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Singapore Telecommunications Limited (SGX:Z74) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

Singapore Telecommunications Limited (SGX:Z74) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

新加坡電信有限公司(SGX: Z74)股票一直在下滑,但基本面看起來不錯:未來市場會調整股價嗎?
Simply Wall St ·  04/09 01:21

It is hard to get excited after looking at Singapore Telecommunications' (SGX:Z74) recent performance, when its stock has declined 5.1% over the past week. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Singapore Telecommunications' ROE in this article.

看了新加坡電信公司(SGX: Z74)最近的表現,很難感到興奮,當時該公司的股票在過去一週下跌了5.1%。但是,從長遠來看,股票價格通常由公司的財務狀況驅動,在這種情況下,這看起來相當可觀。具體而言,我們決定在本文中研究新加坡電信的投資回報率。

ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之,它衡量公司相對於股東權益的盈利能力。

How To Calculate Return On Equity?

如何計算股本回報率?

ROE can be calculated by using the formula:

ROE 可以通過以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Singapore Telecommunications is:

因此,根據上述公式,新加坡電信的投資回報率爲:

12% = S$3.1b ÷ S$27b (Based on the trailing twelve months to December 2023).

12% = 31億新元 ÷ 270億新元(基於截至2023年12月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.12 in profit.

“回報” 是過去十二個月的稅後收入。這意味着,每獲得價值1新元的股東權益,該公司就會產生0.12新元的利潤。

Why Is ROE Important For Earnings Growth?

爲什麼投資回報率對收益增長很重要?

So far, we've learned that ROE is a measure of a company's profitability. 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.

到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。現在,我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,從而使我們對公司的增長潛力有所了解。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。

Singapore Telecommunications' Earnings Growth And 12% ROE

新加坡電信的收益增長和12%的投資回報率

To start with, Singapore Telecommunications' ROE looks acceptable. Further, the company's ROE is similar to the industry average of 12%. Despite the moderate return on equity, Singapore Telecommunications has posted a net income growth of 4.8% over the past five years. So, there could be some other factors at play that could be impacting the company's growth. For instance, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.

首先,新加坡電信的投資回報率似乎可以接受。此外,該公司的投資回報率與行業平均水平的12%相似。儘管股本回報率適中,但新加坡電信在過去五年中淨收入增長了4.8%。因此,可能還有其他一些因素在起作用,可能會影響公司的增長。例如,該公司將收益的很大一部分作爲股息支付,或者面臨競爭壓力。

As a next step, we compared Singapore Telecommunications' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 13% in the same period.

下一步,我們將新加坡電信的淨收入增長與該行業進行了比較,並失望地看到該公司的增長低於同期13%的行業平均增長。

past-earnings-growth
SGX:Z74 Past Earnings Growth April 9th 2024
新加坡證券交易所:Z74 過去的收益增長 2024 年 4 月 9 日

Earnings 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. If you're wondering about Singapore Telecommunications''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

收益增長是股票估值的重要因素。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道新加坡電信的估值,可以看看這個衡量其市盈率與行業相比的指標。

Is Singapore Telecommunications Using Its Retained Earnings Effectively?

新加坡電信是否有效使用其留存收益?

Singapore Telecommunications has a three-year median payout ratio of 73% (implying that it keeps only 27% of its profits), meaning that it pays out most of its profits to shareholders as dividends, and as a result, the company has seen low earnings growth.

新加坡電信的三年派息率中位數爲73%(這意味着它僅保留了27%的利潤),這意味着它將大部分利潤作爲股息支付給股東,因此,該公司的收益增長緩慢。

In addition, Singapore Telecommunications has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 81% of its profits over the next three years. As a result, Singapore Telecommunications' ROE is not expected to change by much either, which we inferred from the analyst estimate of 9.6% for future ROE.

此外,新加坡電信至少十年來一直在支付股息,這表明即使以業務增長爲代價,維持股息支付對管理層來說也更爲重要。在研究了分析師的最新共識數據後,我們發現該公司預計將在未來三年內繼續支付約81%的利潤。因此,新加坡電信的投資回報率預計也不會有太大變化,我們從分析師對未來投資回報率爲9.6%的估計中推斷了這一點。

Conclusion

結論

Overall, we feel that Singapore Telecommunications certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE. Bear in mind, the company reinvests a small portion of its profits, which means that investors aren't reaping the benefits of the high rate of return. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. 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.

總體而言,我們認爲新加坡電信確實有一些積極因素需要考慮。但是,儘管投資回報率很高,但我們對收益仍缺乏增長感到失望。請記住,該公司將一小部分利潤進行再投資,這意味着投資者沒有從高回報率中受益。既然如此,根據最新的行業分析師預測,該公司的收益預計將在未來萎縮。要了解有關公司未來收益增長預測的更多信息,請查看這份關於分析師預測的免費報告,以了解更多信息。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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