Sinotrans (HKG:598) Has Some Way To Go To Become A Multi-Bagger
Sinotrans (HKG:598) Has Some Way To Go To Become A Multi-Bagger
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Sinotrans (HKG:598), it didn't seem to tick all of these boxes.
如果我們想確定可以長期成倍增長的股票,我們應該尋找什麼趨勢?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。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。但是,當我們查看中國外運(HKG: 598)時,它似乎並沒有勾選所有這些方框。
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. To calculate this metric for Sinotrans, this is the formula:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算中國外運的這個指標,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)
0.049 = CN¥2.3b ÷ (CN¥80b - CN¥33b) (Based on the trailing twelve months to September 2023).
0.049 = 23億元人民幣 ÷(80億元人民幣-33億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, Sinotrans has an ROCE of 4.9%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.1%.
因此,中國外運的投資回報率爲4.9%。這本身就是很低的資本回報率,但與該行業5.1%的平均回報率一致。
View our latest analysis for Sinotrans
查看我們對中國外運的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240113/0-ba6248a6120da0a6db7458e6e1824c88-0-d8b46881c5be58a6f607908a380cac43.png/big)
Above you can see how the current ROCE for Sinotrans 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 Sinotrans here for free.
上面你可以看到中國外運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報道中國外運的分析師的預測。
What Does the ROCE Trend For Sinotrans Tell Us?
中國外運的投資回報率趨勢告訴我們什麼?
Over the past five years, Sinotrans' ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Sinotrans in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. This probably explains why Sinotrans is paying out 38% of its income to shareholders in the form of dividends. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.
在過去的五年中,中國外運的投資回報率和所用資本基本保持不變。這告訴我們該公司沒有對自己進行再投資,因此它已經過了增長階段是合理的。因此,除非我們看到中外運在投資回報率方面發生重大變化並進行額外投資,否則我們不會屏住呼吸成爲一家多口袋公司。這也許可以解釋爲什麼中國外運以股息的形式將其收入的38%支付給股東。除非企業有極具吸引力的增長機會,否則他們通常會向股東返還一些錢。
On a side note, Sinotrans' current liabilities are still rather high at 41% 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,中國外運的流動負債仍然相當高,佔總資產的41%。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。
The Bottom Line On Sinotrans' ROCE
中國外運投資回報率的底線
In a nutshell, Sinotrans has been trudging along with the same returns from the same amount of capital over the last five years. Although the market must be expecting these trends to improve because the stock has gained 58% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
簡而言之,在過去的五年中,中國外運一直在努力從相同數量的資本中獲得同樣的回報。儘管市場必須預期這些趨勢會有所改善,因爲該股在過去五年中上漲了58%。歸根結底,如果潛在的趨勢持續下去,我們就不會屏住呼吸了,因爲它是未來的 “多管齊下”。
On a final note, we've found 1 warning sign for Sinotrans that we think you should be aware of.
最後,我們發現了中國外運的1個警告信號,我們認爲您應該注意這一點。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。