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WuXi AppTec Co., Ltd.'s (SHSE:603259) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
WuXi AppTec Co., Ltd.'s (SHSE:603259) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 33% over the past three months, it is easy to disregard WuXi AppTec (SHSE:603259). 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 WuXi AppTec's ROE in this article.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
Check out our latest analysis for WuXi AppTec
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 WuXi AppTec is:
17% = CN¥7.1b ÷ CN¥42b (Based on the trailing twelve months to June 2022).
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.17 in profit.
What Has ROE Got To Do With 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.
WuXi AppTec's Earnings Growth And 17% ROE
To start with, WuXi AppTec's ROE looks acceptable. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. Probably as a result of this, WuXi AppTec was able to see an impressive net income growth of 33% over the last five years. However, there could also be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
As a next step, we compared WuXi AppTec's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 39% in the same period.
SHSE:603259 Past Earnings Growth September 26th 2022Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 603259 worth today? The intrinsic value infographic in our free research report helps visualize whether 603259 is currently mispriced by the market.
Is WuXi AppTec Making Efficient Use Of Its Profits?
The three-year median payout ratio for WuXi AppTec is 29%, which is moderately low. The company is retaining the remaining 71%. So it seems that WuXi AppTec is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
Besides, WuXi AppTec has been paying dividends over a period of three years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 21% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.
Conclusion
In total, we are pretty happy with WuXi AppTec's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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.
在过去的三个月里,药明康德的股价下跌了33%,人们很容易忽视药明康德(上交所代码:603259)。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药明康德的净资产收益率。
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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。
看看我们对药明康德的最新分析
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,药明康德的净资产收益率为:
17%=CN元71亿×CN元420亿(以截至2022年6月的12个月为基础)。
“回报”就是年度利润。另一种说法是,公司每持有价值1元的股权,就能赚取0.17元的利润。
净资产收益率与盈利增长有什么关系?
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。
药明康德的盈利增长和17%的净资产收益率
首先,药明康德的净资产收益率看起来可以接受。特别是与11%的行业平均水平相比,该公司的净资产收益率(ROE)看起来相当令人印象深刻。可能正因为如此,药明康德在过去五年中能够看到令人印象深刻的33%的净收入增长。然而,这种增长背后也可能有其他原因。例如,公司管理层可能做出了一些良好的战略决策,或者公司的派息率较低。
作为下一步,我们将药明康德的净收入增长与行业进行了比较,发现该公司与同期39%的行业平均增长率相比,有类似的增长数字。
上证综指:过去收益增长603259 2022年9月26日盈利增长是评估一只股票时需要考虑的一个重要指标。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)。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。今天603259的价值是多少?我们免费研究报告中的内在价值信息图有助于直观地了解603259目前是否被市场错误定价。
药明康德是否有效利用了它的利润?
药明康德的三年派息率中值为29%,属于中等偏低水平。该公司将保留剩余的71%。因此,药明康德似乎在以一种高效的方式进行再投资,它看到了令人印象深刻的收益增长(如上所述),并支付了丰厚的股息。
此外,药明康德已经分红三年了。这表明该公司致力于与股东分享利润。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将降至21%。然而,尽管预期派息率较低,该公司的净资产收益率预计不会有太大变化。
结论
总体而言,我们对药明康德的表现相当满意。具体地说,我们喜欢该公司将一大笔利润以高回报率进行再投资。当然,这导致该公司的收益出现了大幅增长。话虽如此,该公司的盈利增长预计将放缓,正如目前分析师预测的那样。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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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