Be Wary Of Hengan International Group (HKG:1044) And Its Returns On Capital
Be Wary Of Hengan International Group (HKG:1044) And Its Returns On Capital
What underlying fundamental trends can indicate that a company might be in decline? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. And from a first read, things don't look too good at Hengan International Group (HKG:1044), so let's see why.
什么基本趋势可以表明一家公司可能正在衰退?往往我们会看到资本利润率(ROCE)和投入资本递减。这种组合可以告诉您,这家公司不仅在投资上投入更少,在所投资的项目上也赚得更少。从首次阅读来看,Hengan International Group(HKG:1044)的情况并不乐观,让我们看看为什么。
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 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. To calculate this metric for Hengan International Group, this is the formula:
对于不了解的人来说,ROCE是公司每年税前利润(其回报)相对于业务中所投入资本的度量单位。要为Hengan International Group计算这个指标,公式如下:
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。
0.16 = CN¥3.7b ÷ (CN¥46b - CN¥23b) (Based on the trailing twelve months to June 2024).
0.16 = 37000000000 ÷ (460000000000 - 23000000000)(基于2024年6月的过去十二个月)。
So, Hengan International Group has an ROCE of 16%. That's a relatively normal return on capital, and it's around the 13% generated by the Personal Products industry.
因此,恒安国际集团的ROCE为16%。这是相对正常的资本回报率,接近个人用品行业所产生的13%。

In the above chart we have measured Hengan International Group'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 Hengan International Group .
在上面的图表中,我们已经测量了恒安国际集团之前的ROCE与其先前的业绩,但未来可能更重要。如果您感兴趣,可以查看我们免费的恒安国际集团分析师报告中的分析师预测。
What Can We Tell From Hengan International Group's ROCE Trend?
从恒安国际集团的ROCE趋势能告诉我们什么?
In terms of Hengan International Group's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 22% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Hengan International Group becoming one if things continue as they have.
在恒安国际集团历史ROCE的变动方面,这一趋势并不令人信心满满。不幸的是,资本回报率已经从五年前的 22% 下降了。除此之外,值得注意的是,企业内部所使用资本的数量基本保持稳定。这一组合可能表明这是一个成熟的企业,仍然有一些地方可以投资资本,但由于新的竞争或更小的利润率,所获得的回报并不那么高。因此,由于这些趋势通常不利于创造多倍资产收益,如果事情继续保持这样,我们不指望恒安国际集团会成为这样的企业。
On a separate but related note, it's important to know that Hengan International Group has a current liabilities to total assets ratio of 49%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是,恒安国际集团目前的流动负债与总资产比率为49%,我们认为这相当高。这可能带来一些风险,因为公司基本上在相当大程度上依赖供应商或其他类型的短期债权人。理想情况下,我们希望看到这一比例降低,因为这意味着更少的负债带来的风险。
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。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 44% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总的来说,虽然资本投入相同,但回报下降并不是复利机器的迹象。因此,毫不奇怪,股票在过去五年已下跌44%,因此投资者认识到了这些变化。在这些领域的基本趋势并不乐观的情况下,我们会考虑寻找其他投资机会。
If you'd like to know about the risks facing Hengan International Group, we've discovered 1 warning sign that you should be aware of.
如果您想了解恒安国际集团面临的风险,我们发现了1个警示信号,您应该注意。
While Hengan International Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管恒安国际集团的回报率不是最高的,但是请查看此免费列表,其中包含具有实力资产负债表的高回报率公司。
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