Returns On Capital Are Showing Encouraging Signs At COSCO SHIPPING Energy Transportation (HKG:1138)
Returns On Capital Are Showing Encouraging Signs At COSCO SHIPPING Energy Transportation (HKG:1138)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. 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 COSCO SHIPPING Energy Transportation's (HKG:1138) returns on capital, so let's have a look.
您知道有些财务指标可以为未来的翻倍股提供提示吗？首先，我们希望确定动用资本回报率（ROCE）正在增长，随之而来的是，不断扩大的资本投入基础。基本上，这意味着公司具有可持续再投资的有利倡议，这是复合机制的特点。说到这里，我们注意到中远海能（HKG：1138）的资本回报率发生了很大变化，让我们来看一看。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for COSCO SHIPPING Energy Transportation, this is the formula:
需要澄清的是，ROCE是用于评估公司在其业务中投资的资本产生多少税前收入（按百分比计算）的指标。为了计算中远海能的这个指标，可以使用以下公式：
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。
0.086 = CN¥5.5b ÷ (CN¥73b - CN¥8.6b) (Based on the trailing twelve months to March 2024).
0.086 = CN¥55亿 ÷ (CN¥730亿 - CN¥8.6b) （基于截至2024年3月的最近12个月）
Therefore, COSCO SHIPPING Energy Transportation has an ROCE of 8.6%. On its own that's a low return, but compared to the average of 7.1% generated by the Oil and Gas industry, it's much better.
因此，中远海能的ROCE为8.6％。单独看这个数字很低，但与石油和天然气行业平均7.1％的回报率相比，要好得多。
Above you can see how the current ROCE for COSCO SHIPPING Energy Transportation compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering COSCO SHIPPING Energy Transportation for free.
您可以看到中远海能目前的ROCE与此前回报率的比较情况，但过去的数据只能提供有限的信息。如果您愿意，您可以免费查看覆盖中远海能的分析师的预测。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
COSCO SHIPPING Energy Transportation has not disappointed with their ROCE growth. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 159% over the last five years. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
中远海能的资本回报率增长并未让人失望。通过查看数据，我们可以看到，尽管业务中的资本投入保持相对稳定，但产生的资本回报率在过去五年中增长了159％。因此，可能意味着公司正在充分利用过去的投资所带来的全部利益，因为使用的资本并没有发生显着变化。然而，有必要深入探讨一下这一点，因为虽然公司更加高效，但这也可能意味着未来应投入的内部增长领域不足。
Our Take On COSCO SHIPPING Energy Transportation's ROCE
关于中远海能的资本回报率，我们的观点如下：
As discussed above, COSCO SHIPPING Energy Transportation appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And a remarkable 160% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if COSCO SHIPPING Energy Transportation can keep these trends up, it could have a bright future ahead.
如上所述，中远海能似乎越来越擅长创造回报，因为动用的资本保持稳定，但利润（利息和税前）不断增加。而在过去的五年中，有着惊人的160％总回报，这告诉我们，投资者期望未来会有更多的好事发生。鉴于此，我们认为值得进一步研究这只股票，因为如果中远海能能保持这些趋势，它可能拥有辉煌明天。
On a separate note, we've found 2 warning signs for COSCO SHIPPING Energy Transportation you'll probably want to know about.
另外，我们已经发现了2个有关中远海能的警告信号，您可能想知道。
While COSCO SHIPPING Energy Transportation isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然中远海能的回报率并不是最高的，但请查看此免费公司列表，其中这些公司拥有坚实的资产负债表和高回报率。
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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。