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Maoye Commercial (SHSE:600828) Will Be Hoping To Turn Its Returns On Capital Around

Maoye Commercial (SHSE:600828) Will Be Hoping To Turn Its Returns On Capital Around

茂业商业(SHSE:600828)希望能够扭转其资本回报率
Simply Wall St ·  11/01 15:54

When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. 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. So after we looked into Maoye Commercial (SHSE:600828), the trends above didn't look too great.

在投资方面,有一些有用的财务指标可以在业务潜在陷入困境时警告我们。往往我们会看到资本雇用的回报率(ROCE)和资本雇用量在下降。这种组合可以告诉你,不仅公司的投资减少了,而且在投资上所获得的回报也减少了。因此,在我们研究茂业商业(SHSE:600828)后,上述趋势看起来并不太乐观。

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. Analysts use this formula to calculate it for Maoye Commercial:

对于不了解的人,ROCE是衡量公司每年税前利润(其回报)与业务中资本雇用的相对关系的指标。分析师使用这个公式为茂业商业计算它:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.035 = CN¥491m ÷ (CN¥19b - CN¥4.9b) (Based on the trailing twelve months to September 2024).

0.035 = 49100万元 ÷ (190亿 - 49亿)(截至2024年9月的过去十二个月)。

So, Maoye Commercial has an ROCE of 3.5%. In absolute terms, that's a low return but it's around the Multiline Retail industry average of 4.3%.

因此,茂业商业的ROCE为3.5%。从绝对角度来看,这是一个较低的回报,但大约等于4.3%的多线零售行业平均水平。

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SHSE:600828 Return on Capital Employed November 1st 2024
SHSE:600828资本雇用回报2024年11月1日

Historical performance is a great place to start when researching a stock so above you can see the gauge for Maoye Commercial's ROCE against it's prior returns. If you're interested in investigating Maoye Commercial's past further, check out this free graph covering Maoye Commercial's past earnings, revenue and cash flow.

历史表现是研究股票的好起点,所以您可以看到茂业商业的ROCE与其之前的回报率之间的比较。如果您有兴趣进一步调查茂业商业的过去,请查看此免费图表,涵盖茂业商业的过去收益、营业收入和现金流。

The Trend Of ROCE

ROCE趋势

We are a bit worried about the trend of returns on capital at Maoye Commercial. Unfortunately the returns on capital have diminished from the 17% 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 Maoye Commercial becoming one if things continue as they have.

我们有点担心茂业商业资本回报率的趋势。不幸的是,资本回报率已经从五年前的17%下降。除此之外,值得注意的是,在业务中使用的资本量保持相对稳定。这种组合可能表明这是一个成熟的业务,仍然有资本可供投入,但由于可能有新竞争或较小的利润率,所获得的回报并不高。因此,由于这些趋势通常不利于创造多倍回报,如果事态继续发展,我们不会对茂业商业成为其中之一抱有期望。

Our Take On Maoye Commercial's ROCE

我们对茂业商业的ROCE的看法

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Long term shareholders who've owned the stock over the last five years have experienced a 18% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

最终,在相同数量资本上较低回报的趋势通常并不表明我们正在看一家增长型股票。在过去五年里持有该股票的长期股东经历了18%的投资折价,所以市场似乎也不喜欢这些趋势。在这些领域的基本趋势不佳的情况下,我们可能会考虑寻找其他投资机会。

Maoye Commercial does come with some risks though, we found 5 warning signs in our investment analysis, and 2 of those are concerning...

尽管茂业商业存在一些风险,但在我们的投资分析中发现了5个警示信号,其中有2个令人担忧...

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

对于喜欢投资稳健公司的人,请查看这份具有稳健资产负债表和高权益回报的公司免费列表。

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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.

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Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

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