Is Yue Yuen Industrial (Holdings) Limited's (HKG:551) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Yue Yuen Industrial (Holdings) Limited's (HKG:551) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Yue Yuen Industrial (Holdings)'s (HKG:551) stock is up by a considerable 31% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. Specifically, we decided to study Yue Yuen Industrial (Holdings)'s ROE in this article.
裕元工業(控股)(HKG:551)的股票在過去三個月中上漲了相當可觀的31%。鑑於市場在長期內獎勵強勁的財務狀況,我們想知道這是否在本例中也是如此。具體來說,我們決定在本文中研究裕元工業(控股)的ROE。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
股東應該考慮的一個重要因素是淨資產收益率(ROE),因爲它可以告訴他們,他們的資本是如何有效地再投資的。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?
如何計算股東權益回報率?
The formula for return on equity is:
股東權益回報率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for Yue Yuen Industrial (Holdings) is:
因此,根據上述公式,裕元工業(控股)的ROE爲:
11% = US$503m ÷ US$4.7b (Based on the trailing twelve months to September 2024).
11% = US$50300萬 ÷ US$47億(根據截至2024年9月的過去十二個月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.11 in profit.
「回報」是過去十二個月的利潤。理解這一點的一個方法是,每擁有1港元的股東資本,公司就賺取了0.11港元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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 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.
到目前爲止,我們已經了解到ROE是公司盈利能力的一種衡量標準。根據公司選擇重新投資或「留存」的利潤比例,我們能夠評估公司未來產生利潤的能力。其他條件不變的情況下,ROE和盈利留存越高,相較於不具備這些特徵的公司,企業的增長率越高。
Yue Yuen Industrial (Holdings)'s Earnings Growth And 11% ROE
粵源工業(控股)公司的盈利增長與11%的ROE
To begin with, Yue Yuen Industrial (Holdings) seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 11%. Consequently, this likely laid the ground for the impressive net income growth of 23% seen over the past five years by Yue Yuen Industrial (Holdings). We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先,粵源工業(控股)似乎擁有可觀的ROE。與行業相比,我們發現行業的平均ROE也大約是11%。因此,這很可能爲粵源工業(控股)在過去五年中實現23%的凈利潤增長奠定了基礎。我們認爲這裏可能還有其他因素在起作用。例如,公司的管理層可能做出了一些良好的戰略決策,或者公司可能有較低的派息比率。
Next, on comparing with the industry net income growth, we found that Yue Yuen Industrial (Holdings)'s growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.
接下來,與行業的凈利潤增長進行比較時,我們發現粵源工業(控股)的增長在同一時期內相對於行業平均增長15%而言相當高,這值得欣慰。
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. 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 Yue Yuen Industrial (Holdings) is trading on a high P/E or a low P/E, relative to its industry.
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,無論哪種情況,是否已經被市場價格所反映。這樣做將幫助他們判斷這隻股票的未來是看起來充滿希望還是不祥。一個好的盈利增長預期指標是市盈率(P/E比率),它確定了市場願意根據股票的盈利前景支付的價格。因此,您可能想要檢查裕元工業(控股)相對於其行業是高市盈率還是低市盈率。
Is Yue Yuen Industrial (Holdings) Using Its Retained Earnings Effectively?
裕元工業(控股)是否有效使用其留存收益?
The high three-year median payout ratio of 68% (implying that it keeps only 32% of profits) for Yue Yuen Industrial (Holdings) suggests that the company's growth wasn't really hampered despite it returning most of the earnings to its shareholders.
裕元工業(控股)高達68%的三年中位數派息比率(意味着它只保留32%的利潤)表明,儘管將大部分盈利返還給股東,但公司的增長並沒有受到嚴重影響。
Moreover, Yue Yuen Industrial (Holdings) is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 59%. As a result, Yue Yuen Industrial (Holdings)'s ROE is not expected to change by much either, which we inferred from the analyst estimate of 10% for future ROE.
此外,裕元工業(控股)決心繼續與股東分享利潤,這一點可以從其至少十年的派息歷史中推斷出來。根據最新的分析師估計,我們發現公司未來三年的派息比率預計將保持在59%。因此,裕元工業(控股)的ROE也預計不會有太大變化,我們從分析師對未來ROE的10%的估計中得出這一結論。
Summary
總結
Overall, we are quite pleased with Yue Yuen Industrial (Holdings)'s performance. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. 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 latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體來看,我們對裕元工業(控股)的表現非常滿意。尤其是高ROE,推動了盈利的顯著增長。儘管公司僅將小部分利潤進行再投資,但仍成功地實現了盈利的增長,這是值得讚賞的。 不過,最新的分析師預測顯示,預計公司未來的盈利增長將放緩。 要了解更多關於該公司的最新分析師預測,請查看該公司的分析師預測可視化圖。
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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.
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這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
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