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Autohome Inc. (NYSE:ATHM) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Autohome Inc. (NYSE:ATHM) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Autohome (NYSE:ATHM) has had a great run on the share market with its stock up by a significant 14% over the last month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Autohome's ROE in this article.
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
See our latest analysis for Autohome
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 Autohome is:
6.2% = CN¥1.5b ÷ CN¥24b (Based on the trailing twelve months to September 2022).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $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. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
Autohome's Earnings Growth And 6.2% ROE
At first glance, Autohome's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 8.4% either. As a result, Autohome's flat net income growth over the past five years doesn't come as a surprise given its lower ROE.
Next, on comparing with the industry net income growth, we found that the industry grew its earnings by 20% in the same period.
NYSE:ATHM Past Earnings Growth November 30th 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. What is ATHM worth today? The intrinsic value infographic in our free research report helps visualize whether ATHM is currently mispriced by the market.
Is Autohome Efficiently Re-investing Its Profits?
Autohome has a low three-year median payout ratio of 20% (or a retention ratio of 80%) but the negligible earnings growth number doesn't reflect this as high growth usually follows high profit retention.
Additionally, Autohome has paid dividends over a period of three years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. 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 19%. As a result, Autohome's ROE is not expected to change by much either, which we inferred from the analyst estimate of 7.0% for future ROE.
Summary
On the whole, we feel that the performance shown by Autohome can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
汽車之家(紐約證券交易所代碼:ATHM)的股票在過去一個月裏大幅上漲了14%,在股票市場上表現出色。但該公司的關鍵財務指標似乎在所有方面都不同,這讓我們質疑該公司目前的股價勢頭能否保持下去。具體地説,我們決定在本文中研究汽車之家的淨資產收益率。
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。
查看我們對汽車之家的最新分析
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,根據上面的公式,汽車之家的淨資產收益率為:
6.2%=CN元15億×CN元240億元(基於截至2022年9月的12個月)。
“回報”指的是一家公司過去一年的收益。一種將其概念化的方法是,公司每擁有1美元的股東資本,就能獲得0.06美元的利潤。
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。根據公司將這些利潤再投資或“保留”多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。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。
汽車之家盈利增長和6.2%的淨資產收益率
乍一看,汽車之家的淨資產收益率看起來並不是很有希望。一項快速的進一步研究顯示,該公司的淨資產收益率(ROE)也不及8.4%的行業平均水平。因此,考慮到較低的淨資產收益率(ROE),新浪汽車之家過去五年的淨利潤增長持平並不令人意外。
接下來,通過與行業淨收入增長的比較,我們發現行業同期的盈利增長了20%。
紐約證券交易所:ATHM過去的收益增長2022年11月30日盈利增長是股票估值的一個重要因素。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。今天ATHM值多少錢?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ATHM目前是否被市場錯誤定價。
汽車之家是否有效地將其利潤進行了再投資?
汽車之家的三年中值派息率為20%(或留存比率為80%),但可以忽略不計的盈利增長數字並不能反映這一點,因為高增長通常伴隨着高利潤留存。
此外,汽車之家在三年內分紅,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。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19%。因此,汽車之家的淨資產收益率預計也不會有太大變化,這是我們從分析師對未來淨資產收益率7.0%的預測中推斷出來的。
摘要
總體來説,我們覺得汽車之家展示的表現可以有多種解讀。儘管它似乎保留了大部分利潤,但鑑於淨資產收益率較低,投資者可能終究不會從所有這些再投資中受益。低收益增長率表明我們的理論是正確的。既然如此,最新的行業分析師預測顯示,分析師們預計該公司的收益增長率將大幅提高。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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