Singapore Telecommunications Limited (SGX:Z74) Stock's On A Decline: Are Poor Fundamentals The Cause?
Singapore Telecommunications Limited (SGX:Z74) Stock's On A Decline: Are Poor Fundamentals The Cause?
With its stock down 4.2% over the past month, it is easy to disregard Singapore Telecommunications (SGX:Z74). Given that stock prices are usually driven by a company's fundamentals over the long term, which in this case look pretty weak, we decided to study the company's key financial indicators. Specifically, we decided to study Singapore Telecommunications' ROE in this article.
新加坡电信(SGX：Z74)的股价在过去一个月里下跌了4.2%，人们很容易忽视它。鉴于股价通常是由一家公司的基本面长期驱动的，在这种情况下，基本面看起来相当疲软，我们决定研究该公司的关键财务指标。具体地说，我们决定在本文中研究新加坡电信的净资产收益率。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for Singapore Telecommunications
查看我们对新加坡电信的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Singapore Telecommunications is:
因此，根据上述公式，新加坡电信的净资产收益率为：
7.9% = S$2.2b ÷ S$28b (Based on the trailing twelve months to September 2022).
7.9%=22亿新元？280亿新元(基于截至2022年9月的12个月)。
The 'return' is the profit over the last twelve months. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.08 in profit.
“收益”是过去12个月的利润。这意味着，每相当于1新元的股东权益，公司就会产生0.08新元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
Singapore Telecommunications' Earnings Growth And 7.9% ROE
新加坡电信的盈利增长和7.9%的净资产收益率
On the face of it, Singapore Telecommunications' ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 12% either. Therefore, it might not be wrong to say that the five year net income decline of 34% seen by Singapore Telecommunications was probably the result of it having a lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
从表面上看，新加坡电信的净资产收益率(ROE)没有太多可谈的。一项快速的进一步研究显示，该公司的净资产收益率(ROE)也不及12%的行业平均水平。因此，新加坡电信五年来净收益下降34%可能是由于其净资产收益率较低所致，这可能是没有错的。我们认为，可能还有其他方面对公司的收益前景产生负面影响。例如，该公司的派息率非常高，或者面临竞争压力。
So, as a next step, we compared Singapore Telecommunications' 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 14% in the same period.
因此，作为下一步，我们将新加坡电信的表现与行业进行了比较，并失望地发现，尽管该公司的收益一直在缩水，但同期该行业的收益一直以14%的速度增长。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Z74 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是评估一只股票时需要考虑的一个重要指标。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。Z74的价值公平吗？这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Singapore Telecommunications Efficiently Re-investing Its Profits?
新加坡电信是否有效地对其利润进行了再投资？
Singapore Telecommunications' very high three-year median payout ratio of 148% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits.
新加坡电信过去三年的派息率中值非常高，为148%，这表明该公司向股东支付的股息高于其盈利，这解释了该公司收益缩水的原因。通常很难维持高于公布利润的股息支付。
Moreover, Singapore Telecommunications has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 78% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 9.6%, over the same period.
此外，新加坡电信至少在十年或更长时间内一直在支付股息，这表明管理层肯定已经意识到，股东更喜欢股息而不是收益增长。在研究了最新的分析师共识数据后，我们发现，该公司未来三年的派息率预计将降至78%。因此，派息率的预期下降解释了公司同期净资产收益率预期上升至9.6%的原因。
Conclusion
结论
On the whole, Singapore Telecommunications' performance is quite a big let-down. Particularly, its ROE is a huge disappointment, not to mention its lack of proper reinvestment into the business. As a result its earnings growth has also been quite disappointing. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言，新加坡电信的表现相当令人失望。特别是，它的净资产收益率令人大失所望，更不用说它缺乏对业务的适当再投资了。因此，它的收益增长也相当令人失望。既然如此，最新的行业分析师预测显示，分析师们预计该公司的收益增长率将大幅提高。这些分析师的预期是基于对该行业的广泛预期，还是基于该公司的基本面？点击此处进入我们分析师对该公司的预测页面。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
译文内容由第三方软件翻译。