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Mapletree Pan Asia Commercial Trust's (SGX:N2IU) Dismal Stock Performance Reflects Weak Fundamentals
Mapletree Pan Asia Commercial Trust's (SGX:N2IU) Dismal Stock Performance Reflects Weak Fundamentals
It is hard to get excited after looking at Mapletree Pan Asia Commercial Trust's (SGX:N2IU) recent performance, when its stock has declined 4.7% over the past month. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study Mapletree Pan Asia Commercial Trust's 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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
Check out our latest analysis for Mapletree Pan Asia Commercial Trust
How Do You Calculate Return On Equity?
ROE 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 Mapletree Pan Asia Commercial Trust is:
6.0% = S$347m ÷ S$5.8b (Based on the trailing twelve months to March 2022).
The 'return' is the yearly profit. So, this means that for every SGD1 of its shareholder's investments, the company generates a profit of SGD0.06.
Why Is ROE Important For 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 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.
Mapletree Pan Asia Commercial Trust's Earnings Growth And 6.0% ROE
When you first look at it, Mapletree Pan Asia Commercial Trust's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 7.0%, so we won't completely dismiss the company. But then again, Mapletree Pan Asia Commercial Trust's five year net income shrunk at a rate of 12%. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
So, as a next step, we compared Mapletree Pan Asia Commercial Trust's 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 4.6% in the same period.
SGX:N2IU Past Earnings Growth September 1st 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. Is N2IU fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is Mapletree Pan Asia Commercial Trust Making Efficient Use Of Its Profits?
Mapletree Pan Asia Commercial Trust has a very high three-year median payout ratio of 78%, implying that it retains only 22% of its profits. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. Accordingly, this likely explains why its earnings have been shrinking.
In addition, Mapletree Pan Asia Commercial Trust has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 112% over the next three years. Despite the higher expected payout ratio, the company's ROE is not expected to change by much.
Conclusion
In total, we would have a hard think before deciding on any investment action concerning Mapletree Pan Asia Commercial Trust. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
看了Mapletree Pan Asia Commercial Trust(SGX: N2IU)最近的表现,很难感到兴奋,当时其股票在过去一个月中下跌了4.7%。为了决定这种趋势能否持续下去,我们决定考虑其疲软的基本面影响长期市场趋势。具体而言,我们决定在本文中研究Mapletree Pan Asia Commercial Trust的投资回报率。
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之,它衡量公司相对于股东权益的盈利能力。
查看我们对 Mapletree Pan Asia 商业信托的最新分析
你如何计算股本回报率?
投资回报率可以通过以下公式计算:
股本回报率 = 净利润(来自持续经营)≥ 股东权益
因此,根据上述公式,Mapletree Pan Asia 商业信托的投资回报率为:
6.0% = 3.47亿新元 ⇒ 58亿新元(基于截至2022年3月的过去十二个月)。
“回报” 是每年的利润。因此,这意味着,其股东每投资1新元,公司就会产生0.06新元的利润。
为什么投资回报率对收益增长很重要?
到目前为止,我们已经了解到,投资回报率衡量的是公司创造利润的效率。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。假设其他一切保持不变,那么与不一定具有这些特征的公司相比,投资回报率和利润保留率越高,公司的增长率就越高。
Mapletree Pan Asia 商业信托的收益增长和 6.0% 的投资回报率
当你第一次看的时候,Mapletree Pan Asia Commercial Trust的投资回报率看起来并不那么吸引人。但是,其投资回报率与行业平均水平相似,为7.0%,因此我们不会完全解雇该公司。但话又说回来,Mapletree Pan Asia Commercial Trust的五年净收入以12%的速度萎缩。请记住,该公司的投资回报率一开始就有点低。因此,这可能导致收益增长萎缩。
因此,下一步,我们将Mapletree Pan Asia Commercial Trust的表现与该行业进行了比较,但失望地发现,尽管该公司一直在缩减收益,但该行业同期的收益却以4.6%的速度增长。
SGX: N2IU 过去的收益增长 2022 年 9 月 1 日收益增长是影响股票估值的重要因素。投资者接下来需要确定的是,预期的收益增长或缺乏收益增长是否已经包含在股价中。这样做将帮助他们确定该股的未来是充满希望还是不祥。N2IU 的估值是否公平?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。
Mapletree Pan Asia 商业信托是否在有效利用其利润?
Mapletree Pan Asia Commercial Trust的三年中位派息率非常高,为78%,这意味着它只保留了22%的利润。但是,看到房地产投资信托基金的派息率如此之高的情况并不少见,这主要是由于法定要求。因此,这可能解释了为什么其收益一直在萎缩。
此外,Mapletree Pan Asia Commercial Trust在至少十年内一直在支付股息,这表明即使以牺牲业务增长为代价,维持股息支付对管理层来说也要重要得多。从当前的分析师共识数据来看,我们可以看出,该公司的未来派息率预计将在未来三年内上升至112%。尽管预期的派息率更高,但该公司的投资回报率预计不会有太大变化。
结论
总的来说,在决定有关Mapletree Pan Asia Commercial Trust的任何投资行动之前,我们会经过深思熟虑。由于该公司对该业务的再投资不多,而且鉴于投资回报率低,看到其收益缺乏或没有增长也就不足为奇了。话虽如此,从分析师目前的估计来看,我们发现该公司的收益增长率有望大幅改善。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们的分析师对公司的预测页面。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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