Theme International Holdings (HKG:990) Is Experiencing Growth In Returns On Capital
Theme International Holdings (HKG:990) Is Experiencing Growth In Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Theme International Holdings' (HKG:990) returns on capital, so let's have a look.
要發掘具有潛力大幅度增長的企業並不容易，但是如果我們看一些關鍵的財務指標是可以實現的。在完美的世界中，我們希望看到公司將更多資本投入到業務中，並且理想情況下從該資本中獲得的回報也在增加。基本上這意味着一家公司有利可圖的舉措可以繼續投資，這是一種複利機器的特徵。說到這裏，我們注意到了主題國際控股（HKG:990）的資本回報率發生了很大變化，讓我們來看看。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Theme International Holdings is:
對於不知道 ROCE 是什麼的人來說，它是衡量一家公司每年稅前利潤（其回報率）與業務中使用的資本相對應的指標。關於主題國際控股的這個計算公式是：
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。
0.19 = HK$1.3b ÷ (HK$16b - HK$9.0b) (Based on the trailing twelve months to December 2023).
0.19 = 13億港元 ÷ （160億港元 - 9.0億港元）（基於截至2023年12月的過去十二個月）.
Thus, Theme International Holdings has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 6.2% generated by the Trade Distributors industry.
因此，主題國際控股的資本回報率爲19%。單獨看來，這是一種標準回報，但它比交易分銷業的6.2%好多了。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Theme International Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Theme International Holdings.
歷史業績是研究一隻股票的好出發點，因此您可以看到上面主題國際控股的 ROCE 與其之前的回報的比較。如果您想深入研究歷史收益，請查看這些免費的圖表，詳細說明了主題國際控股的收入和現金流業績。
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。
We like the trends that we're seeing from Theme International Holdings. The data shows that returns on capital have increased substantially over the last five years to 19%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 906%. So we're very much inspired by what we're seeing at Theme International Holdings thanks to its ability to profitably reinvest capital.
我們喜歡從主題國際控股中看到的趨勢。數據顯示，在過去的五年中，資本回報率大幅增加到19％。公司有效地獲得了更多的資本，每美元的使用都賺取了更多的錢，而且值得注意的是，使用的資本數量也增加了906％。因此，我們非常受到主題國際控股的啓發，感謝它能夠盈利地重新投資資本。
On a side note, Theme International Holdings' current liabilities are still rather high at 55% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，主題國際控股的流動負債仍然相當高，佔總資產的55％。這可能會帶來一些風險，因爲該公司基本上在相當大程度上依賴其供應商或其他類型的短期債務人。理想情況下，我們希望看到這種減少，因爲這意味着承擔風險的義務會更少。
The Bottom Line On Theme International Holdings' ROCE
主題國際控股 ROCE 的底線是
In summary, it's great to see that Theme International Holdings can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And a remarkable 331% total return over the last five years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總體上，看到主題國際控股能夠通過以逐年增加的回報率持續地重新投資資本，這很棒，因爲這些是那些倍增的關鍵要素之一。在過去的五年中，令人驚歎的331％的總回報告訴我們，投資者希望未來能夠有更多好事發生。話雖如此，我們仍然認爲這家公司的有前途的基本面意味着它值得進一步的盡職調查。
One more thing to note, we've identified 2 warning signs with Theme International Holdings and understanding these should be part of your investment process.
另外，我們還發現了主題國際控股的 2 個警告信號，了解這些信號應該是您投資過程的一部分。
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。
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。