AsiaInfo Technologies (HKG:1675) Might Be Having Difficulty Using Its Capital Effectively
AsiaInfo Technologies (HKG:1675) Might Be Having Difficulty Using Its Capital Effectively
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think AsiaInfo Technologies (HKG:1675) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
找到一家具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。首先,我们想确定一个不断增长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,在简短地看了这些数字之后,我们认为亚信科技(HKG: 1675)在未来不具备多袋装货商的实力,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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 AsiaInfo Technologies:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算亚信科技的利润:
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)
0.12 = CN¥853m ÷ (CN¥10b - CN¥2.9b) (Based on the trailing twelve months to June 2023).
0.12 = 8.53亿元人民币 ÷(10亿元人民币-29亿元人民币) (基于截至 2023 年 6 月的过去十二个月)。
So, AsiaInfo Technologies has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 6.7% generated by the Software industry.
因此,亚信科技的投资回报率为12%。就其本身而言,这是标准回报,但要比软件行业产生的6.7%好得多。
View our latest analysis for AsiaInfo Technologies
查看我们对亚信科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231214/0-55a8c0747b8c17a49b9fd02598fcd4ca-0-2ff5e562d5c3ca3553ba457dea17e7ba.png/big)
Above you can see how the current ROCE for AsiaInfo Technologies compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for AsiaInfo Technologies.
上面你可以看到AsiaInfo Technologies当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们的AsiaInfo Technologies免费报告。
What Can We Tell From AsiaInfo Technologies' ROCE Trend?
我们可以从亚信科技的投资回报率趋势中得出什么?
When we looked at the ROCE trend at AsiaInfo Technologies, we didn't gain much confidence. Around five years ago the returns on capital were 23%, but since then they've fallen to 12%. 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.
当我们查看亚信科技的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为23%,但此后已降至12%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。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。
On a side note, AsiaInfo Technologies has done well to pay down its current liabilities to 29% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
顺便说一句,亚信科技在偿还其流动负债至总资产的29%方面做得很好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。
The Key Takeaway
关键要点
In summary, AsiaInfo Technologies is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And with the stock having returned a mere 11% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总而言之,AsiaInfo Technologies正在将资金再投资回该业务以实现增长,但不幸的是,销售额似乎还没有太大增长。而且,在过去五年中,该股向股东的回报率仅为11%,你可以说他们意识到这些乏善可陈的趋势。因此,如果您正在寻找多袋机,我们建议您考虑其他选项。
If you'd like to know about the risks facing AsiaInfo Technologies, we've discovered 1 warning sign that you should be aware of.
如果你想了解亚信科技面临的风险,我们发现了一个你应该注意的警告信号。
While AsiaInfo Technologies may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管AsiaInfo Technologies目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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