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First Resources Limited's (SGX:EB5) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
First Resources Limited's (SGX:EB5) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 20% over the past three months, it is easy to disregard First Resources (SGX:EB5). 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. Particularly, we will be paying attention to First Resources' ROE today.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
View our latest analysis for First Resources
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 First Resources is:
21% = US$275m ÷ US$1.3b (Based on the trailing twelve months to June 2022).
The 'return' refers to a company's earnings over the last year. So, this means that for every SGD1 of its shareholder's investments, the company generates a profit of SGD0.21.
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 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.
First Resources' Earnings Growth And 21% ROE
To start with, First Resources' ROE looks acceptable. On comparing with the average industry ROE of 9.9% the company's ROE looks pretty remarkable. Yet, First Resources has posted measly growth of 4.6% over the past five years. This is interesting as the high returns should mean that the company has the ability to generate high growth but for some reason, it hasn't been able to do so. A few likely reasons why this could happen is that the company could have a high payout ratio or the business has allocated capital poorly, for instance.
Next, on comparing with the industry net income growth, we found that First Resources' reported growth was lower than the industry growth of 15% in the same period, which is not something we like to see.
SGX:EB5 Past Earnings Growth August 31st 2022Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is First Resources fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is First Resources Efficiently Re-investing Its Profits?
Despite having a normal three-year median payout ratio of 39% (or a retention ratio of 61% over the past three years, First Resources has seen very little growth in earnings as we saw above. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Additionally, First Resources has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 52% over the next three years. Consequently, the higher expected payout ratio explains the decline in the company's expected ROE (to 14%) over the same period.
Conclusion
Overall, we feel that First Resources certainly does have some positive factors to consider. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. 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.
由於其股價在過去三個月裏下跌了20%,人們很容易忽視第一資源(SGX:EB5)。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。特別是,我們今天將關注First Resources的ROE。
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。換句話説,它揭示了該公司成功地將股東投資轉化為利潤。
查看我們對第一資源的最新分析
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,根據上面的公式,First Resources的ROE為:
21%=2.75億美元×13億美元(基於截至2022年6月的12個月)。
“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新元,公司就會產生0.21新元的利潤。
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。
First Resources的盈利增長和21%的淨資產收益率
首先,First Resources的淨資產收益率看起來可以接受。與9.9%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驚人。然而,First Resources在過去五年裏只有4.6%的微不足道的增長。這很有趣,因為高回報應該意味着該公司有能力實現高增長,但由於某種原因,它一直未能做到這一點。例如,這種情況可能發生的幾個可能原因是,公司的派息率可能很高,或者企業的資本配置不當。
接下來,對比行業淨收入增長,我們發現第一資源的報告增長低於同期行業15%的增長,這是我們不願意看到的。
新交所:EB5過去的收益增長2022年8月31日盈利增長是評估一隻股票時需要考慮的一個重要指標。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。與其他公司相比,First Resources的估值是否公平?這3個估值指標可能會幫助你做出決定。
First Resources是否有效地將其利潤進行了再投資?
儘管First Resources的正常三年中值派息率為39%(或過去三年的留存率為61%),但正如我們上面看到的那樣,First Resources的收益增長很小。因此,可能還有其他因素在起作用,可能會阻礙經濟增長。例如,該業務一直面臨一些不利因素。
此外,First Resources在至少十年的時間裏支付了股息,這意味着公司管理層決心支付股息,即使這意味着收益幾乎沒有增長。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52%。因此,較高的預期派息率解釋了公司同期預期淨資產收益率(ROE)下降(至14%)的原因。
結論
總體而言,我們認為第一資源確實有一些積極的因素需要考慮。然而,考慮到高淨資產收益率和高利潤保留率,我們預計該公司將實現強勁的收益增長,但這裏的情況並非如此。這表明,該業務可能面臨一些外部威脅,這正在阻礙其增長。話雖如此,在研究目前分析師的預測時,我們擔心的是,儘管該公司過去的收益有所增長,但分析師預計其未來的收益將會萎縮。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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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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