Returns On Capital At CSD Water Service (SHSE:603903) Paint A Concerning Picture
Returns On Capital At CSD Water Service (SHSE:603903) Paint A Concerning Picture
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at CSD Water Service (SHSE:603903) and its ROCE trend, we weren't exactly thrilled.
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?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 的已動用資本。如果你看到這一點,那通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。有鑑於此,當我們查看CSD Water Service(SHSE: 603903)及其投資回報率趨勢時,我們並不感到非常興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. The formula for this calculation on CSD Water Service is:
對於那些不確定ROCE是什麼的人來說,它衡量的是公司從業務中使用的資本中可以產生的稅前利潤額。CSD 水務局的計算公式爲:
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)
0.071 = CN¥201m ÷ (CN¥4.6b - CN¥1.7b) (Based on the trailing twelve months to September 2023).
0.071 = 人民幣 201 萬元 ≤(CN¥46B-CN¥1.7b) (基於截至2023年9月的過去十二個月)。
Thus, CSD Water Service has an ROCE of 7.1%. On its own that's a low return, but compared to the average of 5.3% generated by the Commercial Services industry, it's much better.
因此,CSD水務局的投資回報率爲7.1%。就其本身而言,回報率很低,但與商業服務行業的平均回報率5.3%相比,要好得多。
See our latest analysis for CSD Water Service
查看我們對CSD水務的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231130/0-6af09a1758538d63a6e646dd3f35bbdf-0-e4a87f871cf4e7a50a690b7f35eb788d.png/big)
Above you can see how the current ROCE for CSD Water Service 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 CSD Water Service.
在上方你可以看到CSD Water Service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。如果你想了解分析師對未來的預測,你應該查看我們爲CSD Water Service提供的免費報告。
The Trend Of ROCE
ROCE 的趨勢
In terms of CSD Water Service's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 7.1% from 11% 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 may take some time before the company starts to see any change in earnings from these investments.
就CSD Water Service的歷史投資回報率變動而言,這種趨勢並不理想。在過去五年中,資本回報率已從五年前的11%降至7.1%。另一方面,去年該公司一直在使用更多資金,但銷售額沒有相應改善,這可能表明這些投資是長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
Our Take On CSD Water Service's ROCE
我們對CSD水務局投資回報率的看法
In summary, CSD Water Service is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors may be recognizing these trends since the stock has only returned a total of 6.7% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之,CSD Water Service正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者可能已經意識到這些趨勢,因爲該股在過去五年中僅爲股東帶來了6.7%的回報。因此,如果你正在尋找一款多功能遊戲,那麼潛在的趨勢表明你在其他地方可能有更好的機會。
One more thing: We've identified 2 warning signs with CSD Water Service (at least 1 which is a bit unpleasant) , and understanding these would certainly be useful.
還有一件事:我們已經在CSD Water Service發現了兩個警告信號(至少有一個有點不愉快),了解這些信號肯定會很有用。
While CSD Water Service isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管CSD Water Service的回報率不是最高的,但請查看這份資產負債表穩健且股本回報率高的公司的免費名單。
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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。