Hengsheng Energy (SHSE:605580) May Have Issues Allocating Its Capital
Hengsheng Energy (SHSE:605580) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Hengsheng Energy (SHSE:605580), it didn't seem to tick all of these boxes.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票?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。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。但是,當我們查看恒盛能源(SHSE: 605580)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?
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. To calculate this metric for Hengsheng Energy, this is the formula:
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。要計算恒盛能源的這個指標,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)
0.15 = CN¥156m ÷ (CN¥1.3b - CN¥256m) (Based on the trailing twelve months to September 2023).
0.15 = 1.56億元人民幣 ÷(13億元人民幣-2.56億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Hengsheng Energy has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Integrated Utilities industry average of 5.0% it's much better.
因此,恒盛能源的投資回報率爲15%。從絕對值來看,這是一個令人滿意的回報,但與綜合公用事業行業平均水平的5.0%相比,回報要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240315/0-475d8aa8fdaa6cb459885945972062b9-0-d4fb4a13fd508b84e4db7ac51dec1dd0.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hengsheng Energy's ROCE against it's prior returns. If you're interested in investigating Hengsheng Energy's past further, check out this free graph covering Hengsheng Energy's past earnings, revenue and cash flow.
在研究股票時,歷史表現是一個很好的起點,因此在上面你可以看到衡量恒盛能源投資回報率與先前回報率的對比。如果你有興趣進一步調查恒盛能源的過去,請查看這張涵蓋恒盛能源過去的收益、收入和現金流的免費圖表。
What Does the ROCE Trend For Hengsheng Energy Tell Us?
恒盛能源的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Hengsheng Energy doesn't inspire confidence. Around five years ago the returns on capital were 35%, but since then they've fallen to 15%. 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 may take some time before the company starts to see any change in earnings from these investments.
從表面上看,恒盛能源的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲35%,但此後已降至15%。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。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a related note, Hengsheng Energy has decreased its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,恒盛能源已將其流動負債減少至總資產的20%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Key Takeaway
關鍵要點
In summary, Hengsheng Energy is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has gained an impressive 8.6% over the last year, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之,恒盛能源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。由於該股去年上漲了令人印象深刻的8.6%,投資者一定認爲會有更好的事情發生。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。
On a final note, we found 2 warning signs for Hengsheng Energy (1 is a bit unpleasant) you should be aware of.
最後,我們發現了恒盛能源的兩個警告信號(其中一個有點不愉快),你應該注意。
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。