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WuXi AppTec Co., Ltd.'s (SHSE:603259) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
WuXi AppTec Co., Ltd.'s (SHSE:603259) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 33% over the past three months, it is easy to disregard WuXi AppTec (SHSE:603259). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study WuXi AppTec's ROE in this article.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
Check out our latest analysis for WuXi AppTec
How Do You Calculate Return On Equity?
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 WuXi AppTec is:
17% = CN¥7.1b ÷ CN¥42b (Based on the trailing twelve months to June 2022).
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.17 in profit.
What Has ROE Got To Do With 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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
WuXi AppTec's Earnings Growth And 17% ROE
To start with, WuXi AppTec's ROE looks acceptable. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. Probably as a result of this, WuXi AppTec was able to see an impressive net income growth of 33% over the last five years. However, there could also be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
As a next step, we compared WuXi AppTec's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 39% in the same period.
SHSE:603259 Past Earnings Growth September 26th 2022Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 603259 worth today? The intrinsic value infographic in our free research report helps visualize whether 603259 is currently mispriced by the market.
Is WuXi AppTec Making Efficient Use Of Its Profits?
The three-year median payout ratio for WuXi AppTec is 29%, which is moderately low. The company is retaining the remaining 71%. So it seems that WuXi AppTec is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
Besides, WuXi AppTec has been paying dividends over a period of three years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 21% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.
Conclusion
In total, we are pretty happy with WuXi AppTec's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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.
在過去的三個月裏,藥明康德的股價下跌了33%,人們很容易忽視藥明康德(上交所代碼:603259)。然而,股價通常是由一家公司的長期財務表現推動的,在這種情況下,這看起來相當有希望。具體地説,我們決定在本文中研究藥明康德的淨資產收益率。
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,這是一個衡量公司股東提供的資本回報率的盈利比率。
看看我們對藥明康德的最新分析
你如何計算股本回報率?
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,藥明康德的淨資產收益率為:
17%=CN元71億×CN元420億(以截至2022年6月的12個月為基礎)。
“回報”就是年度利潤。另一種説法是,公司每持有價值1元的股權,就能賺取0.17元的利潤。
淨資產收益率與盈利增長有什麼關係?
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。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。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
藥明康德的盈利增長和17%的淨資產收益率
首先,藥明康德的淨資產收益率看起來可以接受。特別是與11%的行業平均水平相比,該公司的淨資產收益率(ROE)看起來相當令人印象深刻。可能正因為如此,藥明康德在過去五年中能夠看到令人印象深刻的33%的淨收入增長。然而,這種增長背後也可能有其他原因。例如,公司管理層可能做出了一些良好的戰略決策,或者公司的派息率較低。
作為下一步,我們將藥明康德的淨收入增長與行業進行了比較,發現該公司與同期39%的行業平均增長率相比,有類似的增長數字。
上證綜指:過去收益增長603259 2022年9月26日盈利增長是評估一隻股票時需要考慮的一個重要指標。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)。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。今天603259的價值是多少?我們免費研究報告中的內在價值信息圖有助於直觀地瞭解603259目前是否被市場錯誤定價。
藥明康德是否有效利用了它的利潤?
藥明康德的三年派息率中值為29%,屬於中等偏低水平。該公司將保留剩餘的71%。因此,藥明康德似乎在以一種高效的方式進行再投資,它看到了令人印象深刻的收益增長(如上所述),並支付了豐厚的股息。
此外,藥明康德已經分紅三年了。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示,該公司未來三年的派息率預計將降至21%。然而,儘管預期派息率較低,該公司的淨資產收益率預計不會有太大變化。
結論
總體而言,我們對藥明康德的表現相當滿意。具體地説,我們喜歡該公司將一大筆利潤以高回報率進行再投資。當然,這導致該公司的收益出現了大幅增長。話雖如此,該公司的盈利增長預計將放緩,正如目前分析師預測的那樣。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。
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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