HK Electric Investments and HK Electric Investments (HKG:2638) Has Some Way To Go To Become A Multi-Bagger
HK Electric Investments and HK Electric Investments (HKG:2638) Has Some Way To Go To Become A Multi-Bagger
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. However, after briefly looking over the numbers, we don't think HK Electric Investments and HK Electric Investments (HKG:2638) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 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,在簡短地研究了這些數字之後,我們認爲港燈電力投資和港燈電力投資(HKG: 2638)在未來不具備多重優勢,但讓我們來看看爲什麼會這樣。
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 HK Electric Investments and HK Electric Investments:
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港燈電力投資和港燈電力投資的公式:
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)
0.046 = HK$5.2b ÷ (HK$119b - HK$5.1b) (Based on the trailing twelve months to December 2023).
0.046 = 52億港元 ÷(119億港元-51億港元) (基於截至2023年12月的過去十二個月)。
Therefore, HK Electric Investments and HK Electric Investments has an ROCE of 4.6%. On its own that's a low return, but compared to the average of 3.4% generated by the Electric Utilities industry, it's much better.
因此,港燈電力投資和港燈電力投資的投資回報率爲4.6%。就其本身而言,回報率很低,但與電力公用事業行業3.4%的平均回報率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240510/0-950e4bf16c773a55094d7968dc168710-0-1b8cd653240acac569f4bdbd614f4fd1.png/big)
In the above chart we have measured HK Electric Investments and HK Electric Investments' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering HK Electric Investments and HK Electric Investments for free.
在上圖中,我們將港燈電力投資和港燈電力投資之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。如果你願意,你可以免費查看分析師對港燈電力投資和港燈電力投資的預測。
How Are Returns Trending?
退貨趨勢如何?
Things have been pretty stable at HK Electric Investments and HK Electric Investments, with its capital employed and returns on that capital staying somewhat the same for the last five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at HK Electric Investments and HK Electric Investments in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. On top of that you'll notice that HK Electric Investments and HK Electric Investments has been paying out a large portion (92%) of earnings in the form of dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
港燈電力投資和港燈電力投資的情況一直相當穩定,在過去五年中,其資本利用率和資本回報率基本保持不變。在研究一家成熟而穩定的企業時,這種情況並不少見,因爲該企業可能已經過了商業週期的這一階段,因此沒有對收益進行再投資。因此,除非我們看到港燈電力投資和港燈電力投資在投資回報率方面發生重大變化,並且正在進行額外的投資,否則我們不會屏住呼吸,因爲這是一個多口袋。最重要的是,你會注意到港燈電力投資和港燈電力投資一直在以股息的形式向股東支付收益的很大一部分(92%)。這些成熟的企業通常有可靠的收益,可以再投資的地方不多,因此下一個最佳選擇是將收益存入股東的口袋。
What We Can Learn From HK Electric Investments and HK Electric Investments' ROCE
我們可以從港燈電力投資和港燈電力投資的投資回報率中學到什麼
In a nutshell, HK Electric Investments and HK Electric Investments has been trudging along with the same returns from the same amount of capital over the last five years. And in the last five years, the stock has given away 21% 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.
簡而言之,在過去五年中,港燈電力投資和港燈電力投資一直在努力從相同數量的資本中獲得相同的回報。在過去的五年中,該股已經下跌了21%,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。
HK Electric Investments and HK Electric Investments does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those shouldn't be ignored...
但是,港燈電力投資和港燈投資確實存在一些風險,我們在投資分析中發現了兩個警告信號,其中一個不容忽視...
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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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。