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Mapletree Pan Asia Commercial Trust's (SGX:N2IU) Dismal Stock Performance Reflects Weak Fundamentals
Mapletree Pan Asia Commercial Trust's (SGX:N2IU) Dismal Stock Performance Reflects Weak Fundamentals
It is hard to get excited after looking at Mapletree Pan Asia Commercial Trust's (SGX:N2IU) recent performance, when its stock has declined 4.7% over the past month. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study Mapletree Pan Asia Commercial Trust's 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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
Check out our latest analysis for Mapletree Pan Asia Commercial Trust
How Do You 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 Mapletree Pan Asia Commercial Trust is:
6.0% = S$347m ÷ S$5.8b (Based on the trailing twelve months to March 2022).
The 'return' is the yearly profit. So, this means that for every SGD1 of its shareholder's investments, the company generates a profit of SGD0.06.
Why Is ROE Important For Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
Mapletree Pan Asia Commercial Trust's Earnings Growth And 6.0% ROE
When you first look at it, Mapletree Pan Asia Commercial Trust's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 7.0%, so we won't completely dismiss the company. But then again, Mapletree Pan Asia Commercial Trust's five year net income shrunk at a rate of 12%. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
So, as a next step, we compared Mapletree Pan Asia Commercial Trust's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 4.6% in the same period.
SGX:N2IU Past Earnings Growth September 1st 2022Earnings growth is a huge factor in stock valuation. 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. Is N2IU fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is Mapletree Pan Asia Commercial Trust Making Efficient Use Of Its Profits?
Mapletree Pan Asia Commercial Trust has a very high three-year median payout ratio of 78%, implying that it retains only 22% of its profits. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. Accordingly, this likely explains why its earnings have been shrinking.
In addition, Mapletree Pan Asia Commercial Trust 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. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 112% over the next three years. Despite the higher expected payout ratio, the company's ROE is not expected to change by much.
Conclusion
In total, we would have a hard think before deciding on any investment action concerning Mapletree Pan Asia Commercial Trust. 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.
看了Mapletree Pan Asia Commercial Trust(SGX: N2IU)最近的表現,很難感到興奮,當時其股票在過去一個月中下跌了4.7%。爲了決定這種趨勢能否持續下去,我們決定考慮其疲軟的基本面影響長期市場趨勢。具體而言,我們決定在本文中研究Mapletree Pan Asia Commercial Trust的投資回報率。
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它衡量公司相對於股東權益的盈利能力。
查看我們對 Mapletree Pan Asia 商業信託的最新分析
你如何計算股本回報率?
投資回報率可以通過以下公式計算:
股本回報率 = 淨利潤(來自持續經營)≥ 股東權益
因此,根據上述公式,Mapletree Pan Asia 商業信託的投資回報率爲:
6.0% = 3.47億新元 ⇒ 58億新元(基於截至2022年3月的過去十二個月)。
“回報” 是每年的利潤。因此,這意味着,其股東每投資1新元,公司就會產生0.06新元的利潤。
爲甚麼投資回報率對收益增長很重要?
到目前爲止,我們已經瞭解到,投資回報率衡量的是公司創造利潤的效率。現在,我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,從而使我們對公司的增長潛力有所瞭解。假設其他一切保持不變,那麼與不一定具有這些特徵的公司相比,投資回報率和利潤保留率越高,公司的增長率就越高。
Mapletree Pan Asia 商業信託的收益增長和 6.0% 的投資回報率
當你第一次看的時候,Mapletree Pan Asia Commercial Trust的投資回報率看起來並不那麼吸引人。但是,其投資回報率與行業平均水平相似,爲7.0%,因此我們不會完全解僱該公司。但話又說回來,Mapletree Pan Asia Commercial Trust的五年淨收入以12%的速度萎縮。請記住,該公司的投資回報率一開始就有點低。因此,這可能導致收益增長萎縮。
因此,下一步,我們將Mapletree Pan Asia Commercial Trust的表現與該行業進行了比較,但失望地發現,儘管該公司一直在縮減收益,但該行業同期的收益卻以4.6%的速度增長。
SGX: N2IU 過去的收益增長 2022 年 9 月 1 日收益增長是影響股票估值的重要因素。投資者接下來需要確定的是,預期的收益增長或缺乏收益增長是否已經包含在股價中。這樣做將幫助他們確定該股的未來是充滿希望還是不祥。N2IU 的估值是否公平?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。
Mapletree Pan Asia 商業信託是否在有效利用其利潤?
Mapletree Pan Asia Commercial Trust的三年中位派息率非常高,爲78%,這意味着它只保留了22%的利潤。但是,看到房地產投資信託基金的派息率如此之高的情況並不少見,這主要是由於法定要求。因此,這可能解釋了爲甚麼其收益一直在萎縮。
此外,Mapletree Pan Asia Commercial Trust在至少十年內一直在支付股息,這表明即使以犧牲業務增長爲代價,維持股息支付對管理層來說也要重要得多。從當前的分析師共識數據來看,我們可以看出,該公司的未來派息率預計將在未來三年內上升至112%。儘管預期的派息率更高,但該公司的投資回報率預計不會有太大變化。
結論
總的來說,在決定有關Mapletree Pan Asia Commercial Trust的任何投資行動之前,我們會經過深思熟慮。由於該公司對該業務的再投資不多,而且鑑於投資回報率低,看到其收益缺乏或沒有增長也就不足爲奇了。話雖如此,從分析師目前的估計來看,我們發現該公司的收益增長率有望大幅改善。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們的分析師對公司的預測頁面。
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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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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