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Declining Stock and Solid Fundamentals: Is The Market Wrong About Wangfujing Group Co., Ltd. (SHSE:600859)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Wangfujing Group Co., Ltd. (SHSE:600859)?
Wangfujing Group (SHSE:600859) has had a rough month with its share price down 15%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study Wangfujing Group'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 Wangfujing Group
How To Calculate Return On Equity?
Return on equity 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 Wangfujing Group is:
7.0% = CN¥1.4b ÷ CN¥21b (Based on the trailing twelve months to March 2022).
The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.07.
Why Is ROE Important For Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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.
Wangfujing Group's Earnings Growth And 7.0% ROE
At first glance, Wangfujing Group's ROE doesn't look very promising. However, the fact that the its ROE is quite higher to the industry average of 4.7% doesn't go unnoticed by us. However, Wangfujing Group has seen a flattish net income growth over the past five years, which is not saying much. Remember, the company's ROE is a bit low to begin with, just that it is higher than the industry average. So that could be one of the factors that are causing earnings growth to stay flat.
When you consider the fact that the industry earnings have shrunk at a rate of 6.5% in the same period, the company's net income growth is pretty remarkable.
SHSE:600859 Past Earnings Growth August 7th 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). 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 Wangfujing Group is trading on a high P/E or a low P/E, relative to its industry.
Is Wangfujing Group Making Efficient Use Of Its Profits?
Despite having a moderate three-year median payout ratio of 32% (meaning the company retains68% of profits) in the last three-year period, Wangfujing Group's earnings growth was more or les flat. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
Moreover, Wangfujing Group has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
Summary
Overall, we are quite pleased with Wangfujing Group's performance. Particularly, we like that the company is reinvesting heavily into its business at a moderate rate of return. Unsurprisingly, this has led to an impressive earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
王府井集團(上海證券交易所代碼:600859)經歷了一個艱難的月份,其股價下跌了15%。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。具體地説,我們決定在本文中研究王府井集團的淨資產收益率。
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。
查看我們對王府井集團的最新分析
如何計算股本回報率?
股本回報率可使用以下公式計算:
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,王府井集團的淨資產收益率為:
7.0%=14億元×210億元(以截至2022年3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元人民幣,公司就會產生0.07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。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。
王府井集團盈利增長7.0%淨資產收益率
乍一看,王府井集團的淨資產收益率看起來並不是很有希望。然而,ITS的淨資產收益率(ROE)相當高,高於4.7%的行業平均水平,這一事實並不是我們沒有注意到的。然而,過去五年,王府井集團的淨利潤增長乏力,這並不能説明什麼。請記住,該公司的淨資產收益率從一開始就有點低,只是高於行業平均水平。因此,這可能是導致盈利增長持平的因素之一。
當你考慮到同期行業收益以6.5%的速度縮水時,該公司的淨收入增長相當可觀。
上證所:過去600859的收益增長2022年8月7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)。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是市盈率,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看王府井集團相對於其所在行業的市盈率是高還是低。
王府井集團是否在有效利用其利潤?
儘管王府井集團過去三年的中位數派息率為32%(這意味着該公司保留了68%的利潤),但該集團的收益增長大致持平。因此,可能還有其他一些原因來解釋這方面的缺乏。例如,這項業務可能正在衰落。
此外,王府井集團至少在十年或更長時間內一直在分紅,這表明管理層肯定已經意識到,股東更喜歡分紅,而不是盈利增長。
摘要
總體而言,我們對王府井集團的表現相當滿意。特別是,我們喜歡該公司以適度的回報率對其業務進行大量再投資。不出所料,這導致了令人印象深刻的收益增長。話雖如此,但從目前分析師的預估來看,我們發現該公司的盈利勢頭有望增強。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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