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Guoco Group's (HKG:53) Returns On Capital Not Reflecting Well On The Business

Guoco Group's (HKG:53) Returns On Capital Not Reflecting Well On The Business

国浩集团(HKG: 53)的资本回报率未能很好地反映业务状况
Simply Wall St ·  2023/11/21 18:17

If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Guoco Group (HKG:53), we weren't too upbeat about how things were going.

如果我们想避开一家衰退的企业,那么有哪些趋势可以提前警告我们?当我们看到下降时 返回 在资本使用率(ROCE)的下降的同时 基础 在使用的资本中,成熟的企业通常就是这样显示出老龄化迹象的。这表明该公司从投资中获得的利润减少了,其总资产也在减少。从这个角度来看,纵观国浩集团(HKG: 53),我们对事情的进展并不太乐观。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Guoco Group, this is the formula:

对于那些不知道的人来说,投资回报率是衡量公司年度税前利润(其回报率)与企业所用资本的关系。要计算国浩集团的该指标,公式如下:

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)

0.022 = US$282m ÷ (US$17b - US$3.7b) (Based on the trailing twelve months to December 2022).

0.022 = 2.82 亿美元 ¥(170 亿美元至 37 亿美元) (基于截至2022年12月的过去十二个月)

Thus, Guoco Group has an ROCE of 2.2%. In absolute terms, that's a low return but it's around the Industrials industry average of 2.5%.

因此,国浩集团的投资回报率为2.2%。从绝对值来看,这是一个很低的回报,但约为工业行业的平均水平,为2.5%。

Check out our latest analysis for Guoco Group

查看我们对国浩集团的最新分析

roce
SEHK:53 Return on Capital Employed November 21st 2023
香港交易所:53 2023年11月21日使用资本回报率

Historical performance is a great place to start when researching a stock so above you can see the gauge for Guoco Group's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Guoco Group, check out these free graphs here.

在研究股票时,历史表现是一个不错的起点,因此在上方你可以看到国浩集团投资回报率与先前回报率的衡量标准。如果您想深入了解国浩集团的历史收益、收入和现金流,请在此处查看这些免费图表。

How Are Returns Trending?

退货趋势如何?

We are a bit worried about the trend of returns on capital at Guoco Group. To be more specific, the ROCE was 6.5% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Guoco Group to turn into a multi-bagger.

我们对国浩集团的资本回报率趋势有些担忧。更具体地说,五年前投资回报率为6.5%,但此后已明显下降。在资本使用方面,该企业使用的资本量与当时大致相同。由于回报率下降且该企业使用的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中增长幅度不大。如果这些趋势持续下去,我们预计国浩集团不会变成一家多功能公司。

The Key Takeaway

关键要点

All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors haven't taken kindly to these developments, since the stock has declined 34% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

总而言之,使用相同数额的资本所产生的较低回报并不完全是复合机器的迹象。投资者对这些事态发展并不友善,因为该股已从五年前下跌了34%。鉴于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。

Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Guoco Group (of which 1 is a bit unpleasant!) that you should know about.

由于几乎每家公司都面临一些风险,因此值得了解这些风险是什么,我们已经发现了国浩集团的4个警告信号(其中1个有点令人不快!)你应该知道的。

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.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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