Zhongsheng Group Holdings (HKG:881) May Have Issues Allocating Its Capital
Zhongsheng Group Holdings (HKG:881) May Have Issues Allocating Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at Zhongsheng Group Holdings (HKG:881), it didn't seem to tick all of these boxes.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?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。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,當我們查看中升集團控股(HKG: 881)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Zhongsheng Group Holdings:
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)。分析師使用這個公式來計算中升集團控股的值:
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)
0.14 = CN¥9.1b ÷ (CN¥99b - CN¥36b) (Based on the trailing twelve months to June 2023).
0.14 = 91億元人民幣 ÷(99億元人民幣-36億元人民幣) (基於截至 2023 年 6 月的過去十二個月)。
So, Zhongsheng Group Holdings has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 9.9% generated by the Specialty Retail industry.
因此,中升集團控股的投資回報率爲14%。就其本身而言,這是標準回報,但要比專業零售行業產生的9.9%好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240322/0-5982ee824e29d0f04b2417869ec30700-0-f8551ee0b08040cc02fbf8aad19c7d92.png/big)
In the above chart we have measured Zhongsheng Group Holdings' 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 Zhongsheng Group Holdings .
在上圖中,我們將中升集團控股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。如果您有興趣,可以在我們的中盛集團控股免費分析師報告中查看分析師的預測。
What Can We Tell From Zhongsheng Group Holdings' ROCE Trend?
我們可以從中升集團控股的投資回報率趨勢中看出什麼?
On the surface, the trend of ROCE at Zhongsheng Group Holdings doesn't inspire confidence. Over the last five years, returns on capital have decreased to 14% from 25% five years ago. However it looks like Zhongsheng Group Holdings 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.
從表面上看,中升集團控股的投資回報率趨勢並不能激發信心。在過去五年中,資本回報率從五年前的25%下降到14%。但是,看來中盛集團控股可能正在進行再投資以實現長期增長,因爲儘管動用資本有所增加,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, Zhongsheng Group Holdings has decreased its current liabilities to 36% of total assets. So we could link some of this to the decrease in ROCE. 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. 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,中升集團控股已將其流動負債減少至總資產的36%。因此,我們可以將其中一些與ROCE的下降聯繫起來。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。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。
Our Take On Zhongsheng Group Holdings' ROCE
我們對中升集團控股投資回報率的看法
To conclude, we've found that Zhongsheng Group Holdings is reinvesting in the business, but returns have been falling. Since the stock has declined 21% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
總而言之,我們發現中升集團控股正在對該業務進行再投資,但回報率一直在下降。由於該股在過去五年中下跌了21%,因此投資者對這一趨勢的改善可能也不太樂觀。無論如何,該股票不具有上面討論的多袋裝股票的特徵,因此,如果您正在尋找這種特徵,我們認爲您在其他地方會更幸運。
Zhongsheng Group Holdings does have some risks though, and we've spotted 1 warning sign for Zhongsheng Group Holdings that you might be interested in.
但是,中盛集團控股確實存在一些風險,我們發現了中盛集團控股的一個警告信號,你可能會對此感興趣。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。