Sinotruk (Hong Kong) (HKG:3808) Could Be Struggling To Allocate Capital
Sinotruk (Hong Kong) (HKG:3808) Could Be Struggling To Allocate Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Sinotruk (Hong Kong) (HKG:3808) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一隻多袋股票,我們應該在企業中尋找哪些潛在趨勢?首先,我們想確定一個不斷增長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。話雖如此,乍一看中國重汽(香港)(HKG: 3808),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. Analysts use this formula to calculate it for Sinotruk (Hong Kong):
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算中國重汽(香港)的價格:
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)
0.073 = CN¥3.4b ÷ (CN¥112b - CN¥66b) (Based on the trailing twelve months to June 2023).
0.073 = CN¥3.4b ≤(CN¥112b-CN¥66b) (基於截至 2023 年 6 月的過去十二個月)。
So, Sinotruk (Hong Kong) has an ROCE of 7.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 7.4%.
因此,中國重汽(香港)的投資回報率爲7.3%。這本身就是很低的資本回報率,但與該行業7.4%的平均回報率一致。
See our latest analysis for Sinotruk (Hong Kong)
查看我們對中國重汽(香港)的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231206/0-4393faeb1880dddb133c237ee82a6ad0-0-aa4994d6f321e1eb30c5ca3dd5a23ef6.png/big)
Above you can see how the current ROCE for Sinotruk (Hong Kong) compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到中國重汽(香港)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。如果您有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
What Can We Tell From Sinotruk (Hong Kong)'s ROCE Trend?
我們可以從中國重汽(香港)的投資回報率趨勢中看出什麼?
When we looked at the ROCE trend at Sinotruk (Hong Kong), we didn't gain much confidence. Around five years ago the returns on capital were 20%, but since then they've fallen to 7.3%. 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們查看中國重汽(香港)的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲20%,但此後已降至7.3%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東將受益。
On a side note, Sinotruk (Hong Kong)'s current liabilities are still rather high at 59% of total assets. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一句,中國重汽(香港)的流動負債仍然相當高,佔總資產的59%。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。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。
What We Can Learn From Sinotruk (Hong Kong)'s ROCE
我們可以從中國重汽(香港)的ROCE中學到什麼
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Sinotruk (Hong Kong). Furthermore the stock has climbed 63% over the last five years, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.
儘管短期內資本回報率有所下降,但我們認爲中國重汽(香港)的收入和所用資本均有所增加是有希望的。此外,該股在過去五年中上漲了63%,看來投資者對未來持樂觀態度。因此,如果這些增長趨勢繼續下去,我們將對該股的未來持樂觀態度。
Sinotruk (Hong Kong) could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
中國重汽(香港)可能在其他方面以誘人的價格進行交易,因此您可能會發現我們在我們平台上的免費內在價值估算非常有價值。
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。