Is The Market Rewarding Guangdong Marubi Biotechnology Co., Ltd. (SHSE:603983) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Guangdong Marubi Biotechnology Co., Ltd. (SHSE:603983) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
It is hard to get excited after looking at Guangdong Marubi Biotechnology's (SHSE:603983) recent performance, when its stock has declined 24% over the past three months. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study Guangdong Marubi Biotechnology's ROE in this article.
丸美股份(SHSE:603983)最近表現令人失望,過去三個月股價下跌了24%。市場可能忽略了公司不同的財務狀況,而決定靠近消極情緒。股票價格通常由公司的長期財務表現推動,因此我們決定更加關注公司的財務表現。具體而言,我們決定在本文中研究丸美股份的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率(roe)是一種關鍵指標,用於評估公司管理層如何有效利用公司資本。更簡單地說,它衡量了公司相對股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是:
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 Guangdong Marubi Biotechnology is:
因此,根據上述公式,丸美股份的roe爲8.8%:
8.8% = CN¥309m ÷ CN¥3.5b (Based on the trailing twelve months to March 2024).
8.8%=CN¥30900萬÷CN¥35億(基於截至2024年3月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.09 in profit.
「回報」是稅後收益的金額,在過去的十二個月中獲得。一個概念化這個的方法是對於每個CN ¥1的股東資本,公司獲得了CN ¥0.09的利潤。
What Is The Relationship Between ROE And Earnings Growth?
ROE與盈利增長之間的關係是什麼?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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是衡量公司利潤產生效率的指標。根據公司選擇再投資或「保留」其利潤的比例,我們隨後可以評估公司未來利潤的能力。其他條件都相同的情況下,roe和利潤保留率都較高的公司通常比沒有這些特徵的公司有更高的增長速度。
A Side By Side comparison of Guangdong Marubi Biotechnology's Earnings Growth And 8.8% ROE
廣東丸美生物科技的盈利增長和8.8%ROE的並排比較
On the face of it, Guangdong Marubi Biotechnology's ROE is not much to talk about. However, its ROE is similar to the industry average of 9.8%, so we won't completely dismiss the company. Having said that, Guangdong Marubi Biotechnology's five year net income decline rate was 22%. Bear in mind, the company does have a slightly low ROE. So that's what might be causing earnings growth to shrink.
表面上看,廣東丸美生物科技的roe談不上強勁。但是,其roe與行業平均水平9.8%相似,因此我們不會完全忽視該公司。 需指出的是,廣東丸美生物科技五年的淨利潤下降率爲22%。 請注意,該公司的roe略低。 這可能導致收益增長縮小。
So, as a next step, we compared Guangdong Marubi Biotechnology's 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 9.2% over the last few years.
因此,作爲下一步,我們將廣東丸美生物科技的表現與該行業進行了比較,並發現雖然該公司一直在縮減其收益,但該行業在過去幾年中收益增長率爲9.2%。
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Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is 603983 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是股票估值的重要因素。投資者知道市場是否已經定價了公司的預期盈利增長(或下降)是很重要的。通過這樣做,他們將了解該股票是否前景光明還是前景黯淡。603983是否估值合理?這張公司固有價值的信息圖表中含有您想要了解的一切。
Is Guangdong Marubi Biotechnology Using Its Retained Earnings Effectively?
廣東丸美生物科技有效地利用保留收益嗎?
Despite having a normal three-year median payout ratio of 45% (where it is retaining 55% of its profits), Guangdong Marubi Biotechnology has seen a decline in earnings as we saw above. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
儘管具有正常的三年中位數分紅比率爲45%(其留存55%的利潤),但正如上述所述,廣東丸美生物科技的盈利下降。看起來可能有其他原因可以解釋缺乏這方面的成果。例如,業務可能正在下滑。
In addition, Guangdong Marubi Biotechnology has been paying dividends over a period of four years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 35% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 13%, over the same period.
此外,廣東丸美生物科技已連續四年支付分紅,這表明管理層更喜歡保持股息支付,儘管利潤一直在下降。研究最新的分析師共識數據後,我們發現該公司未來的支付比率預計將在未來三年內下降至35%。因此,預計比率下降說明該公司的roe在同一時期內有望提高至13%。
Conclusion
結論
In total, we're a bit ambivalent about Guangdong Marubi Biotechnology's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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,我們對廣東丸美生物科技的表現有點矛盾。儘管看起來它正在保留大部分利潤,但考慮到roe較低,投資者可能不能完全從所有再投資中獲益。低收益增長率支持了我們的理論。但也需指出,根據目前的分析師預測,我們發現公司的盈利增長率有望大幅提高。要了解有關公司未來盈利增長預測的更多信息,請查看有關該公司分析師預測的免費報告。
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