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Should Weakness in China Foods Limited's (HKG:506) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in China Foods Limited's (HKG:506) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
With its stock down 7.7% over the past three months, it is easy to disregard China Foods (HKG:506). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study China Foods' 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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
View our latest analysis for China Foods
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 China Foods is:
14% = CN¥1.2b ÷ CN¥8.6b (Based on the trailing twelve months to June 2022).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.14 in profit.
Why Is ROE Important For Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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 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.
A Side By Side comparison of China Foods' Earnings Growth And 14% ROE
To begin with, China Foods seems to have a respectable ROE. On comparing with the average industry ROE of 7.0% the company's ROE looks pretty remarkable. For this reason, China Foods' five year net income decline of 6.8% raises the question as to why the high ROE didn't translate into earnings growth. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
That being said, we compared China Foods' performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 23% in the same period.
SEHK:506 Past Earnings Growth August 29th 2022Earnings growth is a huge factor in stock valuation. 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. Is 506 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is China Foods Using Its Retained Earnings Effectively?
Looking at its three-year median payout ratio of 36% (or a retention ratio of 64%) which is pretty normal, China Foods' declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
In addition, China Foods 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. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 54% over the next three years. Regardless, the ROE is not expected to change much for the company despite the higher expected payout ratio.
Summary
In total, it does look like China Foods has some positive aspects to its business. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts 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.
在過去三個月股價下跌7.7%的情況下,很容易忽視中國食品(HKG:506)。然而,股價通常是由公司的長期財務狀況推動的,在這種情況下,財務狀況看起來相當不錯。具體地説,我們決定在本文中研究中國食品的淨資產收益率。
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。簡而言之,淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
查看我們對中國食品的最新分析
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,中國食品的淨資產收益率為:
14%=12億元×86億元(以截至2022年6月的12個月為基礎)。
“回報”指的是一家公司過去一年的收益。一種將其概念化的方法是,公司每持有1港元的股東資本,就能獲得0.14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。
中國食品盈利增長與14%淨資產收益率的並列比較
首先,中國食品似乎擁有令人尊敬的淨資產收益率。與7.0%的行業平均淨資產收益率相比,該公司的淨資產收益率看起來相當可觀。出於這個原因,神州食品五年來淨利潤下降6.8%,這讓人不禁要問,為什麼高淨資產收益率沒有轉化為盈利增長?基於此,我們認為,可能還有本文迄今未討論的其他原因,可能正在阻礙公司的增長。例如,公司將很大一部分收益作為股息支付,或者面臨競爭壓力。
話雖如此,我們將中國食品的表現與行業進行了比較,當我們發現儘管該公司的收益縮水了,但該行業同期的收益增長率為23%,我們對此感到擔憂。
聯交所:506過去盈利增長2022年8月29日盈利增長是股票估值的一個重要因素。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。506的價值公平嗎?這張關於公司內在價值的信息圖包含了你需要知道的一切。
中國食品有效利用其留存收益嗎?
中國食品的三年派息率中值為36%(或留存率為64%),這是相當正常的,這一點很正常,但中國食品的盈利下滑令人費解,因為當一家公司保留了很大一部分利潤時,人們預計會看到相當大的增長。看起來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,中國食品在至少十年的時間裏一直在支付股息,這表明繼續支付股息對管理層來説要重要得多,即使這是以犧牲業務增長為代價的。在研究了最新的分析師共識數據後,我們發現,該公司未來三年的派息率預計將上升至54%。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。
摘要
總體而言,中國食品看起來確實有一些積極的方面。然而,我們失望地看到,即使在高ROE和高再投資率的情況下,收益也沒有增長。我們認為,可能有一些外部因素可能正在對業務產生負面影響。既然如此,最新的行業分析師預測顯示,分析師們預計該公司的收益增長率將大幅提高。要了解更多分析師對該公司的最新預測,請查看分析師對該公司預測的可視化。
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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