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Mapletree Industrial Trust (SGX:ME8U) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Mapletree Industrial Trust (SGX:ME8U) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
With its stock down 3.4% over the past week, it is easy to disregard Mapletree Industrial Trust (SGX:ME8U). 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. In this article, we decided to focus on Mapletree Industrial Trust's ROE.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for Mapletree Industrial Trust
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Mapletree Industrial Trust is:
8.2% = S$451m ÷ S$5.5b (Based on the trailing twelve months to December 2022).
The 'return' is the income the business earned over the last year. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.08 in profit.
What Is The Relationship Between ROE And Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
A Side By Side comparison of Mapletree Industrial Trust's Earnings Growth And 8.2% ROE
On the face of it, Mapletree Industrial Trust's ROE is not much to talk about. However, the fact that the its ROE is quite higher to the industry average of 6.0% doesn't go unnoticed by us. This probably goes some way in explaining Mapletree Industrial Trust's moderate 5.6% growth over the past five years amongst other factors. That being said, the company does have a slightly low ROE to begin with, just that it is higher than the industry average. So there might well be other reasons for the earnings to grow. For example, it is possible that the broader industry is going through a high growth phase, or that the company has a low payout ratio.
We then compared Mapletree Industrial Trust'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 1.6% in the same period.
The 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. 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 Mapletree Industrial Trust is trading on a high P/E or a low P/E, relative to its industry.
Is Mapletree Industrial Trust Making Efficient Use Of Its Profits?
Mapletree Industrial Trust seems to be paying out most of its income as dividends judging by its three-year median payout ratio of 89%, meaning the company retains only 11% of its income. However, this is typical for REITs as they are often required by law to distribute most of their earnings. Despite this, the company's earnings grew moderately as we saw above.
Additionally, Mapletree Industrial Trust has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 96%. As a result, Mapletree Industrial Trust's ROE is not expected to change by much either, which we inferred from the analyst estimate of 7.9% for future ROE.
Conclusion
On the whole, we do feel that Mapletree Industrial Trust has some positive attributes. Specifically, its respectable ROE which likely led to the considerable growth in earnings. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page 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.
丰树产业信托(SGX:ME8U)的股价在过去一周下跌了3.4%,人们很容易忽视它。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。在本文中,我们决定关注丰树产业信托的净资产收益率。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。简而言之,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对丰树产业信托的最新分析
净资产收益率是如何计算的?
这个净资产收益率公式是:
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,丰树产业信托的净资产收益率为:
8.2%=4.51亿新元?55亿新元(基于截至2022年12月的12个月)。
“回报”指的是企业在过去一年中获得的收入。这意味着,每相当于1新元的股东权益,公司就会产生0.08新元的利润。
净资产收益率与盈利增长之间有什么关系?
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。
丰树产业信托收益增速与净资产收益率8.2%的并列比较
从表面上看,丰树产业信托的净资产收益率(ROE)没有太多可谈的。然而,ITS的净资产收益率(ROE)相当高,高于6.0%的行业平均水平,这一事实并不是没有引起我们的注意。这可能在一定程度上解释了丰树产业信托在过去五年中5.6%的温和增长,以及其他因素。话虽如此,该公司一开始的净资产收益率确实略低,只是高于行业平均水平。因此,盈利增长很可能还有其他原因。例如,更广泛的行业可能正在经历高增长阶段,或者公司的派息率较低。
然后,我们将丰树产业信托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1.6%的行业增长率相比,该公司的增长数字更高。
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。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,你可能想看看丰树产业信托相对于其行业是高市盈率还是低市盈率。
丰树产业信托是否在有效利用其利润?
从丰树产业信托的三年中值派息率89%来看,该公司似乎将大部分收入作为股息支付,这意味着该公司仅保留收入的11%。然而,这是REITs的典型做法,因为法律通常要求它们分配大部分收益。尽管如此,正如我们上面看到的那样,该公司的收益温和增长。
此外,丰树产业信托在至少十年的时间里支付了股息,这意味着该公司非常认真地与股东分享利润。根据最新的分析师预估,我们发现该公司未来三年的派息比率预计将稳定在96%。因此,丰树产业信托的净资产收益率预计也不会有太大变化,这是我们从分析师对未来净资产收益率7.9%的估计中推断出来的。
结论
总体而言,我们确实觉得丰树产业信托有一些积极的属性。具体地说,其令人尊敬的净资产收益率可能导致收益的可观增长。然而,该公司保留了一小部分利润。这意味着,尽管如此,该公司仍能实现收益增长,所以这并不是太糟糕。话虽如此,该公司的盈利增长预计将放缓,正如目前分析师预测的那样。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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。
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。
风险及免责提示
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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