China Tower (HKG:788) Will Be Hoping To Turn Its Returns On Capital Around
China Tower (HKG:788) Will Be Hoping To Turn Its Returns On Capital Around
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think China Tower (HKG:788) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,在簡短地查看了這些數字之後,我們認爲中國鐵塔(HKG: 788)在未來不具備多袋裝貨商的實力,但讓我們來看看爲什麼會這樣。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on China Tower is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。中國鐵塔的計算公式爲:
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)
0.062 = CN¥16b ÷ (CN¥318b - CN¥61b) (Based on the trailing twelve months to September 2023).
0.062 = 160億元人民幣 ÷(318億元人民幣-61億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, China Tower has an ROCE of 6.2%. In absolute terms, that's a low return and it also under-performs the Telecom industry average of 8.1%.
因此,中國鐵塔的投資回報率爲6.2%。從絕對值來看,這是一個低迴報,其表現也低於電信行業8.1%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240318/0-c679330e4bba7b34b0180af66c69dee0-0-77d2d9c2c65e0a8b2bce930a0ded696a.png/big)
Above you can see how the current ROCE for China Tower 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 China Tower for free.
上面你可以看到中國鐵塔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,你可以免費查看報道中國鐵塔的分析師的預測。
What Does the ROCE Trend For China Tower Tell Us?
中國鐵塔的投資回報率趨勢告訴我們什麼?
When we looked at the ROCE trend at China Tower, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 6.2% from 8.0% five years ago. However it looks like China Tower might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看中國鐵塔的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率從五年前的8.0%降至6.2%。但是,看來中國鐵塔可能正在進行再投資以實現長期增長,因爲儘管資本使用量有所增加,但該公司的銷售額在過去12個月中沒有太大變化。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a related note, China Tower has decreased its current liabilities to 19% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
與此相關的是,中國鐵塔已將其流動負債減少至總資產的19%。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
Our Take On China Tower's ROCE
我們對中國鐵塔投資回報率的看法
To conclude, we've found that China Tower is reinvesting in the business, but returns have been falling. And in the last five years, the stock has given away 44% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,我們發現中國鐵塔正在對該業務進行再投資,但回報率一直在下降。在過去的五年中,該股已經下跌了44%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總的來說,我們對潛在趨勢的啓發不大,我們認爲在其他地方找到多袋裝機的可能性更大。
China Tower does have some risks though, and we've spotted 2 warning signs for China Tower that you might be interested in.
不過,中國鐵塔確實存在一些風險,我們已經發現了兩個你可能會感興趣的中國鐵塔警告標誌。
While China Tower 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.
儘管中國鐵塔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。