ASMPT Limited (HKG:522) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
ASMPT Limited (HKG:522) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Most readers would already be aware that ASMPT's (HKG:522) stock increased significantly by 9.9% over the past month. However, we wonder if the company's inconsistent financials would have any adverse impact on the current share price momentum. Specifically, we decided to study ASMPT's ROE in this article.
大多数读者可能已经知道,asmpt(HKG:522)的股价在过去一个月内显著上涨了9.9%。然而,我们想知道公司不稳定的财务状况是否会对当前股价势头产生任何不利影响。具体来说,我们决定在本文中研究 asmpt 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 Do You Calculate Return On Equity?
怎样计算ROE?
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算:
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 ASMPT is:
所以,根据上述公式,asmpt 的roe 是:
2.6% = HK$403m ÷ HK$16b (Based on the trailing twelve months to June 2024).
2.6% = 港币40300万 ÷ 港币160亿(基于2024年6月底的过去十二个月)。
The 'return' is the income the business earned over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.03 in profit.
'回报'是业务在过去一年中赚取的收入。这意味着每港币1的股东权益,公司创造了0.03港币的利润。
Why Is ROE Important For Earnings Growth?
ROE为什么对净利润增长很重要?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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,我们已经了解到ROE衡量了公司有效地利用其利润的能力。根据公司再投资或“保留”的利润量以及公司再投资利润的效果,我们就能评估公司的盈利增长潜力。一般来说,其他条件相同,ROE高和盈利保留公司的成长率比没有这些属性的公司更高。
ASMPT's Earnings Growth And 2.6% ROE
ASMPT的收益增长和2.6%的roe
As you can see, ASMPT's ROE looks pretty weak. Even compared to the average industry ROE of 7.5%, the company's ROE is quite dismal. Although, we can see that ASMPT saw a modest net income growth of 8.9% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
正如您所见,ASMPT的roe看起来相当疲软。即使与行业平均roe 7.5%相比,该公司的roe也相当低迷。尽管如此,我们可以看到ASMPt过去五年的净利润增幅为8.9%。我们相信可能有其他方面对公司的盈利增长起到了积极影响。例如,公司的派息比率较低或者在高效管理。
We then compared ASMPT's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 21% in the same 5-year period, which is a bit concerning.
我们随后将ASMPT的净利润增长与行业进行了比较,发现公司的增长率低于同一5年期间行业的平均增长率21%,这有些令人担忧。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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 ASMPT is trading on a high P/E or a low P/E, relative to its industry.
把价值附加到一家公司的依据在很大程度上与其盈利增长相关。投资者应该试图确定预期的盈利增长或下降是否已经得到定价。这样一来,他们就能知道股价是走向清澈明朗的水域,还是等待着泥泞的沼泽地。预期盈利增长的一个很好的指标是市盈率,它确定市场愿意根据其盈利前景支付多少钱购买一只股票。因此,您可能想要检查ASMPT的市盈率是高还是低,相对于其所在的行业板块。
Is ASMPT Using Its Retained Earnings Effectively?
ASMPt有效利用留存收益吗?
ASMPT has a significant three-year median payout ratio of 54%, meaning that it is left with only 46% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
ASMPT具有显著的三年中位数分红比率,为54%,这意味着公司只剩下46%用于再投资到其业务中。这意味着尽管将大部分利润返还给股东,公司仍然能够实现可观的盈利增长。
Besides, ASMPT has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its 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 52%. However, ASMPT's ROE is predicted to rise to 14% despite there being no anticipated change in its payout ratio.
此外,ASMPT至少已经连续十年以上支付股息。这表明公司致力于与股东分享利润。根据最新的分析师估计,我们发现该公司未来三年的股息支付比率预计将稳定在52%。然而,尽管分红比率预计不会发生变化,ASMPT的ROE预计会提高到14%。
Conclusion
结论
In total, we're a bit ambivalent about ASMPT's performance. While the company has posted a decent earnings growth, We do feel that the earnings growth number could have been even higher, had the company been reinvesting more of its earnings at a higher rate of return. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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asmpt的表现有些矛盾。尽管公司公布了不错的收益增长,但我们觉得如果公司能以更高的回报率重新投资其收益,收益增长率可能会更高。话虽如此,根据目前的分析师预测,我们发现公司的收益预计将会增长。要了解更多关于该公司的最新分析师预测,请查看该公司的分析师预测可视化。
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