Are Nanofilm Technologies International Limited's (SGX:MZH) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Nanofilm Technologies International Limited's (SGX:MZH) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
It is hard to get excited after looking at Nanofilm Technologies International's (SGX:MZH) recent performance, when its stock has declined 16% over the past week. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Particularly, we will be paying attention to Nanofilm Technologies International's ROE today.
看着 Nanofilm Technologies International (SGX:MZH) 的最新走势,股票在过去一周下跌了16%,让人不禁感到焦虑。然而,我们决定研究该公司的财务状况,以确定它是否与股价下跌有关。基本面通常会决定市场走势,因此研究公司的财务状况是有意义的。特别是,我们今天将关注 Nanofilm Technologies International 的 ROE。
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.
股本回报率或roe是一项关键指标,用于评估公司管理层使用公司资本的效率。换句话说,它揭示了公司将股东的投资转化为利润的成功。
How Is ROE Calculated?
净资产收益率怎么计算?
The formula for return on equity is:
权益回报率的计算公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润(从持续经营中获得)÷ 股东权益
So, based on the above formula, the ROE for Nanofilm Technologies International is:
因此,根据上述公式,Nanofilm Technologies International 的 ROE 为:
0.6% = S$2.7m ÷ S$424m (Based on the trailing twelve months to December 2023).
0.6% = S$270万 ÷ S$42400万 (根据近12个月的截至2023年12月的数据)。
The 'return' is the yearly profit. One way to conceptualize this is that for each SGD1 of shareholders' capital it has, the company made SGD0.01 in profit.
“回报”是年利润。一个概念是,对于每个股东的资本(SGD1),公司赚取SGD0.01的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我们已经确定,roe可以作为一种有效的衡量公司未来盈利能力的指标。现在我们需要评估公司再投资或“保留”的利润有多少,这就给我们提供了有关公司增长潜力的想法。假设其他一切不变,roe和利润保留率越高,公司的增长率就越高,而不一定具备这些特征的公司相比。
Nanofilm Technologies International's Earnings Growth And 0.6% ROE
Nanofilm Technologies International 的盈利增长和0.6%的 ROE
As you can see, Nanofilm Technologies International's ROE looks pretty weak. Even compared to the average industry ROE of 2.4%, the company's ROE is quite dismal. For this reason, Nanofilm Technologies International's five year net income decline of 10% is not surprising given its lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
正如您所看到的,Nanofilm Technologies International 的 ROE 看起来相当疲软。即使与平均行业ROE 2.4%相比,该公司的 ROE 也相当低迷。因此,鉴于其 ROE 较低,该公司过去五年的净利润下降了10%也就不足为奇了。我们认为,还可能存在其他一些因素,对公司收益前景产生了负面影响。例如,公司的分红派息率非常高,或者面临着竞争压力。
Next, we compared Nanofilm Technologies International's performance against the industry and found that the industry shrunk its earnings at 14% in the same period, which suggests that the company's earnings have been shrinking at a slower rate than its industry, While this is not particularly good, its not particularly bad either.
接下来,我们将 Nanofilm Technologies International 的表现与行业进行比较,发现该行业在同期缩减了14%,这表明公司的收益虽然在下降,但下降速度比同行业还要缓慢一些。虽然这并不特别好,但也不是特别糟糕。
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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. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Nanofilm Technologies International's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
为公司增加价值的基础,在很大程度上是与其盈利增长相关的。投资者需要确定的下一步是,预期的盈利增长,或者缺乏盈利增长,已经反映在股价中了。这将有助于他们确定股票的未来是否看好或不妙。如果您想知道 Nanofilm Technologies International 的估值,可以查看其市盈率与行业的比较。
Is Nanofilm Technologies International Efficiently Re-investing Its Profits?
Nanofilm Technologies International 是否有效地再投资其利润?
Looking at its three-year median payout ratio of 33% (or a retention ratio of 67%) which is pretty normal, Nanofilm Technologies International's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
看着它三年的中位数分红派息率为33%(或再投资率为67%),这相当正常,Nanofilm Technologies International 的盈利下降令人困惑,因为一个公司会保留其利润的一大部分时,人们会期望看到相当数量的增长。所以在这方面可能有一些其他的解释。例如,该公司的业务可能正在恶化。
Moreover, Nanofilm Technologies International has been paying dividends for three years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 18% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 9.0%, over the same period.
此外,Nanofilm Technologies International 已经连续三年支付股息,这是相当长的时间,这表明管理层一定认为股东希望获得稳定的股息,尽管收益在下降。研究最新的分析师共识数据后,我们发现该公司未来三年的分红派息率预计将降至18%。因此,预期的派息率下降解释了同期内公司 ROE 的预期增长率达到了9.0%。
Summary
总的来说,我们对伟明环保的表现非常满意。具体而言,我们喜欢公司以高回报率再投资了其利润的很大一部分。当然,这导致公司的收益大幅增长。但是,最新的行业分析师预测表明,该公司的收益预计将加速增长。
In total, we're a bit ambivalent about Nanofilm Technologies International's performance. 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. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说,我们对 Nanofilm Technologies International 的表现感到有些矛盾。尽管它似乎保留了大部分利润,但由于 ROE 较低,投资者可能并未从所有再投资中受益。低下的盈利增长率证实了我们的理论。话虽如此,我们研究了最新的分析师预测,并发现尽管该公司过去一直在缩减利润,但分析师预计其未来会增长。要了解有关该公司最新分析师预测的更多信息,请查看此可视化分析师预测的可视化图表。
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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.
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。