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Mapletree Industrial Trust (SGX:ME8U) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Mapletree Industrial Trust (SGX:ME8U) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
With its stock down 3.4% over the past week, it is easy to disregard Mapletree Industrial Trust (SGX:ME8U). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Mapletree Industrial Trust's ROE.
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.
View our latest analysis for Mapletree Industrial Trust
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Mapletree Industrial Trust is:
8.2% = S$451m ÷ S$5.5b (Based on the trailing twelve months to December 2022).
The 'return' is the income the business earned over the last year. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.08 in profit.
What Is The Relationship Between ROE And Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
A Side By Side comparison of Mapletree Industrial Trust's Earnings Growth And 8.2% ROE
On the face of it, Mapletree Industrial Trust's ROE is not much to talk about. However, the fact that the its ROE is quite higher to the industry average of 6.0% doesn't go unnoticed by us. This probably goes some way in explaining Mapletree Industrial Trust's moderate 5.6% growth over the past five years amongst other factors. That being said, the company does have a slightly low ROE to begin with, just that it is higher than the industry average. So there might well be other reasons for the earnings to grow. For example, it is possible that the broader industry is going through a high growth phase, or that the company has a low payout ratio.
We then compared Mapletree Industrial Trust's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 1.6% in the same period.
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. 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 Mapletree Industrial Trust is trading on a high P/E or a low P/E, relative to its industry.
Is Mapletree Industrial Trust Making Efficient Use Of Its Profits?
Mapletree Industrial Trust seems to be paying out most of its income as dividends judging by its three-year median payout ratio of 89%, meaning the company retains only 11% of its income. However, this is typical for REITs as they are often required by law to distribute most of their earnings. Despite this, the company's earnings grew moderately as we saw above.
Additionally, Mapletree Industrial Trust has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. 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 96%. As a result, Mapletree Industrial Trust's ROE is not expected to change by much either, which we inferred from the analyst estimate of 7.9% for future ROE.
Conclusion
On the whole, we do feel that Mapletree Industrial Trust has some positive attributes. Specifically, its respectable ROE which likely led to the considerable growth in earnings. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. 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.
豐樹產業信託(SGX:ME8U)的股價在過去一週下跌了3.4%,人們很容易忽視它。但如果你密切關注,你可能會發現,該公司的關鍵財務指標看起來相當不錯,這可能意味著,鑑於市場通常會獎勵更具彈性的長期基本面因素,該股可能會在長期內上漲。在本文中,我們決定關注豐樹產業信託的淨資產收益率。
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。
查看我們對豐樹產業信託的最新分析
淨資產收益率是如何計算的?
這個淨資產收益率公式是:
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,豐樹產業信託的淨資產收益率為:
8.2%=4.51億新元?55億新元(基於截至2022年12月的12個月)。
“回報”指的是企業在過去一年中獲得的收入。這意味著,每相當於1新元的股東權益,公司就會產生0.08新元的利潤。
淨資產收益率與盈利增長之間有什麼關係?
我們已經證實,淨資產收益率是一家公司未來收益的有效盈利指標。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。
豐樹產業信託收益增速與淨資產收益率8.2%的並列比較
從表面上看,豐樹產業信託的淨資產收益率(ROE)沒有太多可談的。然而,ITS的淨資產收益率(ROE)相當高,高於6.0%的行業平均水準,這一事實並不是沒有引起我們的注意。這可能在一定程度上解釋了豐樹產業信託在過去五年中5.6%的溫和增長,以及其他因素。話雖如此,該公司一開始的淨資產收益率確實略低,只是高於行業平均水準。因此,盈利增長很可能還有其他原因。例如,更廣泛的行業可能正在經歷高增長階段,或者公司的派息率較低。
然後,我們將豐樹產業信託的淨收入增長與行業進行了比較,我們很高興地看到,與同期1.6%的行業增長率相比,該公司的增長數位更高。
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。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。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。衡量預期收益增長的一個很好的指標是本益比,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,你可能想看看豐樹產業信託相對於其行業是高本益比還是低本益比。
豐樹產業信託是否在有效利用其利潤?
從豐樹產業信託的三年中值派息率89%來看,該公司似乎將大部分收入作為股息支付,這意味著該公司僅保留收入的11%。然而,這是REITs的典型做法,因為法律通常要求它們分配大部分收益。儘管如此,正如我們上面看到的那樣,該公司的收益溫和增長。
此外,豐樹產業信託在至少十年的時間裡支付了股息,這意味著該公司非常認真地與股東分享利潤。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96%。因此,豐樹產業信託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7.9%的估計中推斷出來的。
結論
總體而言,我們確實覺得豐樹產業信託有一些積極的屬性。具體地說,其令人尊敬的淨資產收益率可能導致收益的可觀增長。然而,該公司保留了一小部分利潤。這意味著,儘管如此,該公司仍能實現收益增長,所以這並不是太糟糕。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。
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。
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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