Investors Could Be Concerned With Yeebo (International Holdings)'s (HKG:259) Returns On Capital
Investors Could Be Concerned With Yeebo (International Holdings)'s (HKG:259) Returns On Capital
0.014 = HK$36m ÷ (HK$2.9b - HK$383m) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. In light of that, when we looked at Yeebo (International Holdings) (HKG:259) and its ROCE trend, we weren't exactly thrilled.
找到一个潜力巨大的业务并不容易，但如果我们查看一些关键的财务指标，是有可能的。通常情况下，我们希望注意到资本利用率（ROCE）不断增长的趋势，以及资本利用率扩大的基础。基本上这意味着公司有盈利的举措可以继续投资，这是一个复利机器的特征。鉴于此，当我们查看怡宝（国际控股）（HKG:259）及其ROCE趋势时，并没有让人特别激动。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. The formula for this calculation on Yeebo (International Holdings) is:
对于那些不清楚什么是ROCE的人，它衡量的是一家公司从其业务中所使用的资本所能产生的税前利润数量。这个计算公式在怡宝（国际控股）中如下：
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。
0.014 = HK$36m ÷ (HK$2.9b - HK$383m) (Based on the trailing twelve months to March 2024).
0.014 = HK$3600万 ÷ (HK$29亿 - HK$383百万)（基于2024年3月滚动十二个月）。
Thus, Yeebo (International Holdings) has an ROCE of 1.4%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.4%.
因此，怡宝（国际控股）的ROCE为1.4%。最终，这是一个较低的回报，表现不及电子行业平均水平7.4%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Yeebo (International Holdings)'s ROCE against it's prior returns. If you'd like to look at how Yeebo (International Holdings) has performed in the past in other metrics, you can view this free graph of Yeebo (International Holdings)'s past earnings, revenue and cash flow.
历史表现是研究股票的好地方，因此您可以看到Yeebo（国际控股）的ROCE与其先前回报的比较标尺。如果您想查看Yeebo（国际控股）在其他指标上过去的表现，可以查看Yeebo（国际控股）过去收入、营业收入和现金流的免费图表。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
When we looked at the ROCE trend at Yeebo (International Holdings), we didn't gain much confidence. To be more specific, ROCE has fallen from 2.2% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
当我们查看Yeebo（国际控股）的ROCE趋势时，并没有获得太多信心。具体来说，过去五年ROCE已从2.2%下降。考虑到收入减少的情况下，资本使用更多，我们会持谨慎态度。如果这种情况持续，您可能会看到一家试图为增长而重新投资但实际上失去市场份额的公司，因为销售额没有增加。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
We're a bit apprehensive about Yeebo (International Holdings) because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Since the stock has skyrocketed 175% over the last five years, it looks like investors have high expectations of the stock. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
我们对Yeebo（国际控股）有些担忧，因为尽管业务中投入了更多资本，但资本回报率和销售额都下降了。由于股价在过去五年飙升了175%，看起来投资者对这支股票寄予了很高的期望。无论如何，当前的基础趋势对长期表现并不乐观，所以除非出现逆转，我们会开始寻找其他地方。
Yeebo (International Holdings) does have some risks though, and we've spotted 1 warning sign for Yeebo (International Holdings) that you might be interested in.
Yeebo（国际控股）确实存在一些风险，我们发现Yeebo（国际控股）有1个警示信号，可能会引起您的兴趣。
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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