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Is China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Recent Stock Performance Tethered To Its Strong Fundamentals?
China Tourism Group Duty Free's (SHSE:601888) stock is up by a considerable 23% over the past month. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study China Tourism Group Duty Free'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. Put another way, it reveals the company's success at turning shareholder investments into profits.
View our latest analysis for China Tourism Group Duty Free
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 China Tourism Group Duty Free is:
13% = CN¥6.7b ÷ CN¥53b (Based on the trailing twelve months to September 2022).
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.13 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. 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. 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.
China Tourism Group Duty Free's Earnings Growth And 13% ROE
At first glance, China Tourism Group Duty Free seems to have a decent ROE. Especially when compared to the industry average of 8.3% the company's ROE looks pretty impressive. This certainly adds some context to China Tourism Group Duty Free's exceptional 28% net income growth seen over the past five years. We reckon that there could also be other factors at play here. Such as - high earnings retention or an efficient management in place.
Next, on comparing with the industry net income growth, we found that China Tourism Group Duty Free's growth is quite high when compared to the industry average growth of 2.1% in the same period, which is great to see.
SHSE:601888 Past Earnings Growth December 24th 2022Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if China Tourism Group Duty Free is trading on a high P/E or a low P/E, relative to its industry.
Is China Tourism Group Duty Free Using Its Retained Earnings Effectively?
China Tourism Group Duty Free's three-year median payout ratio is a pretty moderate 31%, meaning the company retains 69% of its income. So it seems that China Tourism Group Duty Free 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, China Tourism Group Duty Free has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 30% of its profits over the next three years. However, China Tourism Group Duty Free's ROE is predicted to rise to 28% despite there being no anticipated change in its payout ratio.
Conclusion
On the whole, we feel that China Tourism Group Duty Free's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
中國旅遊集團免税(上海證券交易所代碼:601888)的股票在過去一個月裏上漲了23%。鑑於該公司令人印象深刻的業績,我們決定更仔細地研究其財務指標,因為公司的長期財務健康狀況通常決定着市場結果。具體地説,我們決定在本文中研究中國旅遊集團免税的淨資產收益率。
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,它揭示了該公司成功地將股東投資轉化為利潤。
查看我們對中國旅遊集團免税的最新分析
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,中國旅遊集團免税的淨資產收益率為:
13%=67億元×530億元(基於截至2022年9月的12個月)。
“報税表”是過去12個月的税後收入。這意味着,每增加價值1元的股東權益,公司就會產生0.13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。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。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。
中國旅遊集團免税盈利增長及13%淨資產收益率
乍一看,中國旅遊集團免税似乎有不錯的淨資產收益率。特別是與8.3%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。這無疑為中國旅遊集團免税在過去五年中實現了28%的非凡淨收入增長增添了一些背景。我們認為,可能還有其他因素在起作用。例如-高收益留存或有效的管理到位。
接下來,對比行業淨收入增長情況,我們發現中國旅遊集團免税的增長相比同期行業平均增長2.1%是相當高的,這是可喜的。
上證所:過去601888的收益增長2022年12月24日盈利增長是評估一隻股票時需要考慮的一個重要指標。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。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。衡量預期收益增長的一個很好的指標是市盈率,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看中國旅遊集團免税相對於其行業是高市盈率還是低市盈率。
中國旅遊集團能否有效利用其留存收益?
中國旅遊集團免税三年的派息率中值為31%,相當適中,這意味着該公司保留了69%的收入。因此,中國旅遊集團免税似乎正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,中國旅遊集團免税已有至少十年甚至更長時間的紅利。這表明該公司致力於與股東分享利潤。在研究了最新的分析師共識數據後,我們發現,預計該公司將在未來三年繼續支付約30%的利潤。然而,中國旅遊集團免税的淨資產收益率預計將上升到28%,儘管其派息率沒有預期的變化。
結論
總體來説,我們覺得中國旅遊集團免税的表現相當不錯。特別是,我們喜歡該公司對其業務進行大量再投資,並以高回報率進行投資。不出所料,這導致了令人印象深刻的收益增長。儘管如此,最新的行業分析師預測顯示,該公司的收益預計將加速增長。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。
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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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。
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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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