Slowing Rates Of Return At Central China Land MediaLTD (SZSE:000719) Leave Little Room For Excitement
Slowing Rates Of Return At Central China Land MediaLTD (SZSE:000719) Leave Little Room For Excitement
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. In light of that, when we looked at Central China Land MediaLTD (SZSE:000719) and its ROCE trend, we weren't exactly thrilled.
要找到一个多倍股，我们应该在业务中寻找哪些基本趋势？一种常见方法是尝试找到一个资本雇用比较高数据的公司。这表明它是一个复利机器，能够不断地将其收益再投资到业务中，实现更高的回报。鉴于此，当我们观察建业地产（SZSE:000719）以及其ROCE趋势时，并不感到特别高兴。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。对于那些不确定ROCE的意思，它衡量了一家公司可以从其业务中使用的资本获取的税前利润的数量。分析师使用这个公式来计算建业地产的ROCE： 0.091= CN¥1.1b ÷ (CN¥17b - CN¥5.8b)。因此，建业地产的ROCE为9.1％。绝对来说，这是低回报，但比媒体行业平均水平高得多。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Central China Land MediaLTD:
SZSE:000719 Return on Capital Employed June 12th 2024 在上面的图表中，我们对建业地产以前的ROCE表现进行了测量，但未来可能更重要。如果您愿意，您可以免费查看覆盖建业地产的分析师的预测。
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。
0.091 = CN¥1.1b ÷ (CN¥17b - CN¥5.8b) (Based on the trailing twelve months to March 2024).
在过去几年中，建业地产的资本回报率没有太大变化。公司在过去五年中一直稳定地赚取9.1％，而业务中的资本雇用增长了38％。考虑到公司已经增加了资本雇用的数量，似乎所做的投资根本无法提供高的资本回报率。在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
Thus, Central China Land MediaLTD has an ROCE of 9.1%. In absolute terms, that's a low return, but it's much better than the Media industry average of 4.0%.
我们对建业地产的ROCE的看法是，在业务中投入了更多资本，但对该资本的回报率并没有增加。由于股票在过去五年中上涨了令人印象深刻的87％，投资者必须认为还有更好的事情即将发生。但如果这些基本趋势的轨迹继续，我们认为从这里成为多倍收益股的可能性并不高。
In the above chart we have measured Central China Land MediaLTD's 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 Central China Land MediaLTD for free.
而虽然建业地产目前赚取的回报率不是最高的，但我们已经汇编了一份目前每股收益超过25％的公司列表，请在此免费查看列表。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
The returns on capital haven't changed much for Central China Land MediaLTD in recent years. The company has consistently earned 9.1% for the last five years, and the capital employed within the business has risen 38% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
多年以来，许多基金经理都在尝试战胜股票市场并取得更高的回报。未来的利润可能表明了这种努力的价值。
Our Take On Central China Land MediaLTD's ROCE
行业板块应如何评价建业地产的投资价值？在我们的免费报告中，分析师会给出具体的评估意见！
In conclusion, Central China Land MediaLTD has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 87% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
综上所述，建业地产一直在为业务投入更多资本，但资本回报率并没有增加。由于该股票在过去五年中已经上涨了87%，投资者可能认为未来会更好。但如果这些潜在趋势的轨迹继续下去，我们认为从现在开始成倍收益的可能性不高。
On a final note, we found 2 warning signs for Central China Land MediaLTD (1 is a bit unpleasant) you should be aware of.
最后，我们发现建业地产有两个警告信号（其中一个有点不太好），你需要意识到。
While Central China Land MediaLTD may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管建业地产目前回报率不是最高的，但我们编制了一份目前回报率超过25%的公司名单。点击这里查看这个免费名单。
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