Capital Investments At Man Wah Holdings (HKG:1999) Point To A Promising Future
Capital Investments At Man Wah Holdings (HKG:1999) Point To A Promising Future
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Ergo, when we looked at the ROCE trends at Man Wah Holdings (HKG:1999), we liked what we saw.
如果我们想要找到一个潜在的多倍利润公司，通常有一些潜在的趋势可以提供线索。理想情况下，一个企业将显示出两个趋势；首先是越来越高的资本回报率(ROCE)，其次是越来越多的资本投入。最终，这说明这是一个将利润以递增的回报率再投资的企业。因此，当我们看到Man Wah Holdings(HKG:1999)的ROCE趋势时，我们喜欢我们所看到的。
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. To calculate this metric for Man Wah Holdings, this is the formula:
对于那些不确定ROCE是什么的人来说，它衡量的是一家公司可以从其业务所使用的资本中产生的税前利润的数量。为了计算Man Wah Holdings的这个指标，这是公式：
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。
0.23 = HK$3.1b ÷ (HK$20b - HK$6.4b) (Based on the trailing twelve months to March 2024).
因此，Man Wah Holdings的ROCE为23%。绝对来说，这是一个很好的回报，甚至比消费者耐用品行业板块的平均ROCE(11%)更好。
Thus, Man Wah Holdings has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Consumer Durables industry average of 11%.
在上图中，我们以Man Wah Holdings之前的ROCE与之前的表现为基准进行了测量，但未来可能更为重要。如果您感兴趣，可以查看我们为Man Wah Holdings制作的免费分析师报告中的分析师预测。
In the above chart we have measured Man Wah Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Man Wah Holdings .
以上是我们衡量Man Wah Holdings之前的ROCE与其先前表现的结果，但未来才是更为重要的。如果您感兴趣，可以查看我们为Man Wah Holdings制作的免费分析师报告中的分析师预测。
What Can We Tell From Man Wah Holdings' ROCE Trend?
从Man Wah Holdings的ROCE趋势中，我们能得到什么信息？
We'd be pretty happy with returns on capital like Man Wah Holdings. Over the past five years, ROCE has remained relatively flat at around 23% and the business has deployed 57% more capital into its operations. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
像Man Wah Holdings这样的资本回报率我们会非常满意。在过去的五年中，ROCE保持相对稳定，约为23%，并且企业将其运营的资本增加了57%。像这样的回报是大多数企业所嫉妒的，而且，由于其一再以这样的利润再投资，这就更好了。如果这些趋势可以继续下去，这家公司成为一个多倍利润公司也就不足为奇了。
Our Take On Man Wah Holdings' ROCE
我们对Man Wah Holdings的ROCE的看法。
In summary, we're delighted to see that Man Wah Holdings has been compounding returns by reinvesting at consistently high rates of return, as these are common traits of a multi-bagger. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
总之，我们很高兴看到Man Wah Holdings一直以一贯的高利润率复合回报，因为这些公司往往会成为多倍利润的公司。由于股票在过去的五年中大幅上涨，市场可能预期这种趋势将继续下去，所以即使这只股票可能比以前更“昂贵”，我们认为强劲的基本面也值得进一步研究。
If you'd like to know about the risks facing Man Wah Holdings, we've discovered 1 warning sign that you should be aware of.
如果您想了解Man Wah Holdings面临的风险，我们已经发现了一个警告信号，您应该注意。
Man Wah 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.
Man Wah Holdings并不是唯一一个赚取高回报的股票。如果您想看到更多，可以查看我们的免费公司股本回报高、基本面强的公司列表。
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。