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Is China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Recent Stock Performance Tethered To Its Strong Fundamentals?
China Tourism Group Duty Free's (SHSE:601888) stock is up by a considerable 23% over the past month. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study China Tourism Group Duty Free'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. Put another way, it reveals the company's success at turning shareholder investments into profits.
View our latest analysis for China Tourism Group Duty Free
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 China Tourism Group Duty Free is:
13% = CN¥6.7b ÷ CN¥53b (Based on the trailing twelve months to September 2022).
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.13 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. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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 Tourism Group Duty Free's Earnings Growth And 13% ROE
At first glance, China Tourism Group Duty Free seems to have a decent ROE. Especially when compared to the industry average of 8.3% the company's ROE looks pretty impressive. This certainly adds some context to China Tourism Group Duty Free's exceptional 28% net income growth seen over the past five years. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.
Next, on comparing with the industry net income growth, we found that China Tourism Group Duty Free's growth is quite high when compared to the industry average growth of 2.1% in the same period, which is great to see.
SHSE:601888 Past Earnings Growth December 24th 2022Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 China Tourism Group Duty Free is trading on a high P/E or a low P/E, relative to its industry.
Is China Tourism Group Duty Free Using Its Retained Earnings Effectively?
China Tourism Group Duty Free's three-year median payout ratio is a pretty moderate 31%, meaning the company retains 69% of its income. So it seems that China Tourism Group Duty Free 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, China Tourism Group Duty Free has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 30% of its profits over the next three years. However, China Tourism Group Duty Free's ROE is predicted to rise to 28% despite there being no anticipated change in its payout ratio.
Conclusion
On the whole, we feel that China Tourism Group Duty Free's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
中国旅游集团免税(上海证券交易所代码:601888)的股票在过去一个月里上涨了23%。鉴于该公司令人印象深刻的业绩,我们决定更仔细地研究其财务指标,因为公司的长期财务健康状况通常决定着市场结果。具体地说,我们决定在本文中研究中国旅游集团免税的净资产收益率。
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。
查看我们对中国旅游集团免税的最新分析
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,中国旅游集团免税的净资产收益率为:
13%=67亿元×530亿元(基于截至2022年9月的12个月)。
“报税表”是过去12个月的税后收入。这意味着,每增加价值1元的股东权益,公司就会产生0.13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。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。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。
中国旅游集团免税盈利增长及13%净资产收益率
乍一看,中国旅游集团免税似乎有不错的净资产收益率。特别是与8.3%的行业平均水平相比,该公司的净资产收益率看起来相当令人印象深刻。这无疑为中国旅游集团免税在过去五年中实现了28%的非凡净收入增长增添了一些背景。我们认为,可能还有其他因素在起作用。例如-高收益留存或有效的管理到位。
接下来,对比行业净收入增长情况,我们发现中国旅游集团免税的增长相比同期行业平均增长2.1%是相当高的,这是可喜的。
上证所:过去601888的收益增长2022年12月24日盈利增长是评估一只股票时需要考虑的一个重要指标。投资者应该尝试确定预期的收益增长或下降是否已计入价格,无论是哪种情况。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。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,你可能想看看中国旅游集团免税相对于其行业是高市盈率还是低市盈率。
中国旅游集团能否有效利用其留存收益?
中国旅游集团免税三年的派息率中值为31%,相当适中,这意味着该公司保留了69%的收入。因此,中国旅游集团免税似乎正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,中国旅游集团免税已有至少十年甚至更长时间的红利。这表明该公司致力于与股东分享利润。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30%的利润。然而,中国旅游集团免税的净资产收益率预计将上升到28%,尽管其派息率没有预期的变化。
结论
总体来说,我们觉得中国旅游集团免税的表现相当不错。特别是,我们喜欢该公司对其业务进行大量再投资,并以高回报率进行投资。不出所料,这导致了令人印象深刻的收益增长。尽管如此,最新的行业分析师预测显示,该公司的收益预计将加速增长。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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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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