Singtel could be struggling to allocate capital
Singtel could be struggling to allocate capital
What underlying fundamental trends can indicate that a company might be in decline?
哪些潛在的基本面趨勢可以表明一家公司可能正在衰落？
Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed.
衰退中的企業通常有兩個潛在趨勢，第一，衰退返回論資本充足率(ROCE)與衰退基座已動用資本的比例。
Basically, the company is earning less on its investments and it is also reducing its total assets. So after we looked into $Singtel(Z74.SG)$, the trends above didn't look too great.
基本上，該公司的投資收益減少了，總資產也在減少。所以在我們調查了$Singtel(Z74.SG)$，上述趨勢看起來並不太好。
What is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.
如果您不確定，只需澄清一下，ROCE是一種評估公司投資於其業務的資本獲得多少税前收入(按百分比計算)的指標。
To calculate this metric for Singapore Telecommunications, this is the formula:
要計算新加坡電信的此指標，請使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息税前收益(EBIT)？(總資產-流動負債)
0.028 = S$1.1b ÷ (S$48b - S$7.9b) (Based on the trailing twelve months to December 2021).
0.028新元=11億新元(480億新元-79億新元)(根據截至2021年12月的往績12個月計算).
Thus, Singapore Telecommunications has a ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Telecom industry average of 10%.
因此，新加坡電信的淨資產收益率為2.8%。歸根結底，這是一個很低的回報率，而且低於電信行業10%的平均水平。
How Are Returns Trending?
回報趨勢如何？
There is reason to be cautious about Singapore Telecommunications, given the returns are trending downwards. About five years ago, returns on capital were 7.9%, however, they're now substantially lower than that as we saw above.
鑑於新加坡電信的回報率呈下降趨勢，我們有理由對其持謹慎態度。大約五年前，資本回報率為7.9%，但現在大大低於我們上面看到的水平。
Meanwhile, capital employed in the business has stayed roughly flat over the period. 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.
與此同時，在這段時間裏，該業務使用的資本大致持平。這一組合可能表明，一家成熟的企業仍有需要配置資本的領域，但由於潛在的新競爭或利潤率較低，獲得的回報並不那麼高。
So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Singapore Telecommunications becoming one if things continue as they have.
因此，由於這些趨勢通常不利於創建一個多個袋子，如果事情繼續下去，我們不會屏息於新加坡電信成為一個袋子。
In Conclusion...
總之..。
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.
歸根結底，同樣數額的資本回報率下降的趨勢，通常並不意味着我們看到的是一隻成長型股票。
Long-term shareholders who've owned the stock over the last five years have experienced a 13% depreciation in their investment, so it appears the market might not like these trends either.
過去五年持有該股的長期股東的投資貶值了13%，因此市場似乎也不喜歡這些趨勢。
That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
在這種情況下，除非潛在趨勢恢復到更積極的軌道，否則我們會考慮將目光投向其他地方。
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.
本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。