Maoye Commercial's (SHSE:600828) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Maoye Commercial's (SHSE:600828) Returns On Capital Tell Us There Is Reason To Feel Uneasy
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into Maoye Commercial (SHSE:600828), we weren't too upbeat about how things were going.
如果您看的是已過增長階段的成熟業務，有哪些潛在趨勢呢？衰退中的業務通常有兩個潛在趨勢，首先是不斷下降的…… 資產回報率：它是什麼？其資本使用回報率（ROCE）和資本使用量降低。基本上，公司在其投資上賺的錢越來越少，同時還在減少其總資產。 資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）因此，茂業商業的ROCE爲3.5％。就絕對值而言，這是很低的回報率，也低於多元零售行業平均水平4.6％。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Maoye Commercial, this is the formula:
對於不確定ROCE是什麼的人來說，它衡量公司可以從其業務中使用的資本產生的稅前利潤的數量。要爲茂業商業計算此指標，這是公式：
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。
0.035 = CN¥499m ÷ (CN¥20b - CN¥5.8b) (Based on the trailing twelve months to March 2024).
0.035 = 人民幣499億 ÷（人民幣200億 - 人民幣58億）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, Maoye Commercial has an ROCE of 3.5%. In absolute terms, that's a low return and it also under-performs the Multiline Retail industry average of 4.6%.
因此，茂業商業的ROCE爲3.5％。就絕對值而言，這是很低的回報率，也低於多元零售行業平均水平4.6％。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Maoye Commercial's ROCE against it's prior returns. If you'd like to look at how Maoye Commercial has performed in the past in other metrics, you can view this free graph of Maoye Commercial's past earnings, revenue and cash flow.
歷史業績是研究股票的好起點，因此您可以看到上面的茂業商業ROCE的計量標準相對於其先前的回報。如果您想查看茂業商業在其他指標上的過去表現，可以查看這個免費的圖表，了解茂業商業的過去收益，營業收入和現金流。
What Does the ROCE Trend For Maoye Commercial Tell Us?
茂業商業的ROCE趨勢告訴我們什麼？
We are a bit worried about the trend of returns on capital at Maoye Commercial. About five years ago, returns on capital were 18%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Maoye Commercial to turn into a multi-bagger.
我們有點擔心茂業商業資本回報率的趨勢。大約五年前，資本回報率爲18％，但現在它們明顯低於該水平。另外，值得注意的是，企業內使用的資本數量保持相對穩定。這種組合可能表明一個成熟的企業仍然有投資部署的領域，但由於可能存在新競爭或較小的利潤率，收到的回報不高。如果這些趨勢繼續下去，我們預計茂業商業不會成爲多袋人。
On a related note, Maoye Commercial has decreased its current liabilities to 29% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相關說明下，茂業商業將其流動負債減少到總資產的29％。因此，我們可以將部分原因與ROCE的下降聯繫起來。實際上，這意味着他們的供應商或短期債權人資助的業務不再有那麼多了，這降低了一些風險。由於業務基本上正在使用自己的資金來資助其運營，您可以認爲這使業務更難以有效地生成ROCE。
The Bottom Line On Maoye Commercial's ROCE
總的來說，令人遺憾的是茂業商業從相同的資本中產生了較低的回報。在過去的五年中擁有該股票的長期股東經歷了34％的貶值，因此似乎市場對這些趨勢也並不喜歡。由於這些領域的基本趨勢不太好，因此我們應該考慮尋找其他選擇。
In summary, it's unfortunate that Maoye Commercial is generating lower returns from the same amount of capital. Long term shareholders who've owned the stock over the last five years have experienced a 34% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
由於幾乎每個公司都面臨着一些風險，因此了解它們是值得的，我們已經發現了五個茂業商業的警告信號（其中兩個不能忽略！） ，這是您應該知道的。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 5 warning signs for Maoye Commercial (of which 2 can't be ignored!) that you should know about.
儘管茂業商業的回報並不高，但請查看這個免費的公司列表，這些公司的股權回報率高並且資產負債表穩健。
While Maoye Commercial isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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