Investors Could Be Concerned With China Satellite Communications' (SHSE:601698) Returns On Capital
Investors Could Be Concerned With China Satellite Communications' (SHSE:601698) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at China Satellite Communications (SHSE:601698) and its ROCE trend, we weren't exactly thrilled.
要识别一只能够在长期内增值的股票,我们需要关注以下几个方面的趋势:首先,我们需要找到一种增长的经营资本回报率(ROCE)方式,随之而来的是不断增加的经营资本基数。这表明企业在以递增的回报率再投资利润。然而,考虑到这一点,当我们看到中国卫信(SHSE:601698)的ROCE趋势时,我们并不是很满意。
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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on China Satellite Communications is:
对于那些不清楚,ROCE是公司年利润(其回报)与企业经营资本的相对比例。这种计算公式在中国卫星通信上的计算如下:
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。
0.029 = CN¥603m ÷ (CN¥23b - CN¥1.8b) (Based on the trailing twelve months to March 2024).
0.029 = CN¥60300万 ÷ (CN¥230亿 - CN¥1.8b)(基于过去12个月截至2024年3月)。
Thus, China Satellite Communications has an ROCE of 2.9%. In absolute terms, that's a low return and it also under-performs the Media industry average of 4.0%.
因此,中国卫星通信的ROCE为2.9%。从绝对意义上看,这是一个较低的回报率,而且还低于媒体行业的4.0%平均回报率。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for China Satellite Communications' ROCE against it's prior returns. If you'd like to look at how China Satellite Communications has performed in the past in other metrics, you can view this free graph of China Satellite Communications' past earnings, revenue and cash flow.
历史表现是研究股票的好出发点,因此您可以看到中国卫星通信的ROCE相对于以前的回报率的比较表。如果您想查看中国卫星通信在以往其他指标方面的表现,您可以查看中国卫星通信过去收益、营业收入和现金流的免费图形。
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。
In terms of China Satellite Communications' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 5.9%, but since then they've fallen to 2.9%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
在中国卫星通信的历史ROCE趋势方面,趋势并不是很理想。大约五年前,资本回报率为5.9%,但自那以后下降到2.9%。另一方面,公司在过去一年中增加了更多的资本,但销售额并未相应提高,这可能表明这些投资是较长期的投资计划。这可能需要一些时间,才能从这些投资中看到公司收益上的变化。
The Bottom Line On China Satellite Communications' ROCE
中国卫星通信ROCE的底线
In summary, China Satellite Communications is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 79% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总之,中国卫星通信在为增长重新投资资金,但不幸的是,销售额似乎还没有显著增长。尽管市场必须期待这些趋势会有所改善,因为该股票在过去五年中上涨了79%。但最终,如果这些趋势持续存在,我们不会期待它成为一个多倍数。
On a separate note, we've found 2 warning signs for China Satellite Communications you'll probably want to know about.
另外,我们发现了2个中国卫星通信的警示信号,您可能想了解。
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
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。