新的分析师共识数据后,我们发现,预计该公司将在未来三年继续支付约33%的利润。尽管如此,预测显示吉利汽车控股未来的净资产收益率将升至13%,尽管该公司的派息率预计不会有太大变化。
摘要
总体来说,我们觉得吉利汽车控股表现出来的表现可以有多种解读。虽然该公司的再投资率确实很高,但低ROE意味着所有的再投资都没有给投资者带来任何好处,而且对收益增长产生了负面影响。既然如此,最新的行业分析师预测显示,分析师们预计该公司的收益增长率将大幅提高。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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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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。
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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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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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