Theme International Holdings (HKG:990) Is Experiencing Growth In Returns On Capital
Theme International Holdings (HKG:990) Is Experiencing Growth In Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 Theme International Holdings' (HKG:990) returns on capital, so let's have a look.
要发掘具有潜力大幅度增长的企业并不容易，但是如果我们看一些关键的财务指标是可以实现的。在完美的世界中，我们希望看到公司将更多资本投入到业务中，并且理想情况下从该资本中获得的回报也在增加。基本上这意味着一家公司有利可图的举措可以继续投资，这是一种复利机器的特征。说到这里，我们注意到了主题国际控股（HKG:990）的资本回报率发生了很大变化，让我们来看看。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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. The formula for this calculation on Theme International Holdings is:
对于不知道 ROCE 是什么的人来说，它是衡量一家公司每年税前利润（其回报率）与业务中使用的资本相对应的指标。关于主题国际控股的这个计算公式是：
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。
0.19 = HK$1.3b ÷ (HK$16b - HK$9.0b) (Based on the trailing twelve months to December 2023).
0.19 = 13亿港元 ÷ （160亿港元 - 9.0亿港元）（基于截至2023年12月的过去十二个月）.
Thus, Theme International Holdings has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 6.2% generated by the Trade Distributors industry.
因此，主题国际控股的资本回报率为19%。单独看来，这是一种标准回报，但它比交易分销业的6.2%好多了。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Theme International Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Theme International Holdings.
历史业绩是研究一只股票的好出发点，因此您可以看到上面主题国际控股的 ROCE 与其之前的回报的比较。如果您想深入研究历史收益，请查看这些免费的图表，详细说明了主题国际控股的收入和现金流业绩。
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。
We like the trends that we're seeing from Theme International Holdings. The data shows that returns on capital have increased substantially over the last five years to 19%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 906%. So we're very much inspired by what we're seeing at Theme International Holdings thanks to its ability to profitably reinvest capital.
我们喜欢从主题国际控股中看到的趋势。数据显示，在过去的五年中，资本回报率大幅增加到19％。公司有效地获得了更多的资本，每美元的使用都赚取了更多的钱，而且值得注意的是，使用的资本数量也增加了906％。因此，我们非常受到主题国际控股的启发，感谢它能够盈利地重新投资资本。
On a side note, Theme International Holdings' current liabilities are still rather high at 55% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，主题国际控股的流动负债仍然相当高，占总资产的55％。这可能会带来一些风险，因为该公司基本上在相当大程度上依赖其供应商或其他类型的短期债务人。理想情况下，我们希望看到这种减少，因为这意味着承担风险的义务会更少。
The Bottom Line On Theme International Holdings' ROCE
主题国际控股 ROCE 的底线是
In summary, it's great to see that Theme International Holdings can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And a remarkable 331% total return over the last five years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总体上，看到主题国际控股能够通过以逐年增加的回报率持续地重新投资资本，这很棒，因为这些是那些倍增的关键要素之一。在过去的五年中，令人惊叹的331％的总回报告诉我们，投资者希望未来能够有更多好事发生。话虽如此，我们仍然认为这家公司的有前途的基本面意味着它值得进一步的尽职调查。
One more thing to note, we've identified 2 warning signs with Theme International Holdings and understanding these should be part of your investment process.
另外，我们还发现了主题国际控股的 2 个警告信号，了解这些信号应该是您投资过程的一部分。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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