Returns On Capital Signal Tricky Times Ahead For Greentown Management Holdings (HKG:9979)
Returns On Capital Signal Tricky Times Ahead For Greentown Management Holdings (HKG:9979)
Did you know there are some financial metrics that can provide clues of a potential 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, while the ROCE is currently high for Greentown Management Holdings (HKG:9979), we aren't jumping out of our chairs because returns are decreasing.
你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗?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。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。话虽如此,尽管绿城管理控股公司(HKG: 9979)目前的投资回报率很高,但我们并不是因为回报率下降而跳出困境。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Greentown Management Holdings, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算绿城管理控股公司的这一指标,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)
0.25 = CN¥1.1b ÷ (CN¥6.7b - CN¥2.4b) (Based on the trailing twelve months to December 2023).
0.25 = 11亿元人民币 ÷(67亿元人民币-2.4亿元人民币) (基于截至2023年12月的过去十二个月)。
Therefore, Greentown Management Holdings has an ROCE of 25%. That's a fantastic return and not only that, it outpaces the average of 7.8% earned by companies in a similar industry.
因此,绿城管理控股的投资回报率为25%。这是一个了不起的回报,不仅如此,它还超过了同类行业公司7.8%的平均收入。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-40a1a8dc2139685d9ea630e8637c8aaf-0-04e2827eaabe30f9f3171c218790981f.png/big)
In the above chart we have measured Greentown Management Holdings' 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 Greentown Management Holdings for free.
在上图中,我们将绿城管理控股公司先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,你可以免费查看报道绿城管理控股的分析师的预测。
The Trend Of ROCE
ROCE 的趋势
In terms of Greentown Management Holdings' historical ROCE movements, the trend isn't fantastic. Historically returns on capital were even higher at 48%, but they have dropped over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
就绿城管理控股公司的历史投资回报率走势而言,这一趋势并不理想。从历史上看,资本回报率甚至更高,为48%,但在过去五年中有所下降。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。如果这些投资被证明是成功的,这对长期股票表现来说是个好兆头。
On a related note, Greentown Management Holdings has decreased its current liabilities to 36% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
与此相关的是,绿城管理控股公司已将其流动负债减少至总资产的36%。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。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 Bottom Line
底线
While returns have fallen for Greentown Management Holdings in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has followed suit returning a meaningful 73% to shareholders over the last three years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
尽管最近绿城管理控股公司的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,业务正在对其业务进行再投资。在过去的三年中,该股紧随其后,向股东回报了73%的可观回报。因此,尽管投资者似乎已经意识到了这些令人鼓舞的趋势,但我们将进一步研究该股,以确保其他指标证明正面观点是合理的。
One more thing to note, we've identified 1 warning sign with Greentown Management Holdings and understanding this should be part of your investment process.
还有一件事需要注意,我们已经向绿城管理控股公司发现了一个警告信号,我们知道这应该是您投资过程的一部分。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果你想搜索更多获得高回报的股票,可以查看这份资产负债表稳健且净资产回报率也很高的股票的免费清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。