Returns On Capital At Tingyi (Cayman Islands) Holding (HKG:322) Have Hit The Brakes
Returns On Capital At Tingyi (Cayman Islands) Holding (HKG:322) Have Hit The Brakes
0.13 = CN¥3.6b ÷ (CN¥59b - CN¥32b) (Based on the trailing twelve months to June 2023).There are a few key trends to look for if we want to identify the next multi-bagger. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Tingyi (Cayman Islands) Holding (HKG:322) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要識別下一個多袋子，有幾個關鍵趨勢需要尋找。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。基本上，這意味著一家公司有盈利的舉措，可以繼續進行再投資，這是復合機器的一個特點。話雖如此，從第一眼看康師傅控股(開曼群島)控股(HKG：322）我們並不是從椅子上跳起來看到回報率的趨勢，但讓我們更深入地瞭解一下。
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. To calculate this metric for Tingyi (Cayman Islands) Holding, this is the formula:
對於那些不確定ROCE是什麼的人來說，它衡量的是一家公司可以從其業務中使用的資本中產生的稅前利潤。為了計算康師傅（開曼群島）控股的這一指標，下面是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)？(總資產-流動負債)
0.13 = CN¥3.6b ÷ (CN¥59b - CN¥32b) (Based on the trailing twelve months to June 2023).
0.13= CN¥3.6b（CN¥59b - CN¥32b）(根據截至2023年6月的往績12個月計算)。
Therefore, Tingyi (Cayman Islands) Holding has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 9.3% it's much better.
所以呢，康師傅（開曼群島）控股的ROCE為13%。從絕對值來看，這是一個令人滿意的回報，但與食品行業9.3%的平均水準相比，這要好得多。
View our latest analysis for Tingyi (Cayman Islands) Holding
查看我們對康師傅控股(開曼群島)控股的最新分析
Above you can see how the current ROCE for Tingyi (Cayman Islands) Holding compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Tingyi (Cayman Islands) Holding.
從上圖可以看出康師傅控股（開曼群島）目前的ROCE與之前的資本回報率相比如何，但從過去的情況來看，你只能知道這麼多。如果您想了解分析師對未來的預測，請查看我們的免費康師傅（開曼群島）控股有限公司的報告。
So How Is Tingyi (Cayman Islands) Holding's ROCE Trending?
康師傅（開曼群島）控股的ROCE趨勢如何？
Things have been pretty stable at Tingyi (Cayman Islands) Holding, with its capital employed and returns on that capital staying somewhat the same for the last five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect Tingyi (Cayman Islands) Holding to be a multi-bagger going forward. On top of that you'll notice that Tingyi (Cayman Islands) Holding has been paying out a large portion (100%) of earnings in the form of dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
康師傅控股（開曼群島）的情況一直相當穩定，其資本使用和資本回報在過去五年中保持不變。這並不罕見，當看到一個成熟和穩定的企業，不重新投資其收益，因為它可能已經通過了商業週期的這一階段。考慮到這一點，除非投資在未來再次回升，否則我們不希望康師傅（開曼群島）控股公司成為一個多袋前進。最重要的是，你會注意到康師傅（開曼群島）控股公司一直在以股息的形式向股東支付大部分（100%）收益。這些成熟的企業通常有可靠的收益，而且沒有太多的地方可以再投資，因此次佳選擇是將收益放入股東的口袋。
Another thing to note, Tingyi (Cayman Islands) Holding has a high ratio of current liabilities to total assets of 55%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一點需要注意的是，康師傅（開曼群島）控股的流動負債佔總資產的比例高達55%。這可能會帶來一些風險，因為公司基本上是在相當大的程度上依賴其供應商或其他類型的短期債權人的情況下運營的。雖然這不一定是一件壞事，但如果這個比例較低，它可能是有益的。
The Bottom Line
底線
We can conclude that in regards to Tingyi (Cayman Islands) Holding's returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 21% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
我們可以得出結論，關於康師傅（開曼群島）控股公司的資本回報率和趨勢，沒有太大的變化報告。在過去五年裡，該公司的股票回報率僅為21%，你可以說他們已經意識到了這些黯淡的趨勢。因此，如果您正在尋找一個多袋，我們建議看看其他選擇。
One more thing to note, we've identified 1 warning sign with Tingyi (Cayman Islands) Holding and understanding it should be part of your investment process.
還有一件事需要注意，我們已經確定了1個個警告標誌與康師傅（開曼群島）控股有限公司合作，並瞭解它應該是您投資過程的一部分。
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.