Returns On Capital Signal Tricky Times Ahead For Shanghai Chlor-Alkali Chemical (SHSE:600618)
Returns On Capital Signal Tricky Times Ahead For Shanghai Chlor-Alkali Chemical (SHSE:600618)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Shanghai Chlor-Alkali Chemical (SHSE:600618) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找到一个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加,同时也在增长金额已动用资本的比例。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。话虽如此,从第一眼看上海氯碱化工(上海证券交易所:600618)我们不会因为回报率的趋势而从椅子上跳起来,但让我们更深入地看看。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Shanghai Chlor-Alkali Chemical:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。分析师用这个公式计算上海氯碱化工的价格:
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)
0.069 = CN¥667m ÷ (CN¥12b - CN¥2.3b) (Based on the trailing twelve months to June 2023).
0.069=CN元6.67亿?(CN元120B-CN元23亿)(根据截至2023年6月的往绩12个月计算)。
So, Shanghai Chlor-Alkali Chemical has an ROCE of 6.9%. In absolute terms, that's a low return but it's around the Chemicals industry average of 5.9%.
所以,上海氯碱化工的净资产收益率为6.9%。按绝对值计算,这是一个较低的回报率,但约为化工行业5.9%的平均水平。
View our latest analysis for Shanghai Chlor-Alkali Chemical
查看我们对上海氯碱化工的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230920/0-1901529dc1c9436ce4eafc7367391a06-0-3b4fe58534b83de1afc36bc42ed8668f.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shanghai Chlor-Alkali Chemical's ROCE against it's prior returns. If you're interested in investigating Shanghai Chlor-Alkali Chemical's past further, check out this free graph of past earnings, revenue and cash flow.
当研究一只股票时,历史表现是一个很好的起点,因为在历史表现之上,你可以看到上海氯碱化工的ROCE相对于它之前的回报的指标。如果您有兴趣进一步调查上海氯碱化工公司的过去,请查看以下内容免费过去收益、收入和现金流的图表。
What Can We Tell From Shanghai Chlor-Alkali Chemical's ROCE Trend?
从上海氯碱化工的ROCE趋势可以看出什么?
In terms of Shanghai Chlor-Alkali Chemical's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 26% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就上海氯碱化工历史上的ROCE运动而言,这一趋势并不美妙。更具体地说,ROCE在过去五年中从26%下降。考虑到该公司在收入下滑的情况下雇佣了更多的资本,这有点令人担忧。如果这种情况持续下去,你可能会看到这样一家公司,它正试图通过再投资实现增长,但由于销售额没有增长,实际上正在失去市场份额。
On a related note, Shanghai Chlor-Alkali Chemical has decreased its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外,上海氯碱化工已将流动负债降至总资产的19%。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
In Conclusion...
总之..。
We're a bit apprehensive about Shanghai Chlor-Alkali Chemical because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 49% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我们对上海氯碱化工有点担心,因为尽管该业务投入了更多资本,但资本回报率和销售额都有所下降。然而,尽管存在这些基本面问题,该股在过去五年中表现强劲,回报率为49%,因此投资者似乎非常乐观。无论如何,我们对基本面感到不太舒服,所以我们现在会避开这只股票。
If you'd like to know about the risks facing Shanghai Chlor-Alkali Chemical, we've discovered 2 warning signs that you should be aware of.
如果您想了解上海氯碱化工面临的风险,我们发现2个警告标志这一点你应该知道。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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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。