Return Trends At Jiangsu Phoenix Publishing & Media (SHSE:601928) Aren't Appealing
Return Trends At Jiangsu Phoenix Publishing & Media (SHSE:601928) Aren't Appealing
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. In light of that, when we looked at Jiangsu Phoenix Publishing & Media (SHSE:601928) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到潛在的多袋裝貨商,通常有潛在的趨勢可以提供線索。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,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。有鑑於此,當我們研究江蘇鳳凰出版傳媒(SHSE: 601928)及其投資回報率趨勢時,我們並不十分興奮。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Jiangsu Phoenix Publishing & Media:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。分析師使用這個公式來計算江蘇鳳凰出版傳媒的利潤:
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)
0.077 = CN¥1.5b ÷ (CN¥31b - CN¥11b) (Based on the trailing twelve months to September 2023).
0.077 = 15億元人民幣 ÷(31億元人民幣-11億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Jiangsu Phoenix Publishing & Media has an ROCE of 7.7%. In absolute terms, that's a low return, but it's much better than the Media industry average of 4.9%.
因此,江蘇鳳凰出版傳媒的投資回報率爲7.7%。從絕對值來看,回報率很低,但比媒體行業平均水平的4.9%要好得多。
View our latest analysis for Jiangsu Phoenix Publishing & Media
查看我們對江蘇鳳凰出版傳媒的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240126/0-331af19a57ddcecb33334e1314ad8d87-0-55e55dd91f2ce08b81c83c7989895865.png/big)
In the above chart we have measured Jiangsu Phoenix Publishing & Media's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Jiangsu Phoenix Publishing & Media.
在上圖中,我們將江蘇鳳凰出版傳媒先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們爲江蘇鳳凰出版傳媒提供的免費報告。
What Can We Tell From Jiangsu Phoenix Publishing & Media's ROCE Trend?
我們可以從江蘇鳳凰出版傳媒的ROCE趨勢中得出什麼?
The returns on capital haven't changed much for Jiangsu Phoenix Publishing & Media in recent years. The company has consistently earned 7.7% for the last five years, and the capital employed within the business has risen 31% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
近年來,江蘇鳳凰出版傳媒的資本回報率沒有太大變化。在過去五年中,該公司的收入一直保持在7.7%,在此期間,公司內部使用的資本增長了31%。這種糟糕的投資回報率目前並不能激發信心,隨着所用資本的增加,很明顯,該企業沒有將資金部署到高回報的投資中。
What We Can Learn From Jiangsu Phoenix Publishing & Media's ROCE
我們可以從江蘇鳳凰出版傳媒的ROCE中學到什麼
In summary, Jiangsu Phoenix Publishing & Media has simply been reinvesting capital and generating the same low rate of return as before. Although the market must be expecting these trends to improve because the stock has gained 56% 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.
總而言之,江蘇鳳凰出版傳媒只是在進行資本再投資,併產生了與以前一樣低的回報率。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56%。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 2 warning signs for Jiangsu Phoenix Publishing & Media that we think you should be aware of.
最後,我們發現了江蘇鳳凰出版傳媒的兩個警告信號,我們認爲您應該注意這些信號。
While Jiangsu Phoenix Publishing & Media 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.
儘管江蘇鳳凰出版傳媒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。在這裏查看這個免費清單。
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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。