COSCO SHIPPING Ports (HKG:1199) Hasn't Managed To Accelerate Its Returns
COSCO SHIPPING Ports (HKG:1199) Hasn't Managed To Accelerate Its Returns
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think COSCO SHIPPING Ports (HKG:1199) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一支多倍賺錢的股票,在業務板塊中我們應該關注哪些基本趨勢?在完美世界中,我們會希望看到一家公司將更多的資本投入到自己的業務中,理想情況下這些資本投入所獲得的回報也在增加。簡單來說,這些類型的企業是複利機器,這意味着它們會不斷地以越來越高的回報率再投資其收益。然而,簡短地回顧一下這些數字之後,我們認爲中國遠洋海運港口股份有限公司(HKG:1199)在未來並沒有成爲多倍贏家的潛質,但讓我們看看原因。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)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. Analysts use this formula to calculate it for COSCO SHIPPING Ports:
如果你不確定,ROCE是一個用於評估一家公司在其業務上投入的資本所賺取的稅前收入(以百分比計算)的度量標準。分析師使用公式爲中國遠洋海運港口股份有限公司計算它:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.026 = US$263m ÷ (US$12b - US$1.7b) (Based on the trailing twelve months to March 2024).
0.026 = 美元2.63億 ÷(美元120億-美元17億)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
Therefore, COSCO SHIPPING Ports has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the Infrastructure industry average of 6.0%.
因此,中國遠洋海運港口股份有限公司的ROCE爲2.6%。歸根結底,這是低迴報,低於製造業行業平均水平的6.0%。
In the above chart we have measured COSCO SHIPPING Ports' 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 COSCO SHIPPING Ports for free.
在上圖中,我們已經將中國遠洋海運港口股份有限公司之前的ROCE與之前的績效進行了測量,但未來可能更重要。如果您願意,可以免費查看分析師們對中國遠洋海運港口股份有限公司的預測。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
There hasn't been much to report for COSCO SHIPPING Ports' returns and its level of capital employed because both metrics have been steady for the past 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. With that in mind, unless investment picks up again in the future, we wouldn't expect COSCO SHIPPING Ports to be a multi-bagger going forward. With fewer investment opportunities, it makes sense that COSCO SHIPPING Ports has been paying out a decent 45% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
過去五年來,由於這兩個指標已經保持穩定,因此中國遠洋海運港口股份有限公司的回報和使用的資本並沒有太多報告。當觀察一個成熟且穩定的企業時,如果其不再將其收益再投資,這種情況並不罕見,因爲它可能已經通過了企業週期的這個階段。考慮到這一點,除非未來的投資再次增加,我們不認爲中國遠洋海運港口股份有限公司會是一個未來的多倍賺家。由於投資機會變少,所以中國遠洋海運港口股份有限公司將其收益的相當部分分配給股東,這是合理的。
The Bottom Line On COSCO SHIPPING Ports' ROCE
中國遠洋海運港口股份有限公司ROCE的底線
We can conclude that in regards to COSCO SHIPPING Ports' returns on capital employed and the trends, there isn't much change to report on. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. 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.
綜上所述,就中國遠洋海運港口股份有限公司的資本回報率和相關趨勢而言,沒有太多變化可報告。此外,股票在過去五年中股東的總回報率基本持平,這並不是太令人驚訝。無論如何,股票沒有上面討論的多倍賺家的特性,所以如果您正在尋找這樣的股票,我們認爲您可以在其他地方找到更好的。
COSCO SHIPPING Ports does have some risks though, and we've spotted 2 warning signs for COSCO SHIPPING Ports that you might be interested in.
但中國遠洋海運港口股份有限公司確實存在一些風險,我們已經發現了2個關於中國遠洋海運港口股份有限公司的警示信號,這可能會使您感興趣。
While COSCO SHIPPING Ports isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管中國遠洋海運港口股份有限公司的回報率並不是最高的,但請查看這個免費的公司名單,他們在股本上獲得了高回報並且擁有良好的資產負債表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。