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Central China Management Company Limited's (HKG:9982) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Central China Management Company Limited's (HKG:9982) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 21% over the past three months, it is easy to disregard Central China Management (HKG:9982). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Central China Management's ROE.
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for Central China Management
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 Central China Management is:
33% = CN¥770m ÷ CN¥2.3b (Based on the trailing twelve months to December 2021).
The 'return' is the income the business earned over the last year. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.33.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
Central China Management's Earnings Growth And 33% ROE
Firstly, we acknowledge that Central China Management has a significantly high ROE. Second, a comparison with the average ROE reported by the industry of 7.4% also doesn't go unnoticed by us. So, the substantial 23% net income growth seen by Central China Management over the past five years isn't overly surprising.
Next, on comparing with the industry net income growth, we found that Central China Management's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
SEHK:9982 Past Earnings Growth July 12th 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Central China Management's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Central China Management Using Its Retained Earnings Effectively?
Central China Management's three-year median payout ratio is a pretty moderate 39%, meaning the company retains 61% of its income. So it seems that Central China Management is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
While Central China Management has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 50% over the next three years. Regardless, the ROE is not expected to change much for the company despite the higher expected payout ratio.
Conclusion
Overall, we are quite pleased with Central China Management's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
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.
在過去三個月其股價下跌21%的情況下,很容易忽視華中管理(HKG:9982)。然而,股價通常是由一家公司的長期財務表現推動的,在這種情況下,這看起來相當有希望。在本文中,我們決定將重點放在華中管理的淨資產收益率上。
淨資產收益率,即股本回報率,是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
查看我們對華中地區管理的最新分析
淨資產收益率是如何計算的?
這個淨資產收益率公式是:
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,華中地區管理的淨資產收益率為:
33%=7.7億元×23億元(以截至2021年12月的12個月為基礎)。
“回報”指的是企業在過去一年中獲得的收入。因此,這意味着股東每投資1港元,公司就會產生0.33港元的利潤。
淨資產收益率與盈利增長有什麼關係?
到目前為止,我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。根據公司將這些利潤再投資或“保留”多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。一般來説,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
華中管理的盈利增長和33%的淨資產收益率
首先,我們承認華中管理層擁有相當高的淨資產收益率。其次,與行業報告的7.4%的平均淨資產收益率相比,我們也不是沒有注意到。因此,華中資產管理公司過去五年實現23%的淨利潤大幅增長並不太令人意外。
接下來,對比行業淨收入增長,我們發現,與同期8.7%的行業平均增長相比,華中管理的增長相當高,這是令人欣喜的。
聯交所:9982過去盈利增長2022年7月12日賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。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。如果你想知道華中資產管理公司的估值,看看這個衡量其市盈率的指標,與其行業相比。
華中管理層是否有效利用其留存收益?
華中基金的三年派息率中值為39%,相當適中,這意味着該公司保留了61%的收入。因此,華中基金似乎正在以一種高效的方式進行再投資,它看到了令人印象深刻的收益增長(如上所述),並支付了豐厚的股息。
雖然華中基金的盈利有所增長,但它只是在最近才開始派發股息。最有可能的是,該公司決定用股息給新股東和現有股東留下深刻印象。看看目前分析師的共識數據,我們可以看到,該公司未來三年的派息率預計將升至50%。無論如何,儘管預期派息率較高,但預計公司的淨資產收益率不會有太大變化。
結論
總體而言,我們對華中管理的表現相當滿意。特別是,很高興看到該公司在業務上投入了大量資金,並獲得了高回報率,這導致了其收益的可觀增長。話雖如此,該公司的盈利增長預計將放緩,正如目前分析師預測的那樣。要了解更多有關該公司未來收益增長預測的信息,請查看以下內容免費報告分析師對該公司的預測,以瞭解更多信息。
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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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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