China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
China Tourism Group Duty Free Corporation Limited's (SHSE:601888) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at China Tourism Group Duty Free's (SHSE:601888) recent performance, when its stock has declined 13% over the past three months. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to China Tourism Group Duty Free's ROE today.
在看了过去三个月中国旅游集团免税店(SHSE:601888)的股价下跌13%后,很难感到兴奋。然而,股票价格通常是由公司长期的财务表现推动的,在这种情况下,公司前景非常有希望。尤其是我们今天将会关注的是中国旅游集团免税店的roe。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具,用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说,它揭示了公司将股东的投资变成利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算:
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 China Tourism Group Duty Free is:
所以,根据上述公式,中国旅游集团免税店的roe为:
11% = CN¥6.7b ÷ CN¥62b (Based on the trailing twelve months to June 2024).
11% = CN¥67亿 ÷ CN¥620亿(基于截至2024年6月的过去十二个月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.11 in profit.
“回报”是企业去年赚取的收入。 这意味着对于每1元股东权益,公司创造了0.11元的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止,我们已经知道ROE评估了公司利润生成效率。现在我们需要评估公司回报率或“保留”了多少利润以供未来增长,从而可以了解公司的增长潜力。总的来说,其他条件相同的情况下,具有高ROE和利润保留的公司比没有这些属性的公司有更高的增长率。
China Tourism Group Duty Free's Earnings Growth And 11% ROE
中国旅游集团免税店的收益增长和11%的roe
At first glance, China Tourism Group Duty Free seems to have a decent ROE. On comparing with the average industry ROE of 4.6% the company's ROE looks pretty remarkable. Probably as a result of this, China Tourism Group Duty Free was able to see a decent growth of 6.3% over the last five years.
乍一看,中国旅游集团免税店似乎拥有相当不错的roe。与行业平均roe 4.6% 相比,公司的roe看起来相当出色。可能正是因为这样,中国旅游集团免税店在过去五年中能够看到6.3%的不错增长。
When you consider the fact that the industry earnings have shrunk at a rate of 1.9% in the same 5-year period, the company's net income growth is pretty remarkable.
当你考虑到行业收益在同一5年期间以1.9%的速度萎缩,公司的净收入增长是相当显著的。
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Earnings growth is a huge factor in stock valuation. 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. Is 601888 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是股票估值的一个巨大因素。投资者应该确定预期的盈利增长或下降,无论情况如何,是否已定价。这样做,他们就可以知道股票是走向清澈蓝色水域还是等待着沼泽水域。601888股票定价合理吗?这份公司内在价值的信息图表包含了您需要知道的一切。
Is China Tourism Group Duty Free Making Efficient Use Of Its Profits?
中国旅游集团免税店是否有效利用其利润?
China Tourism Group Duty Free has a healthy combination of a moderate three-year median payout ratio of 33% (or a retention ratio of 67%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
正如我们上面所看到的,中国旅游集团免税店具有适度的三年中位数派息率33%(或留存率67%)和相当可观的盈利增长,这意味着该公司一直在有效利用其利润。
Moreover, China Tourism Group Duty Free is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 46% over the next three years. Regardless, the future ROE for China Tourism Group Duty Free is speculated to rise to 14% despite the anticipated increase in the payout ratio. There could probably be other factors that could be driving the future growth in the ROE.
此外,中国旅游集团免税店致力于继续与股东分享其利润,这可以从其至少十年的支付股息的历史中推断出。从当前的分析师共识数据来看,我们可以看到该公司未来的派息率预计将在未来三年内上升到46%。不管怎样,尽管预期派息率将增加,但中国旅游集团免税店未来的roe预计将上升到14%。可能还有其他因素正在推动roe的未来增长。
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。
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. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
总的来说,我们认为中国旅游集团免税店的表现相当不错。尤其是,我们喜欢该公司大力对其业务进行再投资,并获得高额回报。不出所料,这导致了令人印象深刻的盈利增长。话虽如此,通过观察当前的分析师预测,我们发现该公司的盈利预计将会加速增长。这些分析师的预期基于行业的广泛预期,还是基于公司的基本面呢? 点击此处,了解我们的分析师预测页面。
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