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Is East Group Co.,Ltd's (SZSE:300376) Recent Price Movement Underpinned By Its Weak Fundamentals?

Is East Group Co.,Ltd's (SZSE:300376) Recent Price Movement Underpinned By Its Weak Fundamentals?

東方團隊股份有限公司(SZSE:300376)最近的股價走勢是否基於其薄弱的基本面?
Simply Wall St ·  09/29 21:56

With its stock down 31% over the past three months, it is easy to disregard East GroupLtd (SZSE:300376). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. Specifically, we decided to study East GroupLtd's ROE in this article.

東方集團(SZSE:300376)股票在過去三個月下跌了31%,容易被忽視。然而,我們決定研究該公司的財務狀況,以判斷它們與股價下跌是否有關。長期基本面通常是驅動市場結果的因素,因此值得密切關注。具體來說,我們決定在本文中研究東方集團的roe。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.

ROE,即淨資產收益率,測試一家公司有效增加價值和管理股東資金的能力。換句話說,它揭示了公司將股東投資轉化爲利潤的成功程度。

How To Calculate Return On Equity?

如何計算股東權益報酬率?

The formula for return on equity is:

權益回報率的計算公式是:

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 East GroupLtd is:

因此,根據上述公式,東方集團的roe爲:

4.3% = CN¥320m ÷ CN¥7.5b (Based on the trailing twelve months to June 2024).

4.3% = 3.2億元人民幣 ÷ 75億人民幣(截至2024年6月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.04 in profit.

「回報率」是稅後在過去12個月內賺取的金額。這意味着對於每CN¥1的股東權益價值,公司產生了CN¥0.04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。

East GroupLtd's Earnings Growth And 4.3% ROE

東方聯合集團有限公司的盈利增長和4.3%的roe

It is hard to argue that East GroupLtd's ROE is much good in and of itself. Not just that, even compared to the industry average of 6.9%, the company's ROE is entirely unremarkable. Thus, the low net income growth of 3.4% seen by East GroupLtd over the past five years could probably be the result of it having a lower ROE.

很難說東方聯合集團的roe本身有多好。 不僅如此,即使與行業平均水平6.9%相比,公司的roe也是相當普通的。 因此,東方聯合集團過去五年淨利潤增長3.4%,可能是其roe較低的結果。

As a next step, we compared East GroupLtd's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 12% in the same period.

作爲下一步,我們將東方聯合集團的淨利潤增長與行業進行比較,令人失望的是,該公司的增長低於同期行業平均增長12%。

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SZSE:300376 Past Earnings Growth September 30th 2024
深交所:300376過去盈利增長2024年9月30日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. 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 East GroupLtd is trading on a high P/E or a low P/E, relative to its industry.

企業價值的評估基礎在很大程度上取決於其盈利增長。投資者了解市場是否已經反映了公司預期的盈利增長(或下降)非常重要。這樣做將有助於他們判斷股票的未來是看漲還是看跌。預期盈利增長的一個良好指標是市盈率,根據盈利前景確定市場願意爲一支股票支付的價格。因此,您可能希望查看東集團是否在相對於其行業的高市盈率還是低市盈率交易。

Is East GroupLtd Efficiently Re-investing Its Profits?

東集團是否有效地重新投資其利潤?

A low three-year median payout ratio of 15% (implying that the company retains the remaining 85% of its income) suggests that East GroupLtd is retaining most of its profits. This should be reflected in its earnings growth number, but that's not the case. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

低三年中位數支付比率爲15%(暗示公司留下其收入的其餘85%),表明東集團大多數利潤都被保留下來。這應該體現在其盈利增長數字中,但事實並非如此。因此,在這裏可能有其他因素起作用,可能會妨礙增長。例如,該業務遇到一些逆風。

In addition, East GroupLtd has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 18% over the next three years. Regardless, the future ROE for East GroupLtd is speculated to rise to 10% despite the anticipated increase in the payout ratio. There could probably be other factors that could be driving the future growth in the ROE.

此外,東集團至少十年來一直在支付股息,這表明保持股息支付對管理層非常重要,即使以犧牲業務增長爲代價。查看當前的分析師共識數據,我們可以看到公司未來的支付比率預計將在未來三年內上升至18%。儘管支付比率預計增加,但東集團的未來ROE預計將提高到10%。可能存在其他因素驅動ROE未來增長。

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're a bit ambivalent about East GroupLtd's performance. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. 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.

總的來說,我們對東方集團有些矛盾的看法。儘管公司有很高的再投資率,但低ROE意味着所有的再投資並未給投資者帶來任何收益,而且對盈利增長產生了負面影響。話雖如此,根據目前的分析師預測,我們發現公司的收益有望獲得增長。要了解更多關於該公司最新分析師預測的信息,請查看該公司的分析師預測可視化。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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