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China Resources Beer (Holdings) Company Limited's (HKG:291) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
China Resources Beer (Holdings) Company Limited's (HKG:291) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 7.6% over the past month, it is easy to disregard China Resources Beer (Holdings) (HKG:291). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Specifically, we decided to study China Resources Beer (Holdings)'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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
Check out our latest analysis for China Resources Beer (Holdings)
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 Resources Beer (Holdings) is:
15% = CN¥4.1b ÷ CN¥27b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.15 in profit.
Why Is ROE Important For Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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.
China Resources Beer (Holdings)'s Earnings Growth And 15% ROE
To begin with, China Resources Beer (Holdings) seems to have a respectable ROE. Especially when compared to the industry average of 7.1% the company's ROE looks pretty impressive. This probably laid the ground for China Resources Beer (Holdings)'s significant 33% net income growth seen over the past five years. However, there could also be other causes behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
Next, on comparing with the industry net income growth, we found that China Resources Beer (Holdings)'s growth is quite high when compared to the industry average growth of 21% in the same period, which is great to see.
SEHK:291 Past Earnings Growth September 26th 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is 291 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is China Resources Beer (Holdings) Efficiently Re-investing Its Profits?
China Resources Beer (Holdings) has a three-year median payout ratio of 39% (where it is retaining 61% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and China Resources Beer (Holdings) is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
Moreover, China Resources Beer (Holdings) is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 37%. However, China Resources Beer (Holdings)'s ROE is predicted to rise to 19% despite there being no anticipated change in its payout ratio.
Summary
On the whole, we feel that China Resources Beer (Holdings)'s performance has been quite good. 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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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.
在過去一個月其股價下跌7.6%的情況下,人們很容易忽視華潤啤酒控股(HKG:291)。但如果你仔細觀察,你可能會猜到,它強勁的財務狀況可能意味着,考慮到市場通常會獎勵財務狀況良好的公司,該股可能會在長期內增值。具體地説,我們決定在本文中研究華潤啤酒(控股)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,它是用來評估一家公司相對於其權益資本的盈利能力。
查看我們對華潤啤酒(控股)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,華潤啤酒(控股)的淨資產收益率為:
15%=CN元41億×CN元270億(以截至2022年6月的12個月為基礎)。
“報税表”是過去12個月的税後收入。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0.15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。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。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。
華潤啤酒(控股)的盈利增長和15%的淨資產收益率
首先,華潤啤酒(控股)似乎擁有令人尊敬的淨資產收益率。特別是與7.1%的行業平均水平相比,該公司的淨資產收益率看起來相當令人印象深刻。這可能是華潤啤酒(控股)在過去五年中淨利潤大幅增長33%的基礎。然而,這種增長背後也可能有其他原因。例如,該公司的派息率較低或管理有效。
接下來,對比行業淨收入增長,我們發現華潤啤酒(控股)的增長與同期行業平均增長21%相比是相當高的,這是令人欣喜的。
聯交所:291過去盈利增長2022年9月26日賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。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。291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。
華潤啤酒(控股)是否有效地將其利潤進行了再投資?
華潤啤酒(控股)的三年中值派息率為39%(它保留了61%的收益),這不是太低也不是太高。從表面上看,股息得到了很好的覆蓋,華潤啤酒(控股)正在有效地將其利潤進行再投資,這一點從我們上面討論的非凡增長中可見一斑。
此外,華潤啤酒(控股)決心繼續與股東分享其利潤,這是我們從其至少十年的派息歷史中推斷出來的。根據最新的分析師預估,我們發現該公司未來三年的派息比率預計將穩定在37%。然而,華潤啤酒(控股)的淨資產收益率預計將上升至19%,儘管其派息率沒有預期的變化。
摘要
總的來説,我們覺得華潤啤酒(控股)的業績相當不錯。具體地説,我們喜歡該公司將大量利潤以高回報率進行再投資。這當然導致了該公司的收益大幅增長。既然如此,一項對最新分析師預測的研究表明,該公司預計未來收益增長將放緩。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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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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