Investors Could Be Concerned With HBIS' (SZSE:000709) Returns On Capital
Investors Could Be Concerned With HBIS' (SZSE:000709) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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 HBIS (SZSE:000709) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。如果你看到這一點,這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,當我們研究匯豐銀行(深圳證券交易所代碼:000709)及其投資回報率趨勢時,我們並不十分興奮。
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 HBIS is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。在 HBIS 上進行此計算的公式爲:
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)
0.049 = CN¥5.7b ÷ (CN¥257b - CN¥140b) (Based on the trailing twelve months to September 2023).
0.049 = 57億元人民幣 ÷(257億元人民幣-140億元人民幣) (基於截至2023年9月的過去十二個月)。
So, HBIS has an ROCE of 4.9%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 6.2%.
因此,HBIS的投資回報率爲4.9%。歸根結底,這是一個低迴報,其表現低於金屬和採礦業6.2%的平均水平。
Check out our latest analysis for HBIS
查看我們對HBIS的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231206/0-a48847e3bf1f5522f097bad78d40861e-0-62f262e6ad4ce588c7c23105e3ca0f5f.png/big)
Above you can see how the current ROCE for HBIS 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 HBIS here for free.
上面你可以看到HBIS當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看分析師對HBIS的預測。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at HBIS doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 4.9%. 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,HBIS的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲11%,但此後已降至4.9%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
Another thing to note, HBIS has a high ratio of current liabilities to total assets of 54%. 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.
需要注意的另一件事是,HBIS的流動負債與總資產的比率很高,爲54%。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。
What We Can Learn From HBIS' ROCE
我們可以從 HBIS 的 ROCE 中學到什麼
In summary, HBIS is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 17% 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.
總而言之,HBIS正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。在過去的五年中,該股已經下跌了17%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總的來說,我們對潛在趨勢的啓發不大,我們認爲在其他地方找到多袋裝機的可能性更大。
One final note, you should learn about the 3 warning signs we've spotted with HBIS (including 1 which is concerning) .
最後一點是,你應該了解我們在HBIS中發現的3個警告信號(包括一個令人擔憂的信號)。
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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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。