There Are Reasons To Feel Uneasy About Yuexiu Transport Infrastructure's (HKG:1052) Returns On Capital
There Are Reasons To Feel Uneasy About Yuexiu Transport Infrastructure's (HKG:1052) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Yuexiu Transport Infrastructure (HKG:1052) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 已动用资本的百分比。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。有鉴于此,当我们查看越秀交通基础设施(HKG: 1052)及其投资回报率趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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 Yuexiu Transport Infrastructure:
如果你以前没有与ROCE合作过,它可以衡量一家公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用以下公式来计算越秀交通基础设施的计算公式:
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)
0.058 = CN¥1.6b ÷ (CN¥36b - CN¥8.5b) (Based on the trailing twelve months to June 2023).
0.058 = CN¥1.6b ≤(CN¥36b-CN¥8.5b) (基于截至 2023 年 6 月的过去十二个月)。
So, Yuexiu Transport Infrastructure has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Infrastructure industry average of 7.2%.
因此,越秀交通基础设施的投资回报率为5.8%。从绝对值来看,这是一个很低的回报,但约为基础设施行业的平均水平,为7.2%。
View our latest analysis for Yuexiu Transport Infrastructure
查看我们对越秀交通基础设施的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231214/0-6117d35c7b4d982b4320c9d43547ecda-0-ab1f3839cb0459d8867380adbb892747.png/big)
In the above chart we have measured Yuexiu Transport Infrastructure's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Yuexiu Transport Infrastructure here for free.
在上面的图表中,我们对越秀交通基础设施之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你愿意,你可以在这里免费查看有关越秀交通基础设施的分析师的预测。
What Can We Tell From Yuexiu Transport Infrastructure's ROCE Trend?
我们可以从越秀交通基础设施的投资回报率趋势中看出什么?
When we looked at the ROCE trend at Yuexiu Transport Infrastructure, we didn't gain much confidence. To be more specific, ROCE has fallen from 8.6% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看越秀交通基础设施的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的8.6%下降。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有给销售带来太大影响,因此这可能反映了长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 24%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 5.8%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
在谈到这个问题时,我们注意到流动负债与总资产的比率已上升至24%,这影响了ROCE。如果没有这种增长,投资回报率很可能会低于5.8%。尽管该比率目前还不算太高,但值得密切关注,因为如果比率特别高,则企业可能会面临一些新的风险因素。
In Conclusion...
总之...
Bringing it all together, while we're somewhat encouraged by Yuexiu Transport Infrastructure's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 0.3% over the last five years, which potentially indicates that investors are accounting for this going forward. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
综上所述,尽管越秀交通基础设施对自身业务的再投资令我们有些鼓舞,但我们意识到回报正在萎缩。毫不奇怪,该股在过去五年中仅上涨了0.3%,这可能表明未来投资者正在考虑这一点。因此,如果你正在寻找一款多功能装袋机,我们建议你考虑其他选择。
One final note, you should learn about the 3 warning signs we've spotted with Yuexiu Transport Infrastructure (including 1 which is concerning) .
最后一点,你应该了解我们在越秀交通基础设施上发现的3个警告信号(包括一个令人担忧的信号)。
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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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。