Shanghai Industrial Holdings (HKG:363) Hasn't Managed To Accelerate Its Returns
Shanghai Industrial Holdings (HKG:363) Hasn't Managed To Accelerate Its Returns
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Shanghai Industrial Holdings (HKG:363) and its ROCE trend, we weren't exactly thrilled.
你知道有一些財務指標可以爲潛在的多袋人提供線索嗎?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。有鑑於此,當我們查看上海實業控股(HKG: 363)及其投資回報率趨勢時,我們並不十分興奮。
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. The formula for this calculation on Shanghai Industrial Holdings is:
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。上海實業控股的計算公式爲:
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)
0.075 = HK$9.9b ÷ (HK$179b - HK$47b) (Based on the trailing twelve months to December 2023).
0.075 = 99億港元 ÷(179億港元-47億港元) (基於截至2023年12月的過去十二個月)。
Thus, Shanghai Industrial Holdings has an ROCE of 7.5%. On its own that's a low return, but compared to the average of 2.9% generated by the Industrials industry, it's much better.
因此,上海實業控股的投資回報率爲7.5%。就其本身而言,回報率很低,但與工業行業2.9%的平均回報率相比,要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240527/0-57c4963fc053fd1649df668449d81135-0-4a54e6d7292ea6e5fbd083f5be12f7e0.png/big)
In the above chart we have measured Shanghai Industrial Holdings' 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 Shanghai Industrial Holdings for free.
在上圖中,我們將上海實業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。如果你願意,你可以免費查看報道上海工業控股的分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
There hasn't been much to report for Shanghai Industrial Holdings' returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Shanghai Industrial Holdings to be a multi-bagger going forward.
關於上海興業控股的回報率及其資本利用水平,沒有太多可報告的,因爲這兩個指標在過去五年中一直保持穩定。具有這些特徵的企業往往是成熟而穩定的運營,因爲它們已經過了增長階段。考慮到這一點,除非將來投資再次回升,否則我們預計上海實業控股公司未來不會成爲一個多頭巨頭。
The Bottom Line On Shanghai Industrial Holdings' ROCE
上海實業控股投資回報率的底線
In summary, Shanghai Industrial Holdings isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And with the stock having returned a mere 11% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之,上海實業控股並沒有複合收益,而是在使用相同數量的資本的情況下產生了穩定的回報。而且,在過去五年中,該股向股東的回報率僅爲11%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一款多口袋,潛在的趨勢表明你在其他地方可能有更好的機會。
One more thing: We've identified 2 warning signs with Shanghai Industrial Holdings (at least 1 which is concerning) , and understanding these would certainly be useful.
還有一件事:我們已經確定了上海實業控股的兩個警告標誌(至少有一個令人擔憂),了解這些信號肯定會很有用。
While Shanghai Industrial Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管上海實業控股目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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。