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Returns On Capital At HKT Trust and HKT (HKG:6823) Have Hit The Brakes

Returns On Capital At HKT Trust and HKT (HKG:6823) Have Hit The Brakes

香港电讯信托和香港电讯(HKG: 6823)的资本回报率已经下降
Simply Wall St ·  01/03 18:59

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. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at HKT Trust and HKT (HKG:6823) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

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。除其他外,我们希望看到两件事;首先,一个不断增长的 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。话虽如此,乍一看香港电讯信托和香港电讯(HKG: 6823),我们对回报的走势并不满意,但让我们更深入地了解一下。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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 HKT Trust and HKT, this is the formula:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算香港电讯信托和香港电讯的这个指标,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)

0.083 = HK$7.6b ÷ (HK$110b - HK$19b) (Based on the trailing twelve months to June 2023).

0.083 = 76亿港元 ÷(110亿港元-190亿港元) (基于截至 2023 年 6 月的过去十二个月)

Thus, HKT Trust and HKT has an ROCE of 8.3%. In absolute terms, that's a low return, but it's much better than the Telecom industry average of 6.6%.

因此,香港电讯信托和香港电讯的投资回报率为8.3%。从绝对值来看,回报率很低,但比电信行业6.6%的平均水平要好得多。

See our latest analysis for HKT Trust and HKT

查看我们对香港电讯信托和香港电讯的最新分析

roce
SEHK:6823 Return on Capital Employed January 3rd 2024
SEHK: 6823 2024 年 1 月 3 日动用资本回报率

Above you can see how the current ROCE for HKT Trust and HKT compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering HKT Trust and HKT here for free.

上面你可以看到香港电讯信托和香港电讯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。如果你愿意,可以在这里免费查看报道香港电讯信托和香港电讯的分析师的预测。

How Are Returns Trending?

退货趋势如何?

Over the past five years, HKT Trust and HKT's ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at HKT Trust and HKT in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. On top of that you'll notice that HKT Trust and HKT has been paying out a large portion (122%) of earnings in the form of dividends to shareholders. Most shareholders probably know this and own the stock for its dividend.

在过去的五年中,香港电讯信托和香港电讯的投资回报率和所用资本均基本持平。在研究一家成熟而稳定的企业时,这种情况并不少见,因为该企业可能已经过了商业周期的这一阶段,因此没有对收益进行再投资。因此,除非我们看到香港电讯信托和香港电讯在投资回报率和额外投资方面发生实质性变化,否则我们不会屏住呼吸成为一家多袋公司。最重要的是,你会注意到香港电讯信托和香港电讯一直在以股息的形式向股东支付收益的很大一部分(122%)。大多数股东可能都知道这一点,并持有这只股票作为股息。

The Bottom Line

底线

In summary, HKT Trust and HKT isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Unsurprisingly, the stock has only gained 10% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

总而言之,香港电讯信托和香港电讯并未复合其收益,而是在使用相同数量的资本的情况下产生稳定的回报。毫不奇怪,该股在过去五年中仅上涨了10%,这可能表明投资者正在考虑未来的情况。因此,如果你正在寻找一台多袋装机,我们认为你在其他地方会有更多的运气。

HKT Trust and HKT does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those makes us a bit uncomfortable...

不过,香港电讯信托和香港电讯确实存在一些风险,我们在投资分析中发现了两个警告信号,其中一个让我们有点不舒服...

While HKT Trust and HKT isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管香港电讯信托和香港电讯的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。

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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提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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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