Returns On Capital At Xinhua Winshare Publishing and Media (HKG:811) Have Hit The Brakes
Returns On Capital At Xinhua Winshare Publishing and Media (HKG:811) Have Hit The Brakes
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. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Xinhua Winshare Publishing and Media (HKG:811) and its ROCE trend, we weren't exactly thrilled.
要想找到潜在的大幅成长的企业并不容易,但如果我们关注一些关键的财务指标,这是可能的。理想情况下,一家企业将展现两种趋势:首先是资本使用增长。这向我们展示了它是一个复合机器,能够不断地将其盈利重新投入到业务中并产生更高的回报。考虑到这一点,河南玉光金铅股份有限公司(上交所:600531)的ROCE看起来不错,所以让我们看看回报的趋势能告诉我们些什么。资产回报率:它是什么?资本使用率回报(ROCE)是什么?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。总之,这些类型的业务是复利机器,它们不断地以更高的回报率重新投资其收益。因此,当我们看到新华文轩出版传媒股份有限公司(港交所:811)和其 ROCE 趋势时,我们并不是很满意。
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 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 Xinhua Winshare Publishing and Media:
对于那些不确定什么是 ROCE 的人来说,它衡量了一家公司可以从其业务中所使用的资本获得的税前利润的数量。分析师使用以下公式为新华文轩出版传媒股份有限公司计算 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。
0.098 = CN¥1.4b ÷ (CN¥23b - CN¥8.4b) (Based on the trailing twelve months to March 2024).
0.098 = 14亿人民币 ÷ (230亿人民币 - 84亿人民币)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, Xinhua Winshare Publishing and Media has an ROCE of 9.8%. In absolute terms, that's a low return, but it's much better than the Media industry average of 8.0%.
因此,新华文轩出版传媒股份有限公司的 ROCE 为 9.8%。就绝对值而言,这是一个较低的回报率,但它比传媒行业平均水平的 8.0% 好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240620/0-00e658a379e350a8e70611b9d8a35519-0-16629797567808ec4914f2d7f30292c4.png/big)
Above you can see how the current ROCE for Xinhua Winshare Publishing and Media compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Xinhua Winshare Publishing and Media .
上面,您可以看到新华文轩出版传媒股份有限公司的当前 ROCE 如何与其过去的资本回报率相比,但从过去看到的信息有限。如果您感兴趣,您可以在我们的免费分析报告中查看分析师的预测。
What Can We Tell From Xinhua Winshare Publishing and Media's ROCE Trend?
我们从新华文轩出版传媒的 ROCE 趋势中能够看到什么?
The returns on capital haven't changed much for Xinhua Winshare Publishing and Media in recent years. The company has consistently earned 9.8% for the last five years, and the capital employed within the business has risen 55% 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.
在近年来,新华文轩出版传媒的资本回报率并没有发生多大变化。该公司在过去五年中始终保持了9.8%的收益率,而业务中使用的资本则增长了55%。考虑到该公司已经增加了所使用的资本,似乎因为投资提供的回报率不高,因此收益率没有增加。
In Conclusion...
最后,同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好,因此投资者不太可能表现友好。自五年前以来,该股下跌了32%。除非这些指标朝着更积极的轨迹转变,否则我们将继续寻找其他股票。
In conclusion, Xinhua Winshare Publishing and Media has been investing more capital into the business, but returns on that capital haven't increased. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 154% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总之,新华文轩出版传媒一直在向业务投入更多资本,但是该资本的回报率并没有增加。投资者必须认为会有更好的未来,因为该公司的股票已经让持有超过五年的股东获得了154%的收益。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太高的希望。
If you want to continue researching Xinhua Winshare Publishing and Media, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想继续研究新华文轩出版传媒,您可能会对我们的分析发现的 1 个警告标志感兴趣。
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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
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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