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Is China East Education Holdings Limited's (HKG:667) Stock On A Downtrend As A Result Of Its Poor Financials?
Is China East Education Holdings Limited's (HKG:667) Stock On A Downtrend As A Result Of Its Poor Financials?
China East Education Holdings (HKG:667) has had a rough month with its share price down 23%. Given that stock prices are usually driven by a company's fundamentals over the long term, which in this case look pretty weak, we decided to study the company's key financial indicators. Specifically, we decided to study China East Education Holdings' ROE in this article.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
View our latest analysis for China East Education Holdings
How Is ROE Calculated?
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 China East Education Holdings is:
5.3% = CN¥302m ÷ CN¥5.7b (Based on the trailing twelve months to December 2021).
The 'return' is the amount earned after tax over the last twelve months. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.05 in profit.
What Is The Relationship Between ROE And Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
A Side By Side comparison of China East Education Holdings' Earnings Growth And 5.3% ROE
At first glance, China East Education Holdings' ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 11% either. Given the circumstances, the significant decline in net income by 16% seen by China East Education Holdings over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
So, as a next step, we compared China East Education Holdings' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 14% in the same period.
SEHK:667 Past Earnings Growth July 31st 2022Earnings growth is a huge factor in stock valuation. 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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if China East Education Holdings is trading on a high P/E or a low P/E, relative to its industry.
Is China East Education Holdings Making Efficient Use Of Its Profits?
China East Education Holdings has a high three-year median payout ratio of 89% (that is, it is retaining 11% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only a little being reinvested into the business, earnings growth would obviously be low or non-existent. You can see the 2 risks we have identified for China East Education Holdings by visiting our risks dashboard for free on our platform here.
Additionally, China East Education Holdings started paying a dividend only recently. So it looks like the management may have perceived that shareholders favor dividends even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 60% over the next three years. As a result, the expected drop in China East Education Holdings' payout ratio explains the anticipated rise in the company's future ROE to 12%, over the same period.
Summary
In total, we would have a hard think before deciding on any investment action concerning China East Education Holdings. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts 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.
东方教育控股(HKG:667)经历了艰难的一个月,其股价下跌了23%。鉴于股价通常是由一家公司的基本面长期驱动的,在这种情况下,基本面看起来相当疲软,我们决定研究该公司的关键财务指标。具体地说,我们决定在本文中研究华东教育控股的净资产收益率。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。换句话说,这是一个衡量公司股东提供的资本回报率的盈利比率。
查看我们对华东教育控股的最新分析
净资产收益率是如何计算的?
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,华东教育控股的净资产收益率为:
5.3%=3.02亿元×57亿元(以截至2021年12月的12个月为基础)。
“报税表”是过去12个月的税后收入。这意味着,每1港元的股东权益,该公司就会产生0.05港元的利润。
净资产收益率与盈利增长之间有什么关系?
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。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。假设其他条件相同,与没有相同特征的公司相比,拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
华东教育控股盈利增长与净资产收益率5.3%的并列比较
乍一看,华东教育控股的净资产收益率(ROE)看起来并不是很有希望。一项快速的进一步研究显示,该公司的净资产收益率(ROE)也不及11%的行业平均水平。在这种情况下,华东教育控股在过去五年中净利润大幅下降16%也就不足为奇了。我们认为,可能还有其他方面对公司的收益前景产生负面影响。例如,该公司的派息率非常高,或者面临竞争压力。
因此,作为下一步,我们将华东教育控股的表现与行业进行了比较,令人失望的是,尽管该公司的收益一直在缩水,但同期该行业的收益一直以14%的速度增长。
联交所:667过去盈利增长2022年7月31日盈利增长是股票估值的一个重要因素。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。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看华东教育控股相对于其所在行业的市盈率是高还是低。
华东教育控股是否在有效利用其利润?
华东教育控股的三年中值派息率高达89%(也就是说,它保留了11%的利润)。这表明该公司正在将大部分利润作为股息支付给股东。这在一定程度上解释了为什么它的收益一直在缩水。由于只有一小部分再投资于该业务,盈利增长显然会很低或根本不存在。您可以访问我们的网站查看我们为华东教育控股确定的两个风险风险控制面板在我们的平台上是免费的。
此外,华东教育控股最近才开始派发股息。因此,看起来管理层可能已经意识到,尽管收益一直在下降,但股东们倾向于分红。在研究了最新的分析师共识数据后,我们发现,该公司未来三年的派息率预计将降至60%。因此,华东教育控股公司派息率的预期下降解释了同期该公司未来净资产收益率预期上升至12%的原因。
摘要
总而言之,在决定对华东教育控股采取任何投资行动之前,我们都会三思而后行。由于保留了很少的利润,该公司的收益增长乏力,而且无论它保留的是什么,再投资的回报率都非常低。话虽如此,我们研究了最新的分析师预测,发现尽管该公司过去的收益有所缩水,但分析师预计其未来的收益将会增长。要了解更多分析师对该公司的最新预测,请查看分析师对该公司预测的可视化。
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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