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Does The Market Have A Low Tolerance For China Pioneer Pharma Holdings Limited's (HKG:1345) Mixed Fundamentals?
Does The Market Have A Low Tolerance For China Pioneer Pharma Holdings Limited's (HKG:1345) Mixed Fundamentals?
With its stock down 13% over the past week, it is easy to disregard China Pioneer Pharma Holdings (HKG:1345). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. 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. Specifically, we decided to study China Pioneer Pharma Holdings' 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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
Check out our latest analysis for China Pioneer Pharma Holdings
How Do You Calculate Return On Equity?
ROE 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 China Pioneer Pharma Holdings is:
15% = CN¥141m ÷ CN¥911m (Based on the trailing twelve months to December 2021).
The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.15 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. 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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
China Pioneer Pharma Holdings' Earnings Growth And 15% ROE
To begin with, China Pioneer Pharma Holdings seems to have a respectable ROE. On comparing with the average industry ROE of 7.1% the company's ROE looks pretty remarkable. Needless to say, we are quite surprised to see that China Pioneer Pharma Holdings' net income shrunk at a rate of 31% over the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
However, when we compared China Pioneer Pharma Holdings' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 8.5% in the same period. This is quite worrisome.
SEHK:1345 Past Earnings Growth July 11th 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). Doing so will help them establish if the stock's future looks promising or ominous. Is China Pioneer Pharma Holdings fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is China Pioneer Pharma Holdings Making Efficient Use Of Its Profits?
China Pioneer Pharma Holdings' very high three-year median payout ratio of 145% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits. Our risks dashboard should have the 2 risks we have identified for China Pioneer Pharma Holdings.
In addition, China Pioneer Pharma Holdings has been paying dividends over a period of eight years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline.
Conclusion
In total, we're a bit ambivalent about China Pioneer Pharma Holdings' performance. While the company does have a high rate of return, its low earnings retention is probably what's hampering its earnings growth. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into China Pioneer Pharma Holdings' past profit growth, check out this visualization of past earnings, revenue and cash flows.
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.
在過去一週股價下跌13%的情況下,人們很容易忽視中國先鋒醫藥控股公司(HKG:1345)。市場似乎完全忽視了該公司基本面的積極方面,而決定更多地關注負面方面。股票價格通常是由公司的長期財務表現推動的,因此我們決定更多地關注公司的財務表現。具體地説,我們決定在本文中研究中國先鋒醫藥控股公司的淨資產收益率。
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
查看我們對中國先鋒醫藥控股公司的最新分析
你如何計算股本回報率?
可使用以下公式計算淨資產收益率:
股本回報率=(持續經營的)淨利潤?股東權益
因此,根據上述公式,中國先鋒醫藥控股的淨資產收益率為:
15%=1.41億元×9.11億元(以截至2021年12月的12個月為基礎)。
“收益”是過去12個月的利潤。另一種説法是,該公司每持有價值1港元的股票,就能賺取0.15港元的利潤。
為什麼淨資產收益率對收益增長很重要?
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。假設其他條件不變,淨資產收益率和利潤保留率越高,與不一定具有這些特徵的公司相比,公司的增長率就越高。
中國先鋒醫藥控股盈利增長和15%的淨資產收益率
首先,中國先鋒醫藥控股公司似乎擁有令人尊敬的淨資產收益率。與7.1%的行業平均淨資產收益率相比,該公司的淨資產收益率看起來相當驚人。不用説,我們相當驚訝地看到,中國先鋒醫藥控股的淨利潤在過去五年裏以31%的速度縮水。基於此,我們認為,可能還有本文迄今未討論的其他原因,可能正在阻礙公司的增長。例如,公司將很大一部分收益作為股息支付,或者面臨競爭壓力。
然而,當我們將中國先鋒醫藥控股的增長與行業進行比較時,我們發現,儘管該公司的收益一直在縮水,但同期該行業的收益增長了8.5%。這相當令人擔憂。
聯交所:1345過去盈利增長2022年7月11日盈利增長是股票估值的一個重要因素。對於投資者來説,重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。與其他公司相比,中國先鋒醫藥控股的估值是否公平?這3個估值指標可能會幫助你做出決定。
中國先鋒醫藥控股公司是否在有效利用其利潤?
中國先鋒醫藥控股過去三年的派息率中值高達145%,這表明該公司向股東支付的股息高於其盈利,這解釋了該公司收益縮水的原因。通常很難維持高於公佈利潤的股息支付。我們的風險儀錶板應該包含我們為中國先鋒醫藥控股確定的兩個風險。
此外,中國先鋒醫藥控股公司在過去8年裏一直在派發股息,這表明,儘管盈利一直在下降,但管理層更傾向於繼續派發股息。
結論
總體而言,我們對中國先鋒醫藥控股的表現有點矛盾。雖然該公司確實擁有較高的回報率,但其較低的收益留存率可能是阻礙其收益增長的原因。到目前為止,我們只是通過觀察公司的基本面來了解公司過去的業績。要進一步瞭解中國先鋒醫藥控股公司過去的利潤增長,請查看這張過去收益、收入和現金流的可視化圖表。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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