ComfortDelGro Corporation Limited (SGX:C52) Stock's On A Decline: Are Poor Fundamentals The Cause?
ComfortDelGro Corporation Limited (SGX:C52) Stock's On A Decline: Are Poor Fundamentals The Cause?
With its stock down 4.8% over the past month, it is easy to disregard ComfortDelGro (SGX:C52). 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. In this article, we decided to focus on ComfortDelGro's ROE.
在過去一個月裏,隨着股票下跌4.8%,人們很容易忽視康福德高企業(新加坡交易所:C52)。鑑於股票價格在長期內通常受到公司基本面的驅動,而在這種情況下,基本面看起來相當疲弱,因此我們決定研究公司的關鍵財務指標。在本文中,我們決定重點關注康福德高企業的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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
ROE或股本回報率是一個有用的工具,用於評估公司如何有效地利用其股東投入的資金來產生回報。換句話說,它是一個衡量公司股東所提供資本的回報率的盈利能力比率。
How Is ROE Calculated?
淨資產收益率怎麼計算?
The formula for ROE is:
ROE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 ComfortDelGro is:
因此,根據上述公式,康福德高企業的ROE爲:
7.9% = S$241m ÷ S$3.0b (Based on the trailing twelve months to June 2024).
7.9% = S$24100萬 ÷ S$30億(基於截至2024年6月的過去十二個月)。
The 'return' is the income the business earned over the last year. So, this means that for every SGD1 of its shareholder's investments, the company generates a profit of SGD0.08.
「回報」是企業在過去一年中獲得的收入。這意味着,對於每一新加坡元的股東投資,公司產生了0.08新加坡元的凈利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
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. 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.
我們已經確定,ROE是公司未來收益的一種有效利潤生成指標。現在,我們需要評估公司 reinvests 或 "保留" 多少利潤以實現未來增長,這將給我們一個關於公司增長潛力的概念。在其他條件相同的情況下,擁有更高淨資產收益率和更高利潤保留的公司通常與沒有相同特徵的公司相比,具有更高的增長率。
ComfortDelGro's Earnings Growth And 7.9% ROE
康福德高企業的收益增長和7.9%的ROE
When you first look at it, ComfortDelGro's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 8.8%, so we won't completely dismiss the company. But then again, ComfortDelGro's five year net income shrunk at a rate of 6.0%. Remember, the company's ROE is a bit low to begin with. Hence, this goes some way in explaining the shrinking earnings.
乍一看,康福德高企業的ROE看起來並不太吸引人。然而,它的ROE與8.8%的行業平均水平相似,所以我們不會完全否定這家公司。不過,康福德高企業的五年凈利潤以6.0%的速度下降。請記住,這家公司的ROE本來就稍微偏低。因此,這在一定程度上解釋了收益下降的原因。
So, as a next step, we compared ComfortDelGro'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 20% over the last few years.
因此,作爲下一步,我們將康福德高企業的表現與行業進行了比較,並失望地發現,儘管公司一直在減少收益,但行業在過去幾年中以20%的速度增長了收益。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Has the market priced in the future outlook for C52? You can find out in our latest intrinsic value infographic research report.
盈利增長是評估股票時需要考慮的重要指標。投資者接下來需要判斷的是,預期的盈利增長或缺乏盈利增長是否已經反映在股價中。這將幫助他們判斷股票的未來是光明還是暗淡。市場是否已經考慮了C52的未來前景?您可以在我們最新的內在價值信息圖研究報告中找到答案。
Is ComfortDelGro Using Its Retained Earnings Effectively?
康福德高企業是否有效利用其留存收益?
ComfortDelGro has a high three-year median payout ratio of 73% (that is, it is retaining 27% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run.
康福德高企業的三年中位派息比率高達73%(也就是說,它留存了27%的利潤)。這表明該公司將大部分利潤用於向股東支付分紅。這也部分解釋了其盈利爲何縮減。該業務僅剩少量資本用於再投資——這是一個對公司長期發展沒有益處的惡性循環。
Moreover, ComfortDelGro 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 is expected to keep paying out approximately 80% of its profits over the next three years. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 9.2%.
此外,康福德高企業已支付分紅超過十年,顯示出管理層必須意識到股東更喜歡分紅而不是盈利增長。根據最新分析師的共識數據,我們發現預計該公司在未來三年內將繼續支付大約80%的利潤。因此,該公司的未來ROE也預計不會有太大變化,分析師預測ROE爲9.2%。
Conclusion
結論
On the whole, ComfortDelGro's performance is quite a big let-down. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. 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.
總體而言,康福德高企業的表現令人失望。由於其低ROE和對業務缺乏再投資,公司經歷了令人失望的盈利增長率。儘管如此,從當前分析師的預估來看,我們發現公司的盈利增長率預計將有顯著改善。要了解更多有關公司未來盈利增長預測的信息,請查看這份關於公司分析師預測的免費報告以獲取更多信息。
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對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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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