There's Been No Shortage Of Growth Recently For Sinotrans' (HKG:598) Returns On Capital
There's Been No Shortage Of Growth Recently For Sinotrans' (HKG:598) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Speaking of which, we noticed some great changes in Sinotrans' (HKG:598) returns on capital, so let's have a look.
查找多倍股时,我们应该查看业务中的基本趋势。理想情况下,一个业务会表现出两个趋势;首先,资本使用量不断增长。简而言之,这些类型的企业就像复利计算机器,意味着他们会不断地再投资,以更高的回报率。我们注意到,在浙江维尔科技(SZSE:002590)看到一些有希望的趋势,让我们深入了解一下。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。简单地讲,这些类型的企业是复利机器,意味着它们不断地以越来越高的回报率重投其收益。说到这一点,我们注意到了中国外运(HKG:598)资本回报率方面的巨大变化,让我们来看一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. The formula for this calculation on Sinotrans is:
对于那些不确定 ROCE 是什么的人,它衡量了一家公司从其业务中所使用的资本中可以产生多少税前利润。这种计算在中国外运的公式是:
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。
0.053 = CN¥2.6b ÷ (CN¥80b - CN¥31b) (Based on the trailing twelve months to March 2024).
0.053 = CN¥2.6b ÷ (CN¥80b - CN¥31b)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。.
So, Sinotrans has an ROCE of 5.3%. In absolute terms, that's a low return and it also under-performs the Logistics industry average of 6.6%.
因此,中国外运的资本回报率为5.3%。从绝对值上看,回报率很低,而且也低于6.6%的物流行业平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240627/0-c84b2f054d65d5b123f54e33743ad7e0-0-4f9322191c3dc7c9c44668ff97a9e04b.png/big)
In the above chart we have measured Sinotrans' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Sinotrans .
在上图中,我们测量了中国外运先前的资本回报率,但未来可能更为重要。如果您想了解分析师对未来的预测,请查看我们为中国外运提供的免费分析师报告。
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。
Sinotrans' ROCE growth is quite impressive. The figures show that over the last five years, ROCE has grown 25% whilst employing roughly the same amount of capital. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
中国外运的资本回报率增长相当可观。数据显示,在过去的五年中,资本回报率增长了25%,同时资本规模大致相同。基本上,企业正在以相同的资本规模产生更高的回报,这证明了企业效率的提高。在这方面,公司表现良好,值得探究管理团队对长期增长前景的计划。
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。
To sum it up, Sinotrans is collecting higher returns from the same amount of capital, and that's impressive. Since the stock has returned a solid 95% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总而言之,中国外运从相同的资本规模中获得了更高的回报,这是令人印象深刻的。由于过去五年中该股票为股东提供了95%的稳健回报,可以说投资者开始意识到这些变化。即便如此,我们仍然认为这些有利的基本面意味着公司值得进一步尽职调查。
On a final note, we've found 1 warning sign for Sinotrans that we think you should be aware of.
最后,我们已经发现了1个关于中国外运的警示信号,认为您应该了解。
While Sinotrans 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.
虽然中国外运当前的回报率可能不是最高的,但我们已编制了一张当前市场上股权回报率超过25%公司的清单。在此处查看免费清单。
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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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