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Are Zhuzhou Tianqiao Crane Co., Ltd.'s (SZSE:002523) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Zhuzhou Tianqiao Crane Co., Ltd.'s (SZSE:002523) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
It is hard to get excited after looking at Zhuzhou Tianqiao Crane's (SZSE:002523) recent performance, when its stock has declined 8.1% over the past week. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Particularly, we will be paying attention to Zhuzhou Tianqiao Crane's 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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
View our latest analysis for Zhuzhou Tianqiao Crane
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 Zhuzhou Tianqiao Crane is:
1.7% = CN¥43m ÷ CN¥2.5b (Based on the trailing twelve months to June 2022).
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 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. 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.
Zhuzhou Tianqiao Crane's Earnings Growth And 1.7% ROE
It is quite clear that Zhuzhou Tianqiao Crane's ROE is rather low. Even compared to the average industry ROE of 8.1%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 19% seen by Zhuzhou Tianqiao Crane over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
However, when we compared Zhuzhou Tianqiao Crane's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 12% in the same period. This is quite worrisome.
SZSE:002523 Past Earnings Growth September 29th 2022Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Zhuzhou Tianqiao Crane is trading on a high P/E or a low P/E, relative to its industry.
Is Zhuzhou Tianqiao Crane Making Efficient Use Of Its Profits?
Looking at its three-year median payout ratio of 49% (or a retention ratio of 51%) which is pretty normal, Zhuzhou Tianqiao Crane's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Additionally, Zhuzhou Tianqiao Crane has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.
Summary
Overall, we have mixed feelings about Zhuzhou Tianqiao Crane. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 5 risks we have identified for Zhuzhou Tianqiao Crane.
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.
在看到株洲天桥起重机(SZSE:002523)最近的表现后,很难感到兴奋,它的股票在过去一周里下跌了8.1%。市场可能忽视了该公司不同的财务状况,决定向负面情绪倾斜。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。今天我们特别关注株洲天桥鹤的净资产收益率。
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,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对株洲天桥起重机的最新分析
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,株洲天桥起重机的净资产收益率为:
1.7%=CN元4300万×CN元25亿元(基于截至2022年6月的12个月)。
“收益”是过去12个月的利润。这意味着,股东权益每增加1元,公司就会产生0.02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。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。
株洲天桥起重机盈利增长1.7%净资产收益率
很明显,株洲天桥鹤的净资产收益率相当低。即使与8.1%的行业平均净资产收益率相比,该公司的净资产收益率也相当惨淡。在这种情况下,株洲天桥起重机在过去五年中净收入大幅下降19%并不令人意外。然而,也可能有其他因素导致收益下降。例如,该公司的派息率非常高,或者面临竞争压力。
然而,当我们将株洲天桥起重机的增长与行业进行比较时发现,尽管该公司的收益一直在萎缩,但同期该行业的收益增长了12%。这相当令人担忧。
深圳证交所:2022年9月29日收益增长002523盈利增长是股票估值的一个重要因素。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)。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。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看株洲天桥起重机相对于其行业是高市盈率还是低市盈率。
株洲天桥鹤是否在高效利用利润?
株洲天桥起重机的三年派息率中值为49%(或留存率为51%),这是相当正常的,但它的盈利下降却令人费解,因为当一家公司保留了很大一部分利润时,人们会预期它会出现相当大的增长。因此,可能还有其他因素在起作用,可能会阻碍经济增长。例如,该业务一直面临一些不利因素。
此外,株洲天桥鹤在至少十年的时间里分红,这意味着公司管理层决心分红,即使这意味着收益几乎没有增长。
摘要
总体而言,我们对株洲天桥鹤的感受是复杂的。虽然该公司的再投资率确实很高,但低ROE意味着所有的再投资都没有给投资者带来任何好处,而且对收益增长产生了负面影响。总而言之,我们将谨慎对待这家公司,其中一种方法是查看业务的风险概况。我们的风险仪表板将包含我们为株洲天桥起重机确定的5个风险。
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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