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Does The Market Have A Low Tolerance For Shandong Gold Mining Co., Ltd.'s (SHSE:600547) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Shandong Gold Mining Co., Ltd.'s (SHSE:600547) Mixed Fundamentals?
Shandong Gold Mining (SHSE:600547) has had a rough three months with its share price down 1.9%. 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. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on Shandong Gold Mining's ROE.
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
View our latest analysis for Shandong Gold Mining
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 Shandong Gold Mining is:
5.5% = CN¥1.9b ÷ CN¥34b (Based on the trailing twelve months to June 2022).
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥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.
Shandong Gold Mining's Earnings Growth And 5.5% ROE
On the face of it, Shandong Gold Mining's ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 8.9%. For this reason, Shandong Gold Mining's five year net income decline of 14% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
However, when we compared Shandong Gold Mining's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 18% in the same period. This is quite worrisome.
SHSE:600547 Past Earnings Growth September 1st 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. If you're wondering about Shandong Gold Mining's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Shandong Gold Mining Using Its Retained Earnings Effectively?
When we piece together Shandong Gold Mining's low three-year median payout ratio of 17% (where it is retaining 83% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
Additionally, Shandong Gold Mining has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 12% over the next three years. As a result, the expected drop in Shandong Gold Mining's payout ratio explains the anticipated rise in the company's future ROE to 8.8%, over the same period.
Conclusion
Overall, we have mixed feelings about Shandong Gold Mining. 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. 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.
山东黄金(上海证券交易所代码:600547)经历了艰难的三个月,股价下跌了1.9%。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。长期基本面通常是推动市场结果的因素,因此值得密切关注。在本文中,我们决定将重点放在山东黄金的净资产收益率上。
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,它衡量的是一家公司相对于股东权益的盈利能力。
查看我们对山东黄金的最新分析
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,山东黄金的净资产收益率为:
5.5%=人民币19亿元×人民币340亿元(基于截至2022年6月的12个月)。
“收益”是过去12个月的利润。这意味着,股东权益每增加1元,公司就会产生0.06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。
山东黄金的盈利增长和5.5%的净资产收益率
从表面上看,山东黄金的净资产收益率并没有太多可谈。然后,我们将该公司的净资产收益率(ROE)与更广泛的行业进行了比较,发现净资产收益率低于行业平均水平8.9%,这让我们感到失望。因此,考虑到山东黄金较低的净资产收益率,其五年净利润下降14%并不令人意外。然而,也可能有其他因素导致收益下降。例如,该公司的派息率非常高,或者面临竞争压力。
然而,当我们将山东黄金的增长与行业进行比较时发现,尽管该公司的收益一直在萎缩,但同期该行业的收益增长了18%。这相当令人担忧。
上海证券交易所:过去600547的收益增长2022年9月1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。如果你想知道山东黄金的估值,看看这个市盈率指标,看看它与行业的对比。
山东黄金是否有效地利用了留存收益?
当我们把山东黄金过去三年的低三年中值股息率17%(该公司保留了83%的利润)拼凑在一起时,我们对增长乏力感到困惑。较低的派息应该意味着该公司保留了大部分收益,因此应该会看到一些增长。因此,可能还有其他因素在起作用,可能会阻碍经济增长。例如,该业务一直面临一些不利因素。
此外,山东黄金至少在十年内分红,这意味着公司管理层决心分红,即使这意味着收益几乎没有增长。分析师现有的预估显示,该公司未来三年的派息率预计将降至12%。因此,山东黄金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8.8%的原因。
结论
总体而言,我们对山东黄金的感情复杂。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。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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