Returns On Capital Signal Tricky Times Ahead For Shanghai Chlor-Alkali Chemical (SHSE:600618)
Returns On Capital Signal Tricky Times Ahead For Shanghai Chlor-Alkali Chemical (SHSE:600618)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Shanghai Chlor-Alkali Chemical (SHSE:600618) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要找到一個潛在的多管齊下的人,往往有潛在的趨勢可以提供線索。一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加,同時也在增長金額已動用資本的比例。這向我們表明,它是一臺復合機器,能夠不斷地將其收益再投資於企業,並產生更高的回報。話雖如此,從第一眼看上海氯鹼化工(上海證券交易所:600618)我們不會因為回報率的趨勢而從椅子上跳起來,但讓我們更深入地看看。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Shanghai Chlor-Alkali Chemical:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。分析師用這個公式計算上海氯鹼化工的價格:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.069 = CN¥667m ÷ (CN¥12b - CN¥2.3b) (Based on the trailing twelve months to June 2023).
0.069=CN元6.67億?(CN元120B-CN元23億)(根據截至2023年6月的往績12個月計算)。
So, Shanghai Chlor-Alkali Chemical has an ROCE of 6.9%. In absolute terms, that's a low return but it's around the Chemicals industry average of 5.9%.
所以,上海氯鹼化工的淨資產收益率為6.9%。按絕對值計算,這是一個較低的回報率,但約為化工行業5.9%的平均水準。
View our latest analysis for Shanghai Chlor-Alkali Chemical
查看我們對上海氯鹼化工的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230920/0-1901529dc1c9436ce4eafc7367391a06-0-3b4fe58534b83de1afc36bc42ed8668f.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shanghai Chlor-Alkali Chemical's ROCE against it's prior returns. If you're interested in investigating Shanghai Chlor-Alkali Chemical's past further, check out this free graph of past earnings, revenue and cash flow.
當研究一隻股票時,歷史表現是一個很好的起點,因為在歷史表現之上,你可以看到上海氯鹼化工的ROCE相對於它之前的回報的指標。如果您有興趣進一步調查上海氯鹼化工公司的過去,請查看以下內容免費過去收益、收入和現金流的圖表。
What Can We Tell From Shanghai Chlor-Alkali Chemical's ROCE Trend?
從上海氯鹼化工的ROCE趨勢可以看出什麼?
In terms of Shanghai Chlor-Alkali Chemical's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 26% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
就上海氯鹼化工歷史上的ROCE運動而言,這一趨勢並不美妙。更具體地說,ROCE在過去五年中從26%下降。考慮到該公司在收入下滑的情況下僱傭了更多的資本,這有點令人擔憂。如果這種情況持續下去,你可能會看到這樣一家公司,它正試圖通過再投資實現增長,但由於銷售額沒有增長,實際上正在失去市場份額。
On a related note, Shanghai Chlor-Alkali Chemical has decreased its current liabilities to 19% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外,上海氯鹼化工已將流動負債降至總資產的19%。因此,我們可以將其中一些因素與淨資產收益率的下降聯繫起來。實際上,這意味著它們的供應商或短期債權人減少了對業務的融資,這降低了一些風險因素。由於企業基本上是用自有資金為更多的運營提供資金,你可以說這降低了企業產生淨資產收益率的效率。
In Conclusion...
總之..。
We're a bit apprehensive about Shanghai Chlor-Alkali Chemical because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 49% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我們對上海氯鹼化工有點擔心,因為儘管該業務投入了更多資本,但資本回報率和銷售額都有所下降。然而,儘管存在這些基本面問題,該股在過去五年中表現強勁,回報率為49%,因此投資者似乎非常樂觀。無論如何,我們對基本面感到不太舒服,所以我們現在會避開這只股票。
If you'd like to know about the risks facing Shanghai Chlor-Alkali Chemical, we've discovered 2 warning signs that you should be aware of.
如果您想了解上海氯鹼化工面臨的風險,我們發現2個個警告標誌這一點你應該知道.
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.
如果你想尋找收入豐厚的可靠公司,看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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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.