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Should Weakness in Zhejiang Hisun Pharmaceutical Co., Ltd.'s (SHSE:600267) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Zhejiang Hisun Pharmaceutical Co., Ltd.'s (SHSE:600267) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
With its stock down 23% over the past three months, it is easy to disregard Zhejiang Hisun Pharmaceutical (SHSE:600267). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Zhejiang Hisun Pharmaceutical's ROE.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
View our latest analysis for Zhejiang Hisun Pharmaceutical
How To 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 Zhejiang Hisun Pharmaceutical is:
6.5% = CN¥490m ÷ CN¥7.5b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.07 in profit.
What Is The Relationship Between ROE And Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
Zhejiang Hisun Pharmaceutical's Earnings Growth And 6.5% ROE
When you first look at it, Zhejiang Hisun Pharmaceutical's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 8.1%, so we won't completely dismiss the company. Looking at Zhejiang Hisun Pharmaceutical's exceptional 43% five-year net income growth in particular, we are definitely impressed. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. Such as - high earnings retention or an efficient management in place.
Next, on comparing with the industry net income growth, we found that Zhejiang Hisun Pharmaceutical's growth is quite high when compared to the industry average growth of 9.0% in the same period, which is great to see.
SHSE:600267 Past Earnings Growth August 25th 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. 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 Zhejiang Hisun Pharmaceutical is trading on a high P/E or a low P/E, relative to its industry.
Is Zhejiang Hisun Pharmaceutical Using Its Retained Earnings Effectively?
Zhejiang Hisun Pharmaceutical's ' three-year median payout ratio is on the lower side at 12% implying that it is retaining a higher percentage (88%) of its profits. So it looks like Zhejiang Hisun Pharmaceutical is reinvesting profits heavily to grow its business, which shows in its earnings growth.
Moreover, Zhejiang Hisun Pharmaceutical is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
Conclusion
On the whole, we do feel that Zhejiang Hisun Pharmaceutical has some positive attributes. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard would have the 3 risks we have identified for Zhejiang Hisun Pharmaceutical.
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.
在過去的三個月裏,浙江海信藥業的股價下跌了23%,人們很容易忽視它(上證號:600267)。但如果你密切關注,你可能會發現,該公司的關鍵財務指標看起來相當不錯,這可能意味着,鑑於市場通常會獎勵更具彈性的長期基本面因素,該股可能會在長期內上漲。在本文中,我們決定將重點放在浙江海信藥業的淨資產收益率上。
股本回報率或淨資產收益率是股東要考慮的一個重要因素,因為它告訴他們他們的資本再投資的效率。簡而言之,它衡量的是一家公司相對於股東權益的盈利能力。
查看我們對浙江海信藥業的最新分析
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,浙江海信藥業的淨資產收益率為:
6.5%=4.9億元×75億元(以截至2022年6月的12個月為基礎)。
“報税表”是過去12個月的税後收入。另一種説法是,公司每持有價值1元的股權,就能賺取0.07元的利潤。
淨資產收益率與盈利增長之間有什麼關係?
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。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。
浙江海信藥業盈利增長6.5%淨資產收益率
乍一看,浙江海信藥業的淨資產收益率看起來並沒有那麼誘人。不過,其淨資產收益率接近8.1%的行業平均水平,因此我們不會完全對該公司不屑一顧。尤其是看到浙江海信藥業連續五年實現43%的超常規淨收入增長,我們肯定印象深刻。考慮到淨資產收益率不是特別高,我們認為也可能有其他因素在發揮作用,可能正在影響公司的增長。例如-高收益留存或有效的管理到位。
接下來,對比行業淨收入增速,我們發現浙江海信藥業的增速與同期9.0%的行業平均增速相比還是相當高的,可喜可賀。
上證綜指:過去600267的收益增長2022年8月25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。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,你可能想看看浙江海信藥業相對於其行業的市盈率是高還是低。
浙江海信藥業是否有效利用其留存收益?
浙江海信藥業的三年中值派息率偏低,為12%,這意味着該公司將保留較高的利潤比例(88%)。因此,浙江海信藥業似乎正在大舉投資利潤以實現業務增長,這從其盈利增長中可見一斑。
此外,浙江海信藥業決心繼續與股東分享利潤,這是我們從其至少十年的派息歷史中推斷出來的。
結論
總體而言,我們確實感覺到浙江海信藥業有一些積極的屬性。憑藉高再投資率,儘管淨資產收益率較低,該公司的收益實現了相當大的增長。雖然我們不會完全解僱這家公司,但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。我們的風險儀錶板將包含我們為浙江海信藥業確定的3個風險。
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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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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