HK Electric Investments and HK Electric Investments (HKG:2638) Has Some Way To Go To Become A Multi-Bagger
HK Electric Investments and HK Electric Investments (HKG:2638) Has Some Way To Go To Become A Multi-Bagger
If you're looking for a multi-bagger, there's a few things to keep an eye out 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think HK Electric Investments and HK Electric Investments (HKG:2638) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一款多功能装袋机,有几件事需要注意。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 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,在简短地研究了这些数字之后,我们认为港灯电力投资和港灯电力投资(HKG: 2638)在未来不具备多重优势,但让我们来看看为什么会这样。
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. Analysts use this formula to calculate it for HK Electric Investments and HK Electric Investments:
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。分析师使用这个公式来计算港灯电力投资和港灯电力投资的公式:
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)
0.046 = HK$5.2b ÷ (HK$119b - HK$5.1b) (Based on the trailing twelve months to December 2023).
0.046 = 52亿港元 ÷(119亿港元-51亿港元) (基于截至2023年12月的过去十二个月)。
Therefore, HK Electric Investments and HK Electric Investments has an ROCE of 4.6%. On its own that's a low return, but compared to the average of 3.4% generated by the Electric Utilities industry, it's much better.
因此,港灯电力投资和港灯电力投资的投资回报率为4.6%。就其本身而言,回报率很低,但与电力公用事业行业3.4%的平均回报率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240510/0-950e4bf16c773a55094d7968dc168710-0-1b8cd653240acac569f4bdbd614f4fd1.png/big)
In the above chart we have measured HK Electric Investments and HK Electric Investments' 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 HK Electric Investments and HK Electric Investments for free.
在上图中,我们将港灯电力投资和港灯电力投资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。如果你愿意,你可以免费查看分析师对港灯电力投资和港灯电力投资的预测。
How Are Returns Trending?
退货趋势如何?
Things have been pretty stable at HK Electric Investments and HK Electric Investments, with its capital employed and returns on that capital staying somewhat the same for the last five years. 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 HK Electric Investments and HK Electric Investments 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 HK Electric Investments and HK Electric Investments has been paying out a large portion (92%) of earnings in the form of dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
港灯电力投资和港灯电力投资的情况一直相当稳定,在过去五年中,其资本利用率和资本回报率基本保持不变。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,除非我们看到港灯电力投资和港灯电力投资在投资回报率方面发生重大变化,并且正在进行额外的投资,否则我们不会屏住呼吸,因为这是一个多口袋。最重要的是,你会注意到港灯电力投资和港灯电力投资一直在以股息的形式向股东支付收益的很大一部分(92%)。这些成熟的企业通常有可靠的收益,可以再投资的地方不多,因此下一个最佳选择是将收益存入股东的口袋。
What We Can Learn From HK Electric Investments and HK Electric Investments' ROCE
我们可以从港灯电力投资和港灯电力投资的投资回报率中学到什么
In a nutshell, HK Electric Investments and HK Electric Investments has been trudging along with the same returns from the same amount of capital over the last five years. And in the last five years, the stock has given away 21% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
简而言之,在过去五年中,港灯电力投资和港灯电力投资一直在努力从相同数量的资本中获得相同的回报。在过去的五年中,该股已经下跌了21%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
HK Electric Investments and HK Electric Investments does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
但是,港灯电力投资和港灯投资确实存在一些风险,我们在投资分析中发现了两个警告信号,其中一个不容忽视...
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。