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Declining Stock and Decent Financials: Is The Market Wrong About Shandong Dawn Polymer Co.,Ltd. (SZSE:002838)?
Declining Stock and Decent Financials: Is The Market Wrong About Shandong Dawn Polymer Co.,Ltd. (SZSE:002838)?
It is hard to get excited after looking at Shandong Dawn PolymerLtd's (SZSE:002838) recent performance, when its stock has declined 24% over the past three months. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study Shandong Dawn PolymerLtd'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 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 Shandong Dawn PolymerLtd
How To Calculate Return On Equity?
Return on equity 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 Shandong Dawn PolymerLtd is:
9.9% = CN¥226m ÷ CN¥2.3b (Based on the trailing twelve months to June 2022).
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.10.
Why Is ROE Important For Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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.
Shandong Dawn PolymerLtd's Earnings Growth And 9.9% ROE
At first glance, Shandong Dawn PolymerLtd's ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 11%, we may spare it some thought. Particularly, the exceptional 29% net income growth seen by Shandong Dawn PolymerLtd over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
We then compared Shandong Dawn PolymerLtd's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 19% in the same period.
SZSE:002838 Past Earnings Growth September 28th 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 Shandong Dawn PolymerLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is Shandong Dawn PolymerLtd Using Its Retained Earnings Effectively?
Shandong Dawn PolymerLtd has a really low three-year median payout ratio of 21%, meaning that it has the remaining 79% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
Moreover, Shandong Dawn PolymerLtd is determined to keep sharing its profits with shareholders which we infer from its long history of five years of paying a dividend.
Conclusion
On the whole, we do feel that Shandong Dawn PolymerLtd has some positive attributes. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. You can see the 4 risks we have identified for Shandong Dawn PolymerLtd by visiting our risks dashboard for free on our platform here.
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.
看到山东黎明聚合股份有限公司(SZSE:002838)最近的表现,很难感到兴奋,其股价在过去三个月里下跌了24%。但如果你密切关注,你可能会发现,该公司的关键财务指标看起来相当不错,这可能意味着,鉴于市场通常会奖励更具弹性的长期基本面因素,该股可能会在长期内上涨。具体地说,我们决定在本文中研究山东黎明聚合有限公司的净资产收益率。
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。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。
查看我们对山东黎明聚合体有限公司的最新分析
如何计算股本回报率?
股本回报率可使用以下公式计算:
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,山东黎明聚合体有限公司的净资产收益率为:
9.9%=2.26亿元×23亿元(以截至2022年6月的12个月为基础)。
“回报”就是年度利润。因此,这意味着股东每投资1元人民币,公司就会产生0.10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。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。
山东黎明聚合物有限公司盈利增长9.9%净资产收益率
乍一看,山东黎明聚合股份有限公司的净资产收益率看起来并不是很有希望。然而,鉴于该公司的净资产收益率(ROE)接近11%的行业平均净资产收益率,我们或许可以省去一些思考。尤其是山东黎明聚合物有限公司在过去五年中实现了29%的超乎寻常的净收入增长,这是相当了不起的。考虑到较低的净资产收益率,很有可能还有一些其他方面正在积极影响公司的收益增长。例如,该公司的派息率较低或管理效率较高。
然后,我们将山东黎明聚合物有限公司的净收入增长与行业进行了比较,我们很高兴地看到,与同期19%的行业增长率相比,该公司的增长数字更高。
深圳证交所:2022年9月28日收益增长002838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。与其他公司相比,山东黎明聚合有限公司的估值是否公平?这3个估值指标可能会帮助你做出决定。
山东黎明聚合物有限公司是否有效地利用了其留存收益?
山东黎明聚合股份有限公司的三年中值派息率非常低,为21%,这意味着它还有剩余的79%用于再投资于其业务。因此,管理层似乎正在对利润进行大量再投资,以增长业务,这反映在其收益增长数字上。
此外,山东黎明集团决心继续与股东分享利润,这是我们从其五年来支付股息的悠久历史中推断出来的。
结论
总体而言,我们确实感觉到山东黎明聚合有限公司有一些积极的属性。尽管回报率很低,但由于对业务进行了大量再投资,该公司实现了令人印象深刻的收益增长。虽然我们不会完全解雇这家公司,但我们要做的是努力确定这项业务在公司周围做出更明智的决定的风险有多大。您可以通过访问我们的网站查看我们为山东黎明聚合有限公司确定的4个风险风险控制面板在我们的平台上是免费的。
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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