Returns on Capital Paint A Bright Future For Want Want China Holdings (HKG:151)
Returns on Capital Paint A Bright Future For Want Want China Holdings (HKG:151)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. And in light of that, the trends we're seeing at Want Want China Holdings' (HKG:151) look very promising so lets take a look.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 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。有鑑於此,我們在Want Want China Holdings'(HKG: 151)看到的趨勢看起來非常有希望,所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Want Want China Holdings:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算旺旺中國控股的利潤:
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)
0.30 = CN¥4.9b ÷ (CN¥27b - CN¥11b) (Based on the trailing twelve months to September 2023).
0.30 = 4.9億元人民幣 ÷(27億元人民幣-11億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Want Want China Holdings has an ROCE of 30%. In absolute terms that's a great return and it's even better than the Food industry average of 8.9%.
因此,旺旺中國控股的投資回報率爲30%。從絕對值來看,這是一個不錯的回報,甚至比食品行業8.9%的平均水平還要好。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240407/0-27ddf7bb54883172849522ba153d151f-0-09f98d9cd669b97454c15d3f0c0d76e2.png/big)
Above you can see how the current ROCE for Want Want China Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Want Want China Holdings .
上面你可以看到旺旺中國控股目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。如果你想了解分析師對未來的預測,你應該查看我們爲旺旺中國控股提供的免費分析師報告。
What Does the ROCE Trend For Want Want China Holdings Tell Us?
旺旺中國控股的ROCE趨勢告訴我們什麼?
You'd find it hard not to be impressed with the ROCE trend at Want Want China Holdings. We found that the returns on capital employed over the last five years have risen by 58%. That's not bad because this tells for every dollar invested (capital employed), the company is increasing the amount earned from that dollar. In regards to capital employed, Want Want China Holdings appears to been achieving more with less, since the business is using 24% less capital to run its operation. Want Want China Holdings may be selling some assets so it's worth investigating if the business has plans for future investments to increase returns further still.
你會發現旺旺中國控股的投資回報率趨勢很難不給你留下深刻的印象。我們發現,在過去五年中,使用的資本回報率增長了58%。這還不錯,因爲這表明每投資一美元(動用資本),公司就會增加從這美元中獲得的收入。就所用資本而言,旺旺中國控股似乎在以更少的資源取得更多成就,因爲該企業運營所用的資本減少了24%。Want Want China Holdings可能正在出售部分資產,因此值得調查該企業是否有未來投資計劃,以進一步提高回報。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 40% of the business, which is more than it was five years ago. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
順便說一句,我們注意到,投資回報率的改善似乎部分是由流動負債的增加推動的。實際上,這意味着供應商或短期債權人現在正在爲該業務的40%提供資金,這比五年前還要多。值得關注這個問題,因爲隨着流動負債佔總資產的百分比的增加,風險的某些方面也會增加。
The Bottom Line
底線
In summary, it's great to see that Want Want China Holdings has been able to turn things around and earn higher returns on lower amounts of capital. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. With that in mind, we believe the promising trends warrant this stock for further investigation.
總而言之,很高興看到旺旺中國控股能夠扭轉局面,用較少的資本獲得更高的回報。鑑於該股在過去五年中一直保持相當平穩,如果其他指標表現強勁,這裏可能會有機會。考慮到這一點,我們認爲前景樂觀的趨勢值得對該股進行進一步調查。
While Want Want China Holdings looks impressive, no company is worth an infinite price. The intrinsic value infographic for 151 helps visualize whether it is currently trading for a fair price.
儘管旺旺中國控股看起來令人印象深刻,但沒有哪家公司值得付出無限的代價。151 的內在價值信息圖有助於可視化其當前是否以公平的價格進行交易。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報是強勁表現的關鍵因素,因此請查看我們的免費股本回報率高且資產負債表穩健的股票清單。
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