Singtel could be struggling to allocate capital
Singtel could be struggling to allocate capital
What underlying fundamental trends can indicate that a company might be in decline?
哪些潜在的基本面趋势可以表明一家公司可能正在衰落？
Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed.
衰退中的企业通常有两个潜在趋势，第一，衰退返回论资本充足率(ROCE)与衰退基座已动用资本的比例。
Basically, the company is earning less on its investments and it is also reducing its total assets. So after we looked into $Singtel(Z74.SG)$, the trends above didn't look too great.
基本上，该公司的投资收益减少了，总资产也在减少。所以在我们调查了$Singtel(Z74.SG)$，上述趋势看起来并不太好。
What is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.
如果您不确定，只需澄清一下，ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。
To calculate this metric for Singapore Telecommunications, this is the formula:
要计算新加坡电信的此指标，请使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.028 = S$1.1b ÷ (S$48b - S$7.9b) (Based on the trailing twelve months to December 2021).
0.028新元=11亿新元(480亿新元-79亿新元)(根据截至2021年12月的往绩12个月计算).
Thus, Singapore Telecommunications has a ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Telecom industry average of 10%.
因此，新加坡电信的净资产收益率为2.8%。归根结底，这是一个很低的回报率，而且低于电信行业10%的平均水平。
How Are Returns Trending?
回报趋势如何？
There is reason to be cautious about Singapore Telecommunications, given the returns are trending downwards. About five years ago, returns on capital were 7.9%, however, they're now substantially lower than that as we saw above.
鉴于新加坡电信的回报率呈下降趋势，我们有理由对其持谨慎态度。大约五年前，资本回报率为7.9%，但现在大大低于我们上面看到的水平。
Meanwhile, capital employed in the business has stayed roughly flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins.
与此同时，在这段时间里，该业务使用的资本大致持平。这一组合可能表明，一家成熟的企业仍有需要配置资本的领域，但由于潜在的新竞争或利润率较低，获得的回报并不那么高。
So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Singapore Telecommunications becoming one if things continue as they have.
因此，由于这些趋势通常不利于创建一个多个袋子，如果事情继续下去，我们不会屏息于新加坡电信成为一个袋子。
In Conclusion...
总之..。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock.
归根结底，同样数额的资本回报率下降的趋势，通常并不意味着我们看到的是一只成长型股票。
Long-term shareholders who've owned the stock over the last five years have experienced a 13% depreciation in their investment, so it appears the market might not like these trends either.
过去五年持有该股的长期股东的投资贬值了13%，因此市场似乎也不喜欢这些趋势。
That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
在这种情况下，除非潜在趋势恢复到更积极的轨道，否则我们会考虑将目光投向其他地方。
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.
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。