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CK Infrastructure Holdings' (HKG:1038) Returns Have Hit A Wall

CK Infrastructure Holdings' (HKG:1038) Returns Have Hit A Wall

長江基礎設施控股公司 (HKG: 1038) 的回報已陷入困境
Simply Wall St ·  2023/11/27 09:36

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating CK Infrastructure Holdings (HKG:1038), we don't think it's current trends fit the mold of a multi-bagger.

如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投資更多的資本,理想情況下,從這些資本中獲得的回報也在增加。基本上,這意味着一家公司有可以繼續進行再投資的盈利計劃,這是複合機的一個特徵。但是,在調查了CK Infrastructure Holdings(HKG: 1038)之後,我們認爲目前的趨勢不符合多袋公司的模式。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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. To calculate this metric for CK Infrastructure Holdings, this is the formula:

如果您不確定,可以澄清一下,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。要計算CK Infrastructure Holdings的這個指標,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)

0.021 = HK$3.3b ÷ (HK$166b - HK$9.0b) (Based on the trailing twelve months to June 2023).

0.021 = 33 億港元 ε(1660 億港元至 90 億港元) (基於截至 2023 年 6 月的過去十二個月)

Therefore, CK Infrastructure Holdings has an ROCE of 2.1%. Ultimately, that's a low return and it under-performs the Electric Utilities industry average of 5.3%.

因此,CK基礎設施控股公司的投資回報率爲2.1%。歸根結底,這是一個低迴報,其表現低於電力公用事業行業5.3%的平均水平。

View our latest analysis for CK Infrastructure Holdings

查看我們對CK基礎設施控股公司的最新分析

roce
SEHK:1038 Return on Capital Employed November 27th 2023
香港交易所:1038 已動用資本回報率 2023 年 11 月 27 日

Above you can see how the current ROCE for CK Infrastructure Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering CK Infrastructure Holdings here for free.

在上方你可以看到CK Infrastructure Holdings當前的投資回報率與之前的資本回報率相比如何,但從過去可以看出來只有這麼多。如果你願意,你可以在這裏免費查看分析師對CK Infrastructure Holdings的預測。

How Are Returns Trending?

退貨趨勢如何?

There hasn't been much to report for CK Infrastructure Holdings' returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if CK Infrastructure Holdings doesn't end up being a multi-bagger in a few years time. On top of that you'll notice that CK Infrastructure Holdings has been paying out a large portion (72%) 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.

關於CK Infrastructure Holdings的回報及其資本使用水平,沒有太多可報告的內容,因爲這兩個指標在過去五年中一直保持穩定。具有這些特徵的企業往往會成熟而穩定的運營,因爲它們已經過了增長階段。因此,如果幾年後CK Infrastructure Holdings最終沒有成爲一家多功能公司,也不要感到驚訝。最重要的是,你會注意到CK Infrastructure Holdings已經以股息的形式向股東支付了很大一部分(72%)的收益。這些成熟的企業通常有可靠的收益,沒有太多地方可以再投資,因此下一個最佳選擇是將收益存入股東的口袋。

The Key Takeaway

關鍵要點

We can conclude that in regards to CK Infrastructure Holdings' returns on capital employed and the trends, there isn't much change to report on. And in the last five years, the stock has given away 16% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.

我們可以得出結論,就CK Infrastructure Holdings的資本使用回報率和趨勢而言,沒有太多變化可報告。在過去的五年中,該股已經下跌了16%,因此市場對這些趨勢的走強看上去並不抱太大希望。總的來說,我們並沒有受到潛在趨勢的啓發,我們認爲在其他地方找到多功能機型的可能性可能更大。

On a final note, we've found 1 warning sign for CK Infrastructure Holdings that we think you should be aware of.

最後一點,我們發現了CK Infrastructure Holdings的1個警告信號,我們認爲你應該注意這些信號。

While CK Infrastructure Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

儘管CK Infrastructure Holdings目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這份免費清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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