Singapore Telecommunications Limited (SGX:Z74) Stock's On A Decline: Are Poor Fundamentals The Cause?
Singapore Telecommunications Limited (SGX:Z74) Stock's On A Decline: Are Poor Fundamentals The Cause?
With its stock down 4.2% over the past month, it is easy to disregard Singapore Telecommunications (SGX:Z74). Given that stock prices are usually driven by a company's fundamentals over the long term, which in this case look pretty weak, we decided to study the company's key financial indicators. Specifically, we decided to study Singapore Telecommunications' ROE in this article.
新加坡電信(SGX：Z74)的股價在過去一個月裏下跌了4.2%，人們很容易忽視它。鑑於股價通常是由一家公司的基本面長期驅動的，在這種情況下，基本面看起來相當疲軟，我們決定研究該公司的關鍵財務指標。具體地説，我們決定在本文中研究新加坡電信的淨資產收益率。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話説，這是一個衡量公司股東提供的資本回報率的盈利比率。
See our latest analysis for Singapore Telecommunications
查看我們對新加坡電信的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Singapore Telecommunications is:
因此，根據上述公式，新加坡電信的淨資產收益率為：
7.9% = S$2.2b ÷ S$28b (Based on the trailing twelve months to September 2022).
7.9%=22億新元？280億新元(基於截至2022年9月的12個月)。
The 'return' is the profit over the last twelve months. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.08 in profit.
“收益”是過去12個月的利潤。這意味着，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。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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。根據公司將這些利潤再投資或“保留”多少，以及這樣做的效率如何，我們就能夠評估一家公司的收益增長潛力。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
Singapore Telecommunications' Earnings Growth And 7.9% ROE
新加坡電信的盈利增長和7.9%的淨資產收益率
On the face of it, Singapore Telecommunications' ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 12% either. Therefore, it might not be wrong to say that the five year net income decline of 34% seen by Singapore Telecommunications was probably the result of it having a 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.
從表面上看，新加坡電信的淨資產收益率(ROE)沒有太多可談的。一項快速的進一步研究顯示，該公司的淨資產收益率(ROE)也不及12%的行業平均水平。因此，新加坡電信五年來淨收益下降34%可能是由於其淨資產收益率較低所致，這可能是沒有錯的。我們認為，可能還有其他方面對公司的收益前景產生負面影響。例如，該公司的派息率非常高，或者面臨競爭壓力。
So, as a next step, we compared Singapore Telecommunications' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 14% in the same period.
因此，作為下一步，我們將新加坡電信的表現與行業進行了比較，並失望地發現，儘管該公司的收益一直在縮水，但同期該行業的收益一直以14%的速度增長。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Z74 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是評估一隻股票時需要考慮的一個重要指標。對於投資者來説，重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。Z74的價值公平嗎？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Singapore Telecommunications Efficiently Re-investing Its Profits?
新加坡電信是否有效地對其利潤進行了再投資？
Singapore Telecommunications' very high three-year median payout ratio of 148% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits.
新加坡電信過去三年的派息率中值非常高，為148%，這表明該公司向股東支付的股息高於其盈利，這解釋了該公司收益縮水的原因。通常很難維持高於公佈利潤的股息支付。
Moreover, Singapore Telecommunications has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 78% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 9.6%, over the same period.
此外，新加坡電信至少在十年或更長時間內一直在支付股息，這表明管理層肯定已經意識到，股東更喜歡股息而不是收益增長。在研究了最新的分析師共識數據後，我們發現，該公司未來三年的派息率預計將降至78%。因此，派息率的預期下降解釋了公司同期淨資產收益率預期上升至9.6%的原因。
Conclusion
結論
On the whole, Singapore Telecommunications' performance is quite a big let-down. Particularly, its ROE is a huge disappointment, not to mention its lack of proper reinvestment into the business. As a result its earnings growth has also been quite disappointing. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
總體而言，新加坡電信的表現相當令人失望。特別是，它的淨資產收益率令人大失所望，更不用説它缺乏對業務的適當再投資了。因此，它的收益增長也相當令人失望。既然如此，最新的行業分析師預測顯示，分析師們預計該公司的收益增長率將大幅提高。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。
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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。