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Is MTR Corporation Limited's (HKG:66) Stock On A Downtrend As A Result Of Its Poor Financials?
Is MTR Corporation Limited's (HKG:66) Stock On A Downtrend As A Result Of Its Poor Financials?
It is hard to get excited after looking at MTR's (HKG:66) recent performance, when its stock has declined 4.7% over the past three months. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study MTR's ROE in this article.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
View our latest analysis for MTR
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 MTR is:
5.4% = HK$9.7b ÷ HK$180b (Based on the trailing twelve months to December 2021).
The 'return' is the profit over the last twelve months. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.05 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 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.
MTR's Earnings Growth And 5.4% ROE
At first glance, MTR's ROE doesn't look very promising. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 7.0%. Therefore, it might not be wrong to say that the five year net income decline of 29% seen by MTR was probably the result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. For example, it is possible that the business has allocated capital poorly or that the company has a very high payout ratio.
As a next step, we compared MTR's performance with the industry and found thatMTR's performance is depressing even when compared with the industry, which has shrunk its earnings at a rate of 11% in the same period, which is a slower than the company.
SEHK:66 Past Earnings Growth August 3rd 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. If you're wondering about MTR's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is MTR Efficiently Re-investing Its Profits?
With a high three-year median payout ratio of 57% (implying that 43% of the profits are retained), most of MTR's profits are being paid to shareholders, which explains the company's shrinking earnings. With only very little left to reinvest into the business, growth in earnings is far from likely.
In addition, MTR has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 57%. Still, forecasts suggest that MTR's future ROE will rise to 8.3% even though the the company's payout ratio is not expected to change by much.
Conclusion
On the whole, MTR's performance is quite a big let-down. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
在看到港鐵(HKG:66)最近的表現後,很難感到興奮,其股價在過去三個月裏下跌了4.7%。為了確定這一趨勢是否會繼續下去,我們決定看看其疲軟的基本面,因為它們塑造了長期的市場趨勢。具體地説,我們決定在本文中研究地鐵的淨資產收益率。
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。換句話説,它揭示了該公司成功地將股東投資轉化為利潤。
查看我們對港鐵的最新分析
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,港鐵的淨資產收益率為:
5.4%=97億港元×180億港元(根據截至2021年12月的過去12個月計算)。
“收益”是過去12個月的利潤。這意味着,每1港元的股東權益,該公司就會產生0.05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。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
港鐵的盈利增長和5.4%的淨資產收益率
乍一看,港鐵的淨資產收益率看起來並不是很有希望。然後,我們將該公司的淨資產收益率(ROE)與更廣泛的行業進行了比較,發現淨資產收益率低於行業平均水平7.0%,這讓我們感到失望。因此,説港鐵五年淨收益下降29%可能是由於其淨資產收益率較低所致,這可能是正確的。然而,也可能有其他因素導致收益下降。例如,可能是企業的資本配置不當,或者公司的派息率非常高。
作為下一步,我們將港鐵的表現與行業進行比較,發現即使與行業相比,港鐵的表現也令人沮喪,行業同期的收益縮水幅度為11%,比公司慢。
聯交所:66過去盈利增長2022年8月3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。投資者下一步需要確定的是,預期的收益增長是否已經計入了股價。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。如果你想知道地鐵的估值,看看這個衡量其市盈率的指標,與其行業相比。
地鐵是否有效地將其利潤進行了再投資?
由於三年派息率中值高達57%(這意味着43%的利潤被保留),港鐵的大部分利潤都支付給了股東,這就解釋了該公司收益縮水的原因。由於可再投資於該業務的資金所剩無幾,盈利增長的可能性很小。
此外,至少十年來,港鐵一直在派發股息,這表明繼續支付股息對管理層來説要重要得多,即使這是以業務增長為代價的。我們最新的分析師數據顯示,該公司未來三年的派息率預計約為57%。不過,預測顯示,儘管公司的派息率預計不會有太大變化,但港鐵未來的淨資產收益率將升至8.3%。
結論
總體而言,港鐵的表現相當令人失望。由於保留了很少的利潤,該公司的收益增長乏力,而且無論它保留的是什麼,再投資的回報率都非常低。話雖如此,看看目前分析師的預估,我們發現該公司的盈利增長率預計將出現巨大改善。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。
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。
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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