These Return Metrics Don't Make Eternal Asia Supply Chain Management (SZSE:002183) Look Too Strong
These Return Metrics Don't Make Eternal Asia Supply Chain Management (SZSE:002183) Look Too Strong
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. Having said that, after a brief look, Eternal Asia Supply Chain Management (SZSE:002183) we aren't filled with optimism, but let's investigate further.
忽略公司的股價，有哪些潛在趨勢告訴我們某個業務已經過了成長階段？當我們看到已經使用的資本在減少，這通常是一家成熟業務衰老的跡象。基本上，公司在其投資中賺得的利潤減少了，它還在減少其總資產。話雖如此，經過簡要了解，康寶萊（NYSE:HLF）並沒有讓我們充滿樂觀，但讓我們進一步調查。資產回報率：它是什麼？與資本僱用下降相結合，如果股本僱用下降，這通常表明一家成熟企業正在變老。這表明該公司未能增加股東財富，因爲回報下降且淨資產基礎正在縮小。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資產投資不足和資產回報下降，這通常是一家成熟企業老化的跡象。這種組合可以告訴您，公司不僅投資較少，而且在所投資的方面上所獲得的收益也比以前少。話雖如此，經過簡短的了解，怡亞通（深交所：002183）並沒有讓我們充滿樂觀，但讓我們進一步調查。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Eternal Asia Supply Chain Management:
ROCE是一個公司年利潤（即回報）相對於企業資本投入的衡量標準。分析師使用這個公式來爲怡亞通（深交所：002183）計算ROCE：
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。
0.084 = CN¥1.2b ÷ (CN¥51b - CN¥38b) (Based on the trailing twelve months to March 2024).
0.084 = 12億元 ÷ （510億元 - 38億）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。.
So, Eternal Asia Supply Chain Management has an ROCE of 8.4%. On its own that's a low return, but compared to the average of 5.5% generated by the Commercial Services industry, it's much better.
因此，怡亞通（深交所：002183）的ROCE爲8.4％。單獨來看，這是一個低迴報率，但與商業服務業平均5.5％相比，要好得多。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Eternal Asia Supply Chain Management.
將過去的表現代表未來可能並不準確，但了解一家公司的歷史表現可能會有所幫助，因此我們提供了上面的圖表。如果您想深入了解歷史盈利情況，請查看這些免費圖表，詳細說明了怡亞通（深交所：002183）的營收和現金流表現。
What Does the ROCE Trend For Eternal Asia Supply Chain Management Tell Us?
怡亞通（深交所：002183）的ROCE趨勢告訴我們什麼？
We are a bit worried about the trend of returns on capital at Eternal Asia Supply Chain Management. To be more specific, the ROCE was 15% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Eternal Asia Supply Chain Management to turn into a multi-bagger.
我們對怡亞通（深交所：002183）資本回報的趨勢有些擔憂，更具體地說，ROCE在五年前是15％，但此後明顯下降。此外，值得注意的是，企業所投資的資產數量保持相對穩定。由於回報正在下降，而企業所投資的資產數量保持不變，這意味着這是一家成熟的企業，在過去的五年中沒有太多增長。如果這些趨勢繼續，我們不會指望怡亞通（深交所：002183）成爲萬億級企業。
On a separate but related note, it's important to know that Eternal Asia Supply Chain Management has a current liabilities to total assets ratio of 73%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，怡亞通（深交所：002183）的流動負債與總資產比率爲73％，我們認爲這相當高。這實際上意味着供應商（或短期債權人）資助了企業的大部分業務，所以請注意，這可能會引入一些風險因素。理想情況下，我們希望看到這一比率降低，因爲這意味着負擔風險的義務會減少。
Our Take On Eternal Asia Supply Chain Management's ROCE
最終，同等資本下回報率下降的趨勢通常並不表示我們正在尋找一家增長型股票。投資者對這些發展並不樂觀，因爲股票跌幅已經達到了五年前的28％。在這些領域存在不良趨勢的情況下，我們認爲應該尋找其他投資標的。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 28% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
怡亞通（深交所：002183）確實存在一些風險，我們注意到了3個警告信號（一個不能爲空），我們認爲您應該了解這些風險。
Eternal Asia Supply Chain Management does have some risks, we noticed 3 warning signs (and 1 which can't be ignored) we think you should know about.
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。