Returns On Capital At China Telecom (HKG:728) Have Stalled
Returns On Capital At China Telecom (HKG:728) Have Stalled
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at China Telecom (HKG:728), it didn't seem to tick all of these boxes.
我们在寻找什么样的早期趋势,以便识别出一只股票可以长期增值?通常,我们会希望注意到ROCE(资本雇用回报率)不断增长的趋势,并伴随着不断扩大的资本雇用基础。最终,这证明了这是一个以不断提高回报率重新投资利润的企业。虽然,当我们看中国电信(HKG:728)时,它似乎并没有完全符合这些要求。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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 China Telecom:
对于不太确定ROCE是什么的人,它衡量了公司能够从其业务中雇用的资本中产生的税前利润的数量。分析师使用此公式为中国电信进行计算:
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。
0.068 = CN¥37b ÷ (CN¥849b - CN¥309b) (Based on the trailing twelve months to March 2024).
0.068 = CN¥370亿 ÷ (CN¥8490亿 - CN¥309亿) (基于截至2024年3月的过去12个月)。
Therefore, China Telecom has an ROCE of 6.8%. On its own, that's a low figure but it's around the 6.2% average generated by the Telecom industry.
因此,中国电信的ROCE为6.8%。单独看来,这是一个较低的数字,但它在电信行业产生的平均ROCE约为6.2%。
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In the above chart we have measured China Telecom's 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 China Telecom .
在上述图表中,我们测量了中国电信以往ROCE与其以往表现之间的关系,但未来可能更加重要。如果您感兴趣,可以查看我们为中国电信提供的免费分析师报告中的分析师预测。
What Can We Tell From China Telecom's ROCE Trend?
从中国电信的ROCE趋势中我们能得出什么结论?
The returns on capital haven't changed much for China Telecom in recent years. The company has employed 28% more capital in the last five years, and the returns on that capital have remained stable at 6.8%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
在最近几年中,中国电信的资本回报率没有发生太大变化。该公司在过去的五年中使用了更多的资本,其资本回报率仍保持在6.8%的稳定水平。这种较低的ROCE目前并不让人感到信心,并且随着资本雇用的增加,很明显公司并未将资金投入高回报的投资品种中。
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。
In conclusion, China Telecom has been investing more capital into the business, but returns on that capital haven't increased. Although the market must be expecting these trends to improve because the stock has gained 82% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总之,中国电信一直在将更多资本投入业务中,但是资本回报率并未提高。虽然市场可能希望这些趋势会改善,因为股票在过去的五年中已经上涨了82%,但是,除非这些基本趋势转为更加积极,否则我们不应抱太高期望。
China Telecom does have some risks though, and we've spotted 1 warning sign for China Telecom that you might be interested in.
中国电信确实存在一些风险,并且我们已经发现了1个警告迹象,您可能会感兴趣。
While China Telecom 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.
虽然中国电信目前可能没有创造最高回报,但我们已经编制了一份目前获得25%或更高股本回报的公司列表。请在此处查看此免费列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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。
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。