Jiangsu Xukuang Energy Co., Ltd.'s (SHSE:600925) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Jiangsu Xukuang Energy Co., Ltd.'s (SHSE:600925) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 11% over the past month, it is easy to disregard Jiangsu Xukuang Energy (SHSE:600925). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Particularly, we will be paying attention to Jiangsu Xukuang Energy's ROE today.
江蘇旭礦能源(SHSE:600925)最近一個月股價下跌11%,可以輕易忽略該公司。但是,如果你仔細觀察,你可能會發現它的關鍵財務指標看起來相當不錯,這可能意味着股票在長期內有可能上漲,市場通常會獎勵更有彈性的長期基本面。尤其是我們今天將關注江蘇旭礦能源的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或股東權益報酬率是一種有用的工具,用於評估一家公司能否有效地利用來自股東的投資產生回報。換句話說,它揭示了公司將股東的投資變成利潤的成功程度。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Jiangsu Xukuang Energy is:
因此,根據上述公式,江蘇旭礦能源的roe爲:
12% = CN¥2.2b ÷ CN¥18b (Based on the trailing twelve months to March 2024).
12% = CN¥22億 ÷ CN¥180億(基於截至2024年3月的過去十二個月)。
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.12.
“收益”是年利潤。這意味着,對於每一元股東投資,該公司可以產生0.12元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
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roe是衡量公司盈利能力的指標。我們現在需要評估公司重新投資或“保留”的利潤量,從而給我們提供有關公司增長潛力的想法。其他條件相同的情況下,roe和利潤保留率均較高的公司通常是增長率比沒有這些特徵的公司高的公司。
Jiangsu Xukuang Energy's Earnings Growth And 12% ROE
江蘇旭礦能源的盈利增長和12%roe
To start with, Jiangsu Xukuang Energy's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 9.8%. Despite this, Jiangsu Xukuang Energy's five year net income growth was quite low averaging at only 4.8%. This is interesting as the high returns should mean that the company has the ability to generate high growth but for some reason, it hasn't been able to do so. We reckon that a low growth, when returns are quite high could be the result of certain circumstances like low earnings retention or poor allocation of capital.
首先,江蘇旭礦能源的roe看起來可以接受。此外,該公司的roe與行業平均水平相比較有利,行業平均水平爲9.8%。儘管如此,江蘇旭礦能源的五年淨利潤增長相當低,平均只有4.8%。這很有趣,因爲高回報應該意味着公司具有高增長能力,但由於某種原因,它未能做到這一點。我們認爲,在回報非常高的情況下,低增長可能是某些情況(如低收益保留或資本配置不佳)的結果。
We then compared Jiangsu Xukuang Energy'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.
然後,我們將江蘇旭礦能源的淨利潤增長與行業進行比較,並發現該公司的增長數字低於同一5年期間的21%的平均行業增長率,這有點令人擔憂。
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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. Has the market priced in the future outlook for 600925? You can find out in our latest intrinsic value infographic research report
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的盈利增長或下降,是否已經定價。通過這樣做,他們將了解股票是否進入晴朗的藍水區域,還是等待泥濘的水域。市場是否已經爲600925未來的前景定價?您可以在我們的最新內在價值信息圖研究報告中找到答案。
Is Jiangsu Xukuang Energy Using Its Retained Earnings Effectively?
江蘇旭礦能源是否有效利用其留存收益?
With a high three-year median payout ratio of 60% (or a retention ratio of 40%), most of Jiangsu Xukuang Energy's profits are being paid to shareholders. This definitely contributes to the low earnings growth seen by the company.
由於高達60%的三年中位數派息率(或40%的留存比率),江蘇旭礦能源的大部分利潤都被支付給股東。這絕對有助於公司看到低利潤增長。
Additionally, Jiangsu Xukuang Energy started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.
此外,江蘇旭礦能源最近才開始支付股息。因此,管理層似乎認爲股東更喜歡分紅而不是盈利增長。
Conclusion
結論
Overall, we feel that Jiangsu Xukuang Energy 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. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. To know the 1 risk we have identified for Jiangsu Xukuang Energy visit our risks dashboard for free.
總的來說,我們認爲江蘇旭礦能源確實有一些積極因素可以考慮。儘管如此,我們對盈利增長缺乏增長感到失望,即使roe很高。請記住,該公司只再投資了一小部分利潤,這意味着投資者無法獲得高回報率的好處。雖然我們不會完全放棄公司,但我們需要確定業務的風險程度,以做出更明智的決策。要了解我們爲江蘇旭礦能源確定的1個風險,請免費訪問我們的風險儀表板。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。