Could The Market Be Wrong About CGN Mining Company Limited (HKG:1164) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About CGN Mining Company Limited (HKG:1164) Given Its Attractive Financial Prospects?
With its stock down 18% over the past month, it is easy to disregard CGN Mining (HKG:1164). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. In this article, we decided to focus on CGN Mining's ROE.
隨着過去一個月股票下跌18%,易忽視中廣核礦業(HKG:1164)的價值。然而,深入觀察其良好的財務狀況可能會讓您重新考慮。考慮到基本面通常推動長期市場結果,公司值得關注。本文決定重點關注中廣核礦業的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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
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 CGN Mining is:
因此,根據上述公式,中廣核礦業的roe爲:
13% = HK$497m ÷ HK$3.9b (Based on the trailing twelve months to December 2023).
13% = HK $ 49700萬 ÷ HK $ 39億(基於截至2023年12月的過去十二個月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.13 in profit.
“回報”是過去十二個月的利潤。另一種思考方式是,對於每1港元的股權,公司能夠賺取0.13港元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準,用於評估公司未來的盈利能力,我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少,這使我們對公司的增長潛力有了一個了解。一般而言,在其他條件相等的情況下,ROE和利潤留存高的公司,增長率比沒有這些屬性的公司要高。
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. 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.
我們已經確定ROE是一種有效的利潤生成標準,用於評估公司未來的盈利能力。我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少,這使我們對公司的增長潛力有了一個了解。一般而言,在其他條件相等的情況下,ROE和利潤留存高的公司,增長率比沒有這些屬性的公司要高。
A Side By Side comparison of CGN Mining's Earnings Growth And 13% ROE
中廣核礦業盈利增長和13%的roe的並排比較
To start with, CGN Mining's ROE looks acceptable. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. This probably laid the ground for CGN Mining's significant 30% net income growth seen over the past five years. We believe that there might also 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.
首先,中廣核礦業的roe看起來是可以接受的。與行業平均roe 11%相比,公司的roe看起來非常顯着。這可能爲中廣核礦業過去五年中顯着的30%淨利潤增長奠定了基礎。我們認爲,可能還有其他積極影響公司盈利增長的因素。例如,公司的支付比率較低或者正在有效管理公司。
We then performed a comparison between CGN Mining's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 27% in the same 5-year period.
然後我們比較了中廣核礦業的淨利潤增長和行業,發現該公司的增長與同一5年期的行業平均增長率27%相似。
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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. This then helps them determine if the stock is placed for a bright or bleak future. 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 CGN Mining is trading on a high P/E or a low P/E, relative to its industry.
給公司附加價值的基礎,在很大程度上與其盈利增長聯繫在一起。投資者應嘗試確定預期的盈利增長或下降是否已定價。這有助於他們判斷股票是否能夠迎來光明或黯淡的未來。預期盈利增長的一項良好指標是市盈率,它根據其盈利前景確定市場願意支付的股票價格。因此,您可能需要檢查中廣核礦業股票的市盈率是高還是低,相對於行業而言。
Is CGN Mining Using Its Retained Earnings Effectively?
中廣核礦業是否有效利用了保留收益?
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a regular dividend. This is likely what's driving the high earnings growth number discussed above.
雖然該公司過去支付了一部分股息,但目前並沒有支付常規股息。這可能是上述高盈利增長數字的原因。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
In total, we are pretty happy with CGN Mining's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說,我們對中廣核礦業的表現感到滿意。特別是,我們喜歡公司以高回報率重新投資其大量利潤,這當然導致公司的盈利實現了實質性增長。儘管如此,最新分析師預測的研究顯示,公司未來的盈利增長有望放緩。要了解更多關於公司未來盈利增長預測的信息,請查看分析師對該公司的預測的免費報告。
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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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) 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
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。