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Declining Stock and Decent Financials: Is The Market Wrong About Tong Ren Tang Technologies Co. Ltd. (HKG:1666)?
Declining Stock and Decent Financials: Is The Market Wrong About Tong Ren Tang Technologies Co. Ltd. (HKG:1666)?
It is hard to get excited after looking at Tong Ren Tang Technologies' (HKG:1666) recent performance, when its stock has declined 19% over the past month. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study Tong Ren Tang Technologies' 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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
See our latest analysis for Tong Ren Tang Technologies
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 Tong Ren Tang Technologies is:
11% = CN¥867m ÷ CN¥8.2b (Based on the trailing twelve months to December 2021).
The 'return' is the income the business earned over the last year. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.11 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. 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.
A Side By Side comparison of Tong Ren Tang Technologies' Earnings Growth And 11% ROE
At first glance, Tong Ren Tang Technologies seems to have a decent ROE. Even when compared to the industry average of 11% the company's ROE looks quite decent. For this reason, Tong Ren Tang Technologies' five year net income decline of 8.4% raises the question as to why the decent ROE didn't translate into growth. We reckon that there could be some other factors at play here that are preventing the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
That being said, we compared Tong Ren Tang Technologies' performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 12% in the same period.
SEHK:1666 Past Earnings Growth August 2nd 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is 1666 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is Tong Ren Tang Technologies Using Its Retained Earnings Effectively?
Despite having a normal three-year median payout ratio of 42% (where it is retaining 58% of its profits), Tong Ren Tang Technologies has seen a decline in earnings as we saw above. 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, Tong Ren Tang Technologies 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's future payout ratio is expected to drop to 0.05% over the next three years. Regardless, the future ROE for Tong Ren Tang Technologies is predicted to decline to 8.1% despite the anticipated decrease in the payout ratio. We reckon that there could probably be other factors that could be driving the forseen decline in the company's ROE.
Conclusion
Overall, we feel that Tong Ren Tang Technologies certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
看到同仁堂科技(HKG:1666)最近的表现,很难感到兴奋,其股价在过去一个月里下跌了19%。但如果你密切关注,你可能会发现,该公司的关键财务指标看起来相当不错,这可能意味着,鉴于市场通常会奖励更具弹性的长期基本面因素,该股可能会在长期内上涨。具体地说,我们决定在本文中研究同仁堂科技的净资产收益率。
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。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。
查看我们对同仁堂科技的最新分析
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,同仁堂科技的净资产收益率为:
11%=CN元8.67亿×CN元82亿元(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。另一种说法是,该公司每持有价值1港元的股票,就能赚取0.11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。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。
同仁堂科技盈利增长与净资产收益率11%的并列比较
乍一看,同仁堂科技似乎拥有不错的净资产收益率。即使与11%的行业平均水平相比,该公司的净资产收益率看起来也相当不错。出于这个原因,同仁堂科技公司五年来净利润下降了8.4%,这让人不禁要问,为什么良好的净资产收益率并没有转化为增长。我们认为,可能还有其他一些因素在阻碍该公司的增长。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。
话虽如此,我们将同仁堂科技的表现与行业进行了比较,当我们发现该公司在同期盈利缩水的同时,该行业的盈利却以12%的速度增长时,我们感到担忧。
联交所:1666过去盈利增长2022年8月2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。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。通过这样做,他们将知道股票是将进入清澈的蓝色水域,还是等待沼泽水域。1666年的估值公平吗?这张关于公司内在价值的信息图包含了你需要知道的一切。
同仁堂科技是否有效利用其留存收益?
尽管同仁堂科技的正常三年中值派息率为42%(它保留了58%的利润),但正如我们上面看到的那样,它的收益出现了下降。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,同仁堂科技至少在十年或更长时间内一直在支付股息,这表明管理层肯定已经意识到,股东更喜欢股息而不是收益增长。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0.05%。无论如何,尽管派息率预计会下降,但同仁堂科技未来的净资产收益率预计将下降至8.1%。我们认为,可能还有其他因素可能推动了该公司净资产收益率的预期下降。
结论
总体而言,我们认为同仁堂科技确实有一些积极的因素需要考虑。然而,我们失望地看到,即使在高ROE和高再投资率的情况下,收益也没有增长。我们认为,可能有一些外部因素可能正在对业务产生负面影响。话虽如此,看看目前分析师的预估,我们发现该公司的盈利增长率预计将出现巨大改善。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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