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Chinasoft International Limited's (HKG:354) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Chinasoft International Limited's (HKG:354) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
It is hard to get excited after looking at Chinasoft International's (HKG:354) recent performance, when its stock has declined 22% over the past three months. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study Chinasoft International's ROE in this article.
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
See our latest analysis for Chinasoft International
How Do You Calculate Return On Equity?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Chinasoft International is:
9.8% = CN¥1.2b ÷ CN¥12b (Based on the trailing twelve months to June 2022).
The 'return' refers to a company's earnings over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.10 in profit.
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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 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 Chinasoft International's Earnings Growth And 9.8% ROE
To start with, Chinasoft International's ROE looks acceptable. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This probably laid the ground for Chinasoft International's moderate 17% net income growth seen over the past five years.
Next, on comparing with the industry net income growth, we found that Chinasoft International's growth is quite high when compared to the industry average growth of 3.5% in the same period, which is great to see.
SEHK:354 Past Earnings Growth September 16th 2022Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Chinasoft International fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is Chinasoft International Using Its Retained Earnings Effectively?
In Chinasoft International's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 6.3% (or a retention ratio of 94%), which suggests that the company is investing most of its profits to grow its business.
Moreover, Chinasoft International is determined to keep sharing its profits with shareholders which we infer from its long history of five years of paying a dividend. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 6.3%. Still, forecasts suggest that Chinasoft International's future ROE will rise to 13% even though the the company's payout ratio is not expected to change by much.
Conclusion
On the whole, we feel that Chinasoft International's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. 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.
看到中软国际(HKG:354)最近的表现,很难感到兴奋,其股价在过去三个月里下跌了22%。然而,股价通常是由一家公司的长期财务表现推动的,在这种情况下,这看起来相当有希望。具体地说,我们决定在本文中研究中软国际的净资产收益率。
净资产收益率,即股本回报率,是评估一家公司从股东那里获得投资回报的有效程度的有用工具。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。
查看我们对中软国际的最新分析
你如何计算股本回报率?
这个股本回报率公式是:
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,中软国际的净资产收益率为:
9.8%=CN元12亿×CN元120亿(以截至2022年6月的12个月为基础)。
“回报”指的是一家公司过去一年的收益。这意味着,每1港元的股东权益,该公司就会产生0.10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,我们了解到净资产收益率是衡量一家公司盈利能力的指标。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。
中软国际盈利增长与9.8%净资产收益率的对比分析
首先,中软国际的净资产收益率看起来可以接受。与6.9%的行业平均净资产收益率相比,该公司的净资产收益率看起来相当惊人。这可能为中软国际过去五年实现17%的温和净利润增长奠定了基础。
接下来,与行业净收入增长进行比较,我们发现中软国际的增长与同期3.5%的行业平均增长相比相当高,这是很好的看到。
联交所:354过去盈利增长2022年9月16日盈利增长是股票估值的一个重要因素。投资者应该尝试确定预期的收益增长或下降是否已计入价格,无论是哪种情况。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。与其他公司相比,中软国际的估值是否公平?这3个估值指标可能会帮助你做出决定。
中软国际是否有效地利用了其留存收益?
在中软国际的案例中,其可观的收益增长可能可以解释为其较低的三年中值派息率为6.3%(或留存率为94%),这表明该公司正在将大部分利润用于增长业务。
此外,中软国际决心继续与股东分享利润,这是我们从其支付股息的悠久历史中推断出来的。我们最新的分析师数据显示,该公司未来三年的派息率预计约为6.3%。不过,预测显示,中软国际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。
结论
整体而言,我们觉得中软国际的表现相当不错。特别是,我们喜欢该公司对其业务进行大量再投资,并以高回报率进行投资。不出所料,这导致了令人印象深刻的收益增长。在研究了分析师目前的预测后,我们发现,分析师预计该公司将继续最近的增长势头。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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