Billion Industrial Holdings (HKG:2299) May Have Issues Allocating Its Capital
Billion Industrial Holdings (HKG:2299) May Have Issues Allocating Its Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Billion Industrial Holdings (HKG:2299), it didn't seem to tick all of these boxes.
我們應該尋找什麼樣的趨勢,我們想要找出能夠長期成倍增值的股票?在其他方面,我們希望看到兩件事;第一,不斷增長的退貨一是關於已用資本(ROCE),二是公司的金額已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。雖然,當我們看到億萬實業控股(HKG:2299),它似乎沒有勾選所有這些框。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
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. Analysts use this formula to calculate it for Billion Industrial Holdings:
對於那些不確定ROCE是什麼的人,它衡量的是一家公司可以從其業務中使用的資本產生的稅前利潤。分析師們使用這個公式來計算億利實業控股有限公司的股價:
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)
0.014 = CN¥161m ÷ (CN¥26b - CN¥15b) (Based on the trailing twelve months to June 2023).
0.014=CN元1.61億?(CN元26B-CN元15B)(根據截至2023年6月的往績12個月計算)。
Thus, Billion Industrial Holdings has an ROCE of 1.4%. Ultimately, that's a low return and it under-performs the Luxury industry average of 11%.
因此,億業控股的淨資產收益率為1.4%。歸根結底,這是一個較低的回報率,表現低於奢侈品行業11%的平均水準。
Check out our latest analysis for Billion Industrial Holdings
查看我們對億萬實業控股的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231021/0-7dfc8dc1736b6fc89f9550abd7199018-0-18e521890fc7d837ed31ad2cf75cb33e.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Billion Industrial Holdings has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
雖然過去並不代表未來,但瞭解一家公司歷史上的表現是有幫助的,這就是為什麼我們有上面的圖表。如果你想看看十億實業控股過去在其他指標上的表現,你可以查看以下內容免費過去收益、收入和現金流的圖表。
What Does the ROCE Trend For Billion Industrial Holdings Tell Us?
億萬實業控股的ROCE趨勢告訴了我們什麼?
On the surface, the trend of ROCE at Billion Industrial Holdings doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.4% from 14% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,億萬實業控股的ROCE趨勢並沒有激發人們的信心。過去五年,資本回報率從五年前的14%降至1.4%。另一方面,該公司一直在使用更多的資本,但去年的銷售額沒有相應的改善,這可能表明這些投資是更長期的投資。從現在開始,值得密切關注該公司的收益,看看這些投資最終是否真的為利潤做出了貢獻。
Another thing to note, Billion Industrial Holdings has a high ratio of current liabilities to total assets of 58%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一件需要注意的事情是,億萬實業控股的流動負債與總資產的比率很高,達到58%。這實際上意味著供應商(或短期債權人)正在為很大一部分業務提供資金,因此只需意識到這可能會帶來一些風險因素。理想情況下,我們希望看到這一比例降低,因為這將意味著承擔風險的債務更少。
The Bottom Line
底線
Bringing it all together, while we're somewhat encouraged by Billion Industrial Holdings' reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 48% over the last five years, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
綜上所述,雖然十億實業控股對自己業務的再投資多少讓我們感到鼓舞,但我們意識到回報正在縮水。由於該股在過去五年中下跌了48%,投資者對這一趨勢的改善可能也不是太樂觀。總體而言,我們不太受潛在趨勢的鼓舞,我們認為在其他地方可能會有更好的機會找到多個袋子。
If you'd like to know more about Billion Industrial Holdings, we've spotted 2 warning signs, and 1 of them makes us a bit uncomfortable.
如果你想了解更多關於億萬實業控股的資訊,我們已經發現2個警示標誌,其中的一個讓我們有點不舒服。
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.
對於那些喜歡投資於穩固的公司,看看這個免費資產負債表穩健、股本回報率高的公司名單。
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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.