Returns On Capital Are Showing Encouraging Signs At Henglin Home FurnishingsLtd (SHSE:603661)
Returns On Capital Are Showing Encouraging Signs At Henglin Home FurnishingsLtd (SHSE:603661)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Speaking of which, we noticed some great changes in Henglin Home FurnishingsLtd's (SHSE:603661) returns on capital, so let's have a look.
如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。首先,我们想找一个正在成长的 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。说到这里,我们注意到恒林家居有限公司(SHSE: 603661)的资本回报率发生了一些重大变化,所以让我们来看看吧。
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. The formula for this calculation on Henglin Home FurnishingsLtd is:
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)。恒林家居有限公司的计算公式为:
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)
0.078 = CN¥424m ÷ (CN¥9.2b - CN¥3.8b) (Based on the trailing twelve months to September 2023).
0.078 = 4.24亿元人民币 ÷(92亿元人民币-38亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Henglin Home FurnishingsLtd has an ROCE of 7.8%. In absolute terms, that's a low return, but it's much better than the Commercial Services industry average of 5.5%.
因此,恒林家居有限公司的投资回报率为7.8%。从绝对值来看,回报率很低,但比商业服务行业平均水平的5.5%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240229/0-6ed4936ac867dab279bead9f8cad8dad-0-f6f40c33fb269e30e30f6a95c0aea1f3.png/big)
In the above chart we have measured Henglin Home FurnishingsLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Henglin Home FurnishingsLtd .
在上图中,我们将恒林家居有限公司之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们为恒林家居有限公司提供的免费分析师报告。
What Does the ROCE Trend For Henglin Home FurnishingsLtd Tell Us?
恒林家居有限公司的ROCE趋势告诉我们什么?
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The data shows that returns on capital have increased substantially over the last five years to 7.8%. Basically the business is earning more per dollar of capital invested and in addition to that, 135% more capital is being employed now too. So we're very much inspired by what we're seeing at Henglin Home FurnishingsLtd thanks to its ability to profitably reinvest capital.
尽管从绝对值来看,投资回报率仍然很低,但很高兴看到它正朝着正确的方向前进。数据显示,在过去五年中,资本回报率大幅上升至7.8%。基本上,企业每投资1美元的资本就能获得更多的收入,除此之外,现在使用的资本也增加了135%。因此,我们在恒林家居有限公司所看到的情况给我们带来了极大的启发,这要归功于它能够盈利地进行资本再投资。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 41% of the business, which is more than it was five years ago. And with current liabilities at those levels, that's pretty high.
但是,记录在案的是,该公司的流动负债在此期间显著增加,因此我们将投资回报率的部分增长归因于此。实际上,这意味着供应商或短期债权人现在为该业务的41%提供了资金,这比五年前还要多。而且,在流动负债处于这些水平的情况下,这是相当高的。
The Bottom Line
底线
To sum it up, Henglin Home FurnishingsLtd has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And a remarkable 111% total return over the last five years tells us that investors are expecting more good things to come in the future. Therefore, we think it would be worth your time to check if these trends are going to continue.
总而言之,Henglin Home FurnishingsLtd已经证明它可以对业务进行再投资,并从所使用的资本中获得更高的回报,这太棒了。在过去五年中,总回报率高达111%,这告诉我们,投资者预计未来还会有更多好事发生。因此,我们认为值得您花时间检查这些趋势是否会持续下去。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Henglin Home FurnishingsLtd (of which 1 is a bit concerning!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解它们是什么,我们已经发现了恒林家居有限公司的两个警告信号(其中一个有点令人担忧!)你应该知道的。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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