Dongguan Development (Holdings) (SZSE:000828) Might Be Having Difficulty Using Its Capital Effectively
Dongguan Development (Holdings) (SZSE:000828) Might Be Having Difficulty Using Its Capital Effectively
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Dongguan Development (Holdings) (SZSE:000828) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想確定可以長期價值成倍增長的股票,我們應該尋找什麼趨勢?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。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。話雖如此,乍一看東莞發展(控股)(深交所股票代碼:000828),我們並不是在忽略回報趨勢,而是讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Dongguan Development (Holdings):
如果你以前沒有與ROCE合作過,它可以衡量一家公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用以下公式爲東莞發展(控股)計算得出:
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)
0.043 = CN¥965m ÷ (CN¥29b - CN¥6.6b) (Based on the trailing twelve months to September 2023).
0.043 = CN¥965m ¼(CN¥29B-CN¥6.6b) (基於截至2023年9月的過去十二個月)。
Thus, Dongguan Development (Holdings) has an ROCE of 4.3%. In absolute terms, that's a low return but it's around the Infrastructure industry average of 4.9%.
因此,東莞發展(控股)的投資回報率爲4.3%。從絕對值來看,這是一個很低的回報,但約爲基礎設施行業的平均水平,爲4.9%。
See our latest analysis for Dongguan Development (Holdings)
查看我們對東莞發展(控股)的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231128/0-0a6523d5244f2d46872e7f3905d51668-0-8e16454e00979e993c43f4e9ed785b70.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Dongguan Development (Holdings)'s ROCE against it's prior returns. If you'd like to look at how Dongguan Development (Holdings) has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
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東莞發展(控股)的投資回報率與先前回報率的衡量標準。如果您想查看東莞發展(控股)過去在其他指標上的表現,可以查看這張免費的過去收益、收入和現金流圖表。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at Dongguan Development (Holdings), we didn't gain much confidence. To be more specific, ROCE has fallen from 13% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
當我們查看東莞發展(控股)的投資回報率走勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的13%有所下降。但是,鑑於資本使用量和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,那麼這對於股票的長期表現來說是個好兆頭。
The Key Takeaway
關鍵要點
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Dongguan Development (Holdings). Furthermore the stock has climbed 62% over the last five years, it would appear that investors are upbeat about the future. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
儘管短期內資本回報率有所下降,但我們認爲東莞發展(控股)的收入和資本使用量都有所增加,這令人鼓舞。此外,該股在過去五年中上漲了62%,看來投資者對未來持樂觀態度。因此,儘管投資者已經可以解釋潛在的趨勢,但我們仍然認爲這隻股票值得進一步研究。
One more thing: We've identified 5 warning signs with Dongguan Development (Holdings) (at least 3 which are a bit concerning) , and understanding these would certainly be useful.
還有一件事:我們已經確定了東莞發展(控股)的5個警告信號(至少有3個有點令人擔憂),了解這些信號肯定會很有用。
While Dongguan Development (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.
儘管東莞發展(控股)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。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。