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China Gas Holdings Limited's (HKG:384) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
China Gas Holdings Limited's (HKG:384) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 17% over the past three months, it is easy to disregard China Gas Holdings (HKG:384). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to China Gas Holdings' ROE today.
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
See our latest analysis for China Gas Holdings
How Is ROE Calculated?
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 China Gas Holdings is:
12% = HK$8.8b ÷ HK$72b (Based on the trailing twelve months to March 2022).
The 'return' is the yearly profit. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.12 in profit.
Why Is ROE Important For Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
China Gas Holdings' Earnings Growth And 12% ROE
To begin with, China Gas Holdings seems to have a respectable ROE. Even when compared to the industry average of 12% the company's ROE looks quite decent. Consequently, this likely laid the ground for the decent growth of 12% seen over the past five years by China Gas Holdings.
Next, on comparing China Gas Holdings' net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 12% in the same period.
SEHK:384 Past Earnings Growth September 27th 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. This then helps them determine if the stock is placed for a bright or bleak future. Is 384 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is China Gas Holdings Using Its Retained Earnings Effectively?
China Gas Holdings has a healthy combination of a moderate three-year median payout ratio of 28% (or a retention ratio of 72%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
Moreover, China Gas Holdings is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 39% over the next three years. Despite the higher expected payout ratio, the company's ROE is not expected to change by much.
Summary
Overall, we are quite pleased with China Gas Holdings' performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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.
在过去的三个月里,中国燃气的股价下跌了17%,人们很容易对其视而不见。但如果你仔细观察,你可能会猜到,它强劲的财务状况可能意味着,考虑到市场通常会奖励财务状况良好的公司,该股可能会在长期内增值。今天我们特别关注中国燃气控股的净资产收益率。
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。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。
查看我们对中国燃气控股的最新分析
净资产收益率是如何计算的?
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,中国燃气控股的净资产收益率为:
12%=88亿港元×720亿港元(根据截至2022年3月的过去12个月计算)。
“回报”就是年度利润。另一种说法是,该公司每持有价值1港元的股票,就能赚取0.12港元的利润。
为什么净资产收益率对收益增长很重要?
我们已经证实,净资产收益率是一家公司未来收益的有效盈利指标。根据公司将这些利润再投资或“保留”多少,以及这样做的效率如何,我们就能够评估一家公司的收益增长潜力。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。
中国燃气控股的盈利增长和12%的净资产收益率
首先,中国燃气控股似乎拥有令人尊敬的净资产收益率。即使与12%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。因此,这可能为中国燃气控股在过去五年中实现12%的体面增长奠定了基础。
接下来,将中国燃气控股的净收入增长与行业进行比较,我们发现,该公司公布的增长与同期12%的行业平均增长率相似。
联交所:384过去盈利增长2022年9月27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。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。384的价值公平吗?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。
中国燃气控股是否有效地利用了其留存收益?
如上所述,中国燃气控股拥有28%的适度三年中值派息率(或72%的留存比率)和可观的收益增长的健康组合,这意味着该公司一直在有效地利用其利润。
此外,中国燃气控股决心继续与股东分享其利润,这是我们从其至少十年的派息历史中推断的。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将升至39%。尽管预期派息率较高,但该公司的净资产收益率预计不会有太大变化。
摘要
总体而言,我们对中国燃气控股的表现相当满意。特别是,很高兴看到该公司在业务上投入了大量资金,并获得了高回报率,这导致了其收益的可观增长。既然如此,一项对最新分析师预测的研究表明,预计该公司未来的收益增长将放缓。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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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。
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