Kingboard Laminates Holdings (HKG:1888) Will Be Hoping To Turn Its Returns On Capital Around
Kingboard Laminates Holdings (HKG:1888) Will Be Hoping To Turn Its Returns On Capital Around
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. On that note, looking into Kingboard Laminates Holdings (HKG:1888), we weren't too upbeat about how things were going.
當我們研究一家公司時,有時很難找到警告信號,但是有一些財務指標可以幫助及早發現問題。通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。這種組合可以告訴你,公司不僅減少了投資,而且投資的收益也減少了。從這個角度來看,調查建博德層壓板控股公司(HKG: 1888),我們對事情的發展並不太樂觀。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Kingboard Laminates Holdings:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用這個公式來計算 Kingboard Laminates Holdings 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)
0.081 = HK$1.5b ÷ (HK$24b - HK$5.6b) (Based on the trailing twelve months to December 2023).
0.081 = 15億港元 ÷(240億港元-56億港元) (基於截至2023年12月的過去十二個月)。
Therefore, Kingboard Laminates Holdings has an ROCE of 8.1%. In absolute terms, that's a low return but it's around the Electronic industry average of 7.1%.
因此,Kingboard Laminates Holdings的投資回報率爲8.1%。從絕對值來看,回報率很低,但約爲電子行業的平均水平7.1%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240531/0-59e1d2ba8f5c6380d2fa4318adaa4800-0-31e85cd5413ec40fb585e0639d62beec.png/big)
Above you can see how the current ROCE for Kingboard Laminates Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Kingboard Laminates Holdings for free.
上面你可以看到Kingboard Laminates Holdings當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。如果你願意,你可以免費查看報道Kingboard Laminates Holdings的分析師的預測。
What Can We Tell From Kingboard Laminates Holdings' ROCE Trend?
我們可以從Kingboard Laminates Holdings的投資回報率趨勢中得出什麼?
In terms of Kingboard Laminates Holdings' historical ROCE trend, it isn't fantastic. Unfortunately, returns have declined substantially over the last five years to the 8.1% we see today. What's equally concerning is that the amount of capital deployed in the business has shrunk by 21% over that same period. The combination of lower ROCE and less capital employed can indicate that a business is likely to be facing some competitive headwinds or seeing an erosion to its moat. If these underlying trends continue, we wouldn't be too optimistic going forward.
就Kingboard Laminates Holdings的歷史投資回報率趨勢而言,這並不理想。不幸的是,在過去五年中,回報率大幅下降至我們今天看到的8.1%。同樣令人擔憂的是,該業務中部署的資本金額同期減少了21%。較低的投資回報率和較少的資本使用相結合,可能表明企業可能面臨一些競爭阻力或護城河受到侵蝕。如果這些潛在趨勢繼續下去,我們對未來不會太樂觀。
In Conclusion...
總之...
In summary, it's unfortunate that Kingboard Laminates Holdings is shrinking its capital base and also generating lower returns. Yet despite these concerning fundamentals, the stock has performed strongly with a 97% return over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
總而言之,不幸的是,Kingboard Laminates Holdings正在縮小其資本基礎,同時產生的回報也較低。然而,儘管存在這些令人擔憂的基本面,但該股在過去五年中表現強勁,回報率爲97%,因此投資者似乎非常樂觀。無論如何,當前的潛在趨勢對長期表現來說並不是一個好兆頭,因此,除非趨勢逆轉,否則我們將開始將目光投向其他地方。
Like most companies, Kingboard Laminates Holdings does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,Kingboard Laminates Holdings確實存在一些風險,我們發現了一個你應該注意的警告信號。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。