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Does The Market Have A Low Tolerance For Shandong Gold Mining Co., Ltd.'s (SHSE:600547) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Shandong Gold Mining Co., Ltd.'s (SHSE:600547) Mixed Fundamentals?
Shandong Gold Mining (SHSE:600547) has had a rough three months with its share price down 1.9%. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. In this article, we decided to focus on Shandong Gold Mining'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 Shandong Gold Mining
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Shandong Gold Mining is:
5.5% = CN¥1.9b ÷ CN¥34b (Based on the trailing twelve months to June 2022).
The 'return' is the profit over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.06 in profit.
Why Is ROE Important For Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
Shandong Gold Mining's Earnings Growth And 5.5% ROE
On the face of it, Shandong Gold Mining's ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 8.9%. For this reason, Shandong Gold Mining's five year net income decline of 14% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
However, when we compared Shandong Gold Mining's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 18% in the same period. This is quite worrisome.
SHSE:600547 Past Earnings Growth September 1st 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). Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Shandong Gold Mining's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Shandong Gold Mining Using Its Retained Earnings Effectively?
When we piece together Shandong Gold Mining's low three-year median payout ratio of 17% (where it is retaining 83% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
Additionally, Shandong Gold Mining 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. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 12% over the next three years. As a result, the expected drop in Shandong Gold Mining's payout ratio explains the anticipated rise in the company's future ROE to 8.8%, over the same period.
Conclusion
Overall, we have mixed feelings about Shandong Gold Mining. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
山東黃金(上海證券交易所代碼:600547)經歷了艱難的三個月,股價下跌了1.9%。市場似乎完全忽視了該公司基本面的積極方面,而決定更多地關注負面方面。長期基本面通常是推動市場結果的因素,因此值得密切關注。在本文中,我們決定將重點放在山東黃金的淨資產收益率上。
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。
查看我們對山東黃金的最新分析
淨資產收益率是如何計算的?
這個淨資產收益率公式是:
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,山東黃金的淨資產收益率為:
5.5%=人民幣19億元×人民幣340億元(基於截至2022年6月的12個月)。
“收益”是過去12個月的利潤。這意味着,股東權益每增加1元,公司就會產生0.06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。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。一般來説,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
山東黃金的盈利增長和5.5%的淨資產收益率
從表面上看,山東黃金的淨資產收益率並沒有太多可談。然後,我們將該公司的淨資產收益率(ROE)與更廣泛的行業進行了比較,發現淨資產收益率低於行業平均水平8.9%,這讓我們感到失望。因此,考慮到山東黃金較低的淨資產收益率,其五年淨利潤下降14%並不令人意外。然而,也可能有其他因素導致收益下降。例如,該公司的派息率非常高,或者面臨競爭壓力。
然而,當我們將山東黃金的增長與行業進行比較時發現,儘管該公司的收益一直在萎縮,但同期該行業的收益增長了18%。這相當令人擔憂。
上海證券交易所:過去600547的收益增長2022年9月1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。如果你想知道山東黃金的估值,看看這個市盈率指標,看看它與行業的對比。
山東黃金是否有效地利用了留存收益?
當我們把山東黃金過去三年的低三年中值股息率17%(該公司保留了83%的利潤)拼湊在一起時,我們對增長乏力感到困惑。較低的派息應該意味着該公司保留了大部分收益,因此應該會看到一些增長。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,山東黃金至少在十年內分紅,這意味着公司管理層決心分紅,即使這意味着收益幾乎沒有增長。分析師現有的預估顯示,該公司未來三年的派息率預計將降至12%。因此,山東黃金派息率的預期下降解釋了同期該公司未來淨資產收益率預期上升至8.8%的原因。
結論
總體而言,我們對山東黃金的感情複雜。雖然該公司的再投資率確實很高,但低ROE意味着所有的再投資都沒有給投資者帶來任何好處,而且對收益增長產生了負面影響。話雖如此,我們研究了最新的分析師預測,發現儘管該公司過去的收益有所縮水,但分析師預計其未來的收益將會增長。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。
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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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