YesAsia Holdings (HKG:2209) Is Reinvesting At Lower Rates Of Return
YesAsia Holdings (HKG:2209) Is Reinvesting At Lower Rates Of Return
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. Having said that, while the ROCE is currently high for YesAsia Holdings (HKG:2209), we aren't jumping out of our chairs because returns are decreasing.
如果你正在寻找一个多倍的赚钱机会,有一些事情需要密切关注。通常情况下,我们需要注意增长资本投入的趋势。这表明它是一个复合机器,能够不断将利润重新投资到业务中并产生更高的回报。虽然,当我们看FIT Hon Teng(HKG:6088)时,它似乎并没有满足所有这些要求。资产回报率:它是什么?对于那些不知道ROCE是什么的人,ROCE是一个公司每年税前利润(回报)与企业用于投资的资本关系的度量。在Elevance Health的计算公式如下:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)公司所投资的利润丰厚,可以持续再投资,这是企业复利机器的特点。但是,尽管YesAsia Holdings(HKG:2209)的ROCE目前很高,投资回报却在下降,我们并没有跳起来狂呼万岁。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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 YesAsia Holdings:
如果您以前没有使用ROCE,它衡量了一个公司从其业务所使用的资本产生的“回报”(税前利润)。分析师使用下面的公式来为YesAsia Holdings计算ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.21 = US$9.3m ÷ (US$74m - US$31m) (Based on the trailing twelve months to December 2023).
0.21 = 美元9.3亿 ÷ (美元7,400万 - 美元3,100万)(基于截至2023年12月的过去十二个月).
Thus, YesAsia Holdings has an ROCE of 21%. That's a fantastic return and not only that, it outpaces the average of 10% earned by companies in a similar industry.
因此,YesAsia Holdings的ROCE为21%。这是一个非常棒的回报,而且还超过了同行业公司平均获得的10%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240612/0-dc092a42061dda36ac569a529cdbdb88-0-cdf21beee07a50981959e88d50c00f8b.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for YesAsia Holdings' ROCE against it's prior returns. If you'd like to look at how YesAsia Holdings has performed in the past in other metrics, you can view this free graph of YesAsia Holdings' past earnings, revenue and cash flow.
历史表现是研究股票的好起点,所以你可以看到YesAsia Holdings ROCE与其先前回报的比较情况。如果您想查看YesAsia Holdings在过去的其他指标上的表现,您可以查看YesAsia Holdings过去收益、营收和现金流的免费图表。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
When we looked at the ROCE trend at YesAsia Holdings, we didn't gain much confidence. While it's comforting that the ROCE is high, five years ago it was 53%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们看YesAsia Holdings ROCE的趋势时,我们并没有获得太多的信心。虽然ROCE高是令人欣慰的,但五年前它是53%。尽管收入和业务所使用资产的数量都增加了,但这可能表明公司正在投资于创业板,而额外的资本导致ROCE短期内下降。如果增加的资本产生了额外的回报,企业和股东都将从中受益。
On a side note, YesAsia Holdings has done well to pay down its current liabilities to 41% 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
另外值得一提的是,YesAsia Holdings已成功将其流动负债降至总资产的41%。这可能部分解释了ROCE的下降。更重要的是,这可以降低企业的风险,因为现在公司的供应商或短期债权人资助其运营的比例较少。由于企业基本上是用自己的资金为其经营活动提供资金支持,因此您可以认为这使企业造“回报率”的效率更低。不管怎样,它们仍然处于相当高的水平,因此我们很希望它们能进一步下降。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for YesAsia Holdings. And the stock has done incredibly well with a 516% return over the last year, so long term investors are no doubt ecstatic with that result. 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.
尽管资本回报率短期内下降,但是YesAsia Holdings营收和资本投入均有所增加,这一点值得期待。而且,该股票在过去一年中的回报率高达516%,因此长期持有者无疑对此感到兴奋。所以,虽然投资者似乎意识到这些有希望的趋势,但为了确保其他指标证明了积极的观点,我们需要进一步研究这个股票。
YesAsia Holdings does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those are a bit concerning...
尽管YesAsia Holdings存在一些风险,但我们在我们的投资分析中发现了3个警示信号,其中有2个有点令人担忧...
YesAsia Holdings is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
YesAsia Holdings不是唯一一家获得高回报的公司。如果您想查看更多,请查看我们的免费列表,其中包括那些具有坚实基本面和规模经济(ROCE)的高回报股票。
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