Returns At Guangdong Construction Engineering Group (SZSE:002060) Appear To Be Weighed Down
Returns At Guangdong Construction Engineering Group (SZSE:002060) Appear To Be Weighed Down
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Guangdong Construction Engineering Group (SZSE:002060), it didn't seem to tick all of these boxes.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?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。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,當我們查看廣東建工集團(SZSE:002060)時,它似乎並沒有勾選所有這些方框。
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. The formula for this calculation on Guangdong Construction Engineering Group is:
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。廣東建工集團的計算公式爲:
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)
0.058 = CN¥2.0b ÷ (CN¥117b - CN¥82b) (Based on the trailing twelve months to December 2023).
0.058 = 2.0億元人民幣 ÷(117億元人民幣-82億元人民幣) (基於截至2023年12月的過去十二個月)。
So, Guangdong Construction Engineering Group has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Construction industry average of 7.0%.
因此,廣東建工集團的投資回報率爲5.8%。從絕對值來看,回報率很低,但約爲建築行業的平均水平7.0%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240312/0-6fc90df2053d40ede53bc02c0eed46c6-0-6320315c760f2a2e0d676b14b4e327a4.png/big)
In the above chart we have measured Guangdong Construction Engineering Group's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Guangdong Construction Engineering Group .
在上圖中,我們將廣東建工集團先前的投資回報率與之前的業績進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們爲廣東建工集團提供的免費分析師報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
There are better returns on capital out there than what we're seeing at Guangdong Construction Engineering Group. Over the past five years, ROCE has remained relatively flat at around 5.8% and the business has deployed 262% more capital into its operations. 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.
那裏的資本回報比我們在廣東建工集團看到的要好。在過去的五年中,投資回報率一直相對持平,約爲5.8%,該業務在運營中投入的資金增加了262%。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。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 70% of total assets, this reported ROCE would probably be less than5.8% because total capital employed would be higher.The 5.8% ROCE could be even lower if current liabilities weren't 70% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一方面,儘管投資回報率趨勢的變化可能不會引起人們的關注,但有趣的是,在過去五年中,流動負債實際上一直在增加。這很有趣,因爲如果流動負債沒有增加到總資產的70%,那麼報告的投資回報率可能會低於5.8%,因爲使用的總資本會更高。如果流動負債不佔總資產的70%,5.8%的投資回報率可能會更低,因爲該公式將顯示所使用的總資本基礎更大。此外,如此高的流動負債水平並不理想,因爲這意味着公司的供應商(或短期債權人)實際上正在爲業務的很大一部分提供資金。
In Conclusion...
總之...
In conclusion, Guangdong Construction Engineering Group has been investing more capital into the business, but returns on that capital haven't increased. And investors may be recognizing these trends since the stock has only returned a total of 32% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總之,廣東建工集團一直在向該業務投入更多資金,但該資本的回報率並未增加。投資者可能會意識到這些趨勢,因爲在過去五年中,該股總共只給股東帶來了32%的回報。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。
Guangdong Construction Engineering Group does have some risks, we noticed 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
廣東建工集團確實存在一些風險,我們注意到三個警告標誌(其中一個不容忽視),我們認爲你應該知道。
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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