Return Trends At NetDragon Websoft Holdings (HKG:777) Aren't Appealing
Return Trends At NetDragon Websoft Holdings (HKG:777) Aren't Appealing
There are a few key trends to look for if we want to identify the next 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, the ROCE of NetDragon Websoft Holdings (HKG:777) looks decent, right now, so lets see what the trend of returns can tell us.
如果我們想要找到下一個多倍增長的公司，有一些關鍵趨勢需要注意。在完美的世界裏，我們想看到一家公司將更多的資本投入到自己的業務中，最理想的情況是從這些資本中獲取的收益也在不斷增加。如果您看到這種情況，通常意味着這是一家擁有出色業務模式和充足盈利再投資機會的公司。因此，我們來關注網龍（香港交易所代碼：777）的資本回報率（ROCE），目前情況看起來還不錯，讓我們看看回報率的趨勢。
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. To calculate this metric for NetDragon Websoft Holdings, this is the formula:
對於那些不了解的人來說，ROCE是一個公司每年稅前利潤（回報率）與業務中使用的資本相對應的度量標準。要計算網龍（香港交易所代碼：777）的ROCE指標，可以使用以下公式：
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。
0.12 = CN¥852m ÷ (CN¥10b - CN¥3.4b) (Based on the trailing twelve months to December 2023).
0.12 = 8.52億元人民幣÷（100億元人民幣- 34億元人民幣）（基於截至2023年12月的過去十二個月）.
Therefore, NetDragon Websoft Holdings has an ROCE of 12%. In absolute terms, that's a satisfactory return, but compared to the Entertainment industry average of 6.6% it's much better.
因此，網龍（香港交易所代碼：777）的ROCE爲12%。就絕對價值而言，這是一個令人滿意的回報率，但與娛樂行業平均回報率6.6%相比要好得多。
Above you can see how the current ROCE for NetDragon Websoft 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 NetDragon Websoft Holdings for free.
您可以看到當前網龍（香港交易所代碼：777）的ROCE與其過去的資本回報率相比如何，但是從過去的數據中我們得到的信息是有限的。如果您願意，可以免費查看覆蓋網龍（香港交易所代碼：777）的分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 32% more capital into its operations. Since 12% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
雖然當前資本回報率還算不錯，但是它們並沒有太多變化。在過去的五年中，ROCE基本相同，在12%左右，並且業務部署了32%的資本到其運營中。由於12%是一個適度的資本回報率，因此看到企業可以以這樣的良好回報率繼續再投資是很好的。在長時間的運營過程中，這樣的回報可能並不太令人興奮，但如果始終如一，它們可以通過股票回報來支付。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 33% of total assets, this reported ROCE would probably be less than12% because total capital employed would be higher.The 12% ROCE could be even lower if current liabilities weren't 33% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
另一方面，儘管ROCE趨勢的變化可能並不引人注目，但有趣的是，流動負債在過去的五年中實際上增加了。這很有趣，因爲如果流動負債沒有增加到總資產的33%，這份報告的ROCE可能會低於12%，因爲總投資本就會更高。如果將來這一比率上升得特別高，這將帶來一些新的風險因素。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
The main thing to remember is that NetDragon Websoft Holdings has proven its ability to continually reinvest at respectable rates of return. Despite the good fundamentals, total returns from the stock have been virtually flat over the last five years. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
需要記住的主要事情是，網龍（香港交易所代碼：777）已經證明了自己能夠不斷地以可觀的回報率進行再投資。儘管基本面良好，但股票的總回報在過去的五年中基本持平。因此，我們認爲鑑於其基本面具有吸引力，進一步研究該股票是值得的。
One more thing to note, we've identified 1 warning sign with NetDragon Websoft Holdings and understanding it should be part of your investment process.
還有一件事要注意的是，我們已經發現網龍（香港交易所代碼：777）存在1個警告信號，了解它應該成爲您的投資流程的一部分。
While NetDragon Websoft 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.
儘管網龍（香港交易所代碼：777）目前的回報率並不是最高的，但我們已經編制了一份目前獲得的ROE比該公司更高的公司的列表。在此免費查看此列表。
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對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。