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Are Poor Financial Prospects Dragging Down Guangdong Investment Limited (HKG:270 Stock?
Are Poor Financial Prospects Dragging Down Guangdong Investment Limited (HKG:270 Stock?
Guangdong Investment (HKG:270) has had a rough three months with its share price down 23%. We decided to study the company's financials to determine if the downtrend will continue as the long-term performance of a company usually dictates market outcomes. Particularly, we will be paying attention to Guangdong Investment's ROE today.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
View our latest analysis for Guangdong Investment
How Is ROE Calculated?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Guangdong Investment is:
9.1% = HK$5.6b ÷ HK$62b (Based on the trailing twelve months to March 2022).
The 'return' refers to a company's earnings over the last year. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.09.
Why Is ROE Important For Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
Guangdong Investment's Earnings Growth And 9.1% ROE
At first glance, Guangdong Investment's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 9.1%. However, Guangdong Investment has seen a flattish net income growth over the past five years, which is not saying much. Bear in mind, the company's ROE is not very high. Hence, this provides some context to the flat earnings growth seen by the company.
Next, on comparing with the industry net income growth, we found that the industry grew its earnings by14% in the same period.
SEHK:270 Past Earnings Growth August 20th 2022Earnings growth is an important metric to consider when valuing a stock. 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. 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 Guangdong Investment is trading on a high P/E or a low P/E, relative to its industry.
Is Guangdong Investment Making Efficient Use Of Its Profits?
Guangdong Investment has a high three-year median payout ratio of 80% (or a retention ratio of 20%), meaning that the company is paying most of its profits as dividends to its shareholders. This does go some way in explaining why there's been no growth in its earnings.
Moreover, Guangdong Investment 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.
Conclusion
In total, we would have a hard think before deciding on any investment action concerning Guangdong Investment. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. 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.
粵海投資(HKG:270)經歷了艱難的三個月,股價下跌了23%。我們決定研究公司的財務狀況,以確定下降趨勢是否會繼續下去,因為公司的長期表現通常決定着市場結果。今天我們特別關注粵海投資的淨資產收益率。
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,這是一個衡量公司股東提供的資本回報率的盈利比率。
查看我們對粵海投資的最新分析
淨資產收益率是如何計算的?
這個股本回報率公式是:
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,粵海投資的淨資產收益率為:
9.1%=56億港元×620億港元(根據截至2022年3月的過去12個月計算)。
“回報”指的是一家公司過去一年的收益。因此,這意味着股東每投資1港元,公司就會產生0.09港元的利潤。
為什麼淨資產收益率對收益增長很重要?
我們已經證實,淨資產收益率是一家公司未來收益的有效盈利指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長,這就讓我們對公司的增長潛力有了一個瞭解。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。
粵海投資的盈利增長和9.1%的淨資產收益率
乍一看,粵海投資的淨資產收益率看起來並不是很有前途。然而,一項更仔細的研究顯示,該公司的淨資產收益率接近9.1%的行業平均水平。然而,在過去的五年裏,粵海投資的淨收入增長平平,這並不能説明什麼。請記住,該公司的淨資產收益率並不是很高。因此,這為該公司盈利增長持平提供了一些背景。
其次,通過與行業淨收入增長的比較,我們發現同期行業淨收入增長了14%。
聯交所:270過去的盈利增長2022年8月20日盈利增長是評估一隻股票時需要考慮的一個重要指標。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。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,你可能想看看粵海投資相對於其行業是高市盈率還是低市盈率。
粵海投資是否有效利用了它的利潤?
粵海投資的三年中值派息率高達80%(或留存率為20%),這意味着該公司將大部分利潤作為股息支付給股東。這確實在一定程度上解釋了為什麼它的收益沒有增長。
此外,粵海投資至少在十年或更長時間裏一直在分紅,這表明管理層一定已經意識到,股東更喜歡分紅,而不是盈利增長。
結論
總而言之,在決定對粵海投資的任何投資行動之前,我們都會三思而後行。因為該公司沒有對業務進行太多再投資,而且考慮到淨資產收益率較低,其收益沒有增長或沒有增長也就不足為奇了。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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