Guoco Group's (HKG:53) Returns On Capital Not Reflecting Well On The Business
Guoco Group's (HKG:53) Returns On Capital Not Reflecting Well On The Business
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Guoco Group (HKG:53), we weren't too upbeat about how things were going.
如果我們想避開一家衰退的企業,那麼有哪些趨勢可以提前警告我們?當我們看到下降時 返回 在資本使用率(ROCE)的下降的同時 基礎 在使用的資本中,成熟的企業通常就是這樣顯示出老齡化跡象的。這表明該公司從投資中獲得的利潤減少了,其總資產也在減少。從這個角度來看,縱觀國浩集團(HKG: 53),我們對事情的進展並不太樂觀。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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. To calculate this metric for Guoco Group, this is the formula:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。要計算國浩集團的該指標,公式如下:
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)
0.022 = US$282m ÷ (US$17b - US$3.7b) (Based on the trailing twelve months to December 2022).
0.022 = 2.82 億美元 ¥(170 億美元至 37 億美元) (基於截至2022年12月的過去十二個月)。
Thus, Guoco Group has an ROCE of 2.2%. In absolute terms, that's a low return but it's around the Industrials industry average of 2.5%.
因此,國浩集團的投資回報率爲2.2%。從絕對值來看,這是一個很低的回報,但約爲工業行業的平均水平,爲2.5%。
Check out our latest analysis for Guoco Group
查看我們對國浩集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231122/0-1d77357727dd0962c9164f4120353901-0-2e9917e85cf0b06f8c22d7a3cfb9c092.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Guoco Group's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Guoco Group, check out these free graphs here.
在研究股票時,歷史表現是一個不錯的起點,因此在上方你可以看到國浩集團投資回報率與先前回報率的衡量標準。如果您想深入了解國浩集團的歷史收益、收入和現金流,請在此處查看這些免費圖表。
How Are Returns Trending?
退貨趨勢如何?
We are a bit worried about the trend of returns on capital at Guoco Group. To be more specific, the ROCE was 6.5% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Guoco Group to turn into a multi-bagger.
我們對國浩集團的資本回報率趨勢有些擔憂。更具體地說,五年前投資回報率爲6.5%,但此後已明顯下降。在資本使用方面,該企業使用的資本量與當時大致相同。由於回報率下降且該企業使用的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中增長幅度不大。如果這些趨勢持續下去,我們預計國浩集團不會變成一家多功能公司。
The Key Takeaway
關鍵要點
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors haven't taken kindly to these developments, since the stock has declined 34% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
總而言之,使用相同數額的資本所產生的較低迴報並不完全是複合機器的跡象。投資者對這些事態發展並不友善,因爲該股已從五年前下跌了34%。鑑於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Guoco Group (of which 1 is a bit unpleasant!) that you should know about.
由於幾乎每家公司都面臨一些風險,因此值得了解這些風險是什麼,我們已經發現了國浩集團的4個警告信號(其中1個有點令人不快!)你應該知道的。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。