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Declining Stock and Decent Financials: Is The Market Wrong About Shenzhou International Group Holdings Limited (HKG:2313)?
Declining Stock and Decent Financials: Is The Market Wrong About Shenzhou International Group Holdings Limited (HKG:2313)?
With its stock down 23% over the past three months, it is easy to disregard Shenzhou International Group Holdings (HKG:2313). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Shenzhou International Group 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. Put another way, it reveals the company's success at turning shareholder investments into profits.
Check out our latest analysis for Shenzhou International Group Holdings
How Is ROE Calculated?
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 Shenzhou International Group Holdings is:
12% = CN¥3.5b ÷ CN¥30b (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.12 in profit.
Why Is ROE Important For 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.
Shenzhou International Group Holdings' Earnings Growth And 12% ROE
To start with, Shenzhou International Group Holdings' ROE looks acceptable. Even when compared to the industry average of 12% the company's ROE looks quite decent. Given the circumstances, we can't help but wonder why Shenzhou International Group Holdings saw little to no growth in the past five years. So, there could be some other aspects that could potentially be preventing the company from growing. These include low earnings retention or poor allocation of capital.
Next, on comparing Shenzhou International Group Holdings' net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 1.3% in the same period.
SEHK:2313 Past Earnings Growth November 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. Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for 2313? You can find out in our latest intrinsic value infographic research report.
Is Shenzhou International Group Holdings Using Its Retained Earnings Effectively?
The high three-year median payout ratio of 51% (meaning, the company retains only 49% of profits) for Shenzhou International Group Holdings suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
Moreover, Shenzhou International Group Holdings has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 59% of its profits over the next three years. Still, forecasts suggest that Shenzhou International Group Holdings' future ROE will rise to 22% even though the the company's payout ratio is not expected to change by much.
Conclusion
On the whole, we do feel that Shenzhou International Group Holdings has some positive attributes. The company has grown its earnings moderately as previously discussed. Still, the high ROE could have been even more beneficial to investors had the company been reinvesting more of its profits. As highlighted earlier, the current reinvestment rate appears to be quite low. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
在过去三个月其股价下跌23%的情况下,很容易忽视申洲国际控股(HKG:2313)。然而,该公司的基本面看起来相当不错,长期财务状况通常与未来的市场价格走势保持一致。今天我们特别关注申洲国际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。换句话说,它揭示了该公司成功地将股东投资转化为利润。
查看我们对申洲国际控股的最新分析
净资产收益率是如何计算的?
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,申洲国际控股的净资产收益率为:
12%=35亿元×300亿元(以截至2022年6月的12个月为基础)。
“回报”指的是企业在过去一年中获得的收入。这意味着,每1港元的股东权益,该公司就会产生0.12港元的利润。
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。
申洲国际控股的盈利增长和12%的净资产收益率
首先,申洲国际控股的净资产收益率看起来可以接受。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。在这种情况下,我们不禁要问,为什么申洲国际控股在过去五年里几乎没有增长。因此,可能还有其他一些方面可能会阻碍该公司的增长。这些问题包括低收益留存或资本配置不善。
接下来,我们对比申洲国际控股的净收入增长与行业发现,该公司公布的增长与同期1.3%的行业平均增长率相似。
联交所:2313过去盈利增长2022年11月28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。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。市场是否已经消化了2313年的未来前景?你可以在我们最新的内在价值信息图研究报告中找到答案。
申洲国际控股是否有效地利用了其留存收益?
申洲国际控股的三年派息率中值为51%(这意味着该公司只保留49%的利润),这表明该公司的收益增长微不足道,因为它支付了大部分收益。
此外,申洲国际控股至少在十年或更长时间里一直在支付股息,这表明管理层肯定已经意识到,与盈利增长相比,股东更喜欢股息。在研究了最新的分析师共识数据后,我们发现,预计该公司将在未来三年继续支付约59%的利润。尽管如此,预测显示申洲国际控股未来的净资产收益率将升至22%,尽管该公司的派息率预计不会有太大变化。
结论
总体而言,我们确实觉得申洲国际控股有一些积极的属性。正如之前讨论的那样,该公司的收益实现了适度增长。尽管如此,如果该公司将更多利润进行再投资,高ROE可能会对投资者更有利。正如前面强调的那样,目前的再投资率似乎相当低。话虽如此,但从目前分析师的预估来看,我们发现该公司的盈利势头有望增强。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。
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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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