Capital Allocation Trends At YUNDA Holding (SZSE:002120) Aren't Ideal
Capital Allocation Trends At YUNDA Holding (SZSE:002120) Aren't Ideal
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at YUNDA Holding (SZSE:002120) and its ROCE trend, we weren't exactly thrilled.
您知道有些財務指標可以提供潛在倍增者的線索嗎?通常,我們會注意到資本利用率增長的趨勢。簡而言之,這些類型的企業是複利機器,意味着它們不斷以越來越高的回報率再投資其收益。然而,經過調查金德爾摩根(紐交所:KMI)後,我們認爲它目前的趨勢不符合倍增者的模式。資產回報率:它是什麼?對於那些不知道ROCE是什麼的人,ROCE是一個公司每年稅前利潤(回報)與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下:資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)基本上,這意味着一個公司有利潤豐厚的舉措,可以繼續投資,這是倍增機器的特點。韻達股份(SZSE:002120)和它的ROCE趨勢相比,我們並不是很滿意。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 YUNDA Holding:
如果您以前沒有使用過ROCE,它衡量公司從業務中擁有的資本投入中產生的“回報”(稅前利潤)。分析師使用這個公式來計算韻達股份的ROCE:
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。
0.086 = CN¥2.4b ÷ (CN¥38b - CN¥9.6b) (Based on the trailing twelve months to March 2024).
0.086 = CN¥2.4b ÷ (CN¥38b - CN¥9.6b)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, YUNDA Holding has an ROCE of 8.6%. In absolute terms, that's a low return, but it's much better than the Logistics industry average of 7.1%.
因此,韻達股份的ROCE爲8.6%。就絕對值而言,這是一個很低的回報,但明顯比物流行業板塊的7.1%要好多了。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240621/0-ec2a4e50e559cc7388c5167c8a7da056-0-9bc6b8d875a9f2280de68d9699f8af27.png/big)
In the above chart we have measured YUNDA Holding's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for YUNDA Holding .
在上面的圖表中,我們測量了韻達股份之前的ROCE與其之前的表現,但未來是更重要的。如果您感興趣,可以查看我們的免費韻達股份分析師報告中分析師的預測。
So How Is YUNDA Holding's ROCE Trending?
那麼,韻達股份的ROCE趨勢如何?
When we looked at the ROCE trend at YUNDA Holding, we didn't gain much confidence. Around five years ago the returns on capital were 25%, but since then they've fallen to 8.6%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
當我們觀察韻達股份的ROCE趨勢時,我們並沒有獲得太多信心。五年前資本回報率還有25%,但自那以後已降至8.6%。另一方面,公司在過去一年中投入了更多的資本,但銷售額並沒有相應改善,這可能表明這些投資是長期計劃。在公司開始從這些投資中獲得任何收益之前,可能需要一些時間。
On a side note, YUNDA Holding has done well to pay down its current liabilities to 26% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外,韻達股份已成功將其流動負債減至總資產的26%。這可能在一定程度上解釋了ROCE的下降。實際上,這意味着他們的供應商或短期債權人資助了更少的業務,這減少了一些風險因素。有人會說,這降低了企業以自己的資金來創造ROCE的效率,因爲現在它正在用更多的自有資金來資助業務的運營。
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。
To conclude, we've found that YUNDA Holding is reinvesting in the business, but returns have been falling. Since the stock has declined 67% over the last five years, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think YUNDA Holding has the makings of a multi-bagger.
總之,我們發現韻達股份正在重新投資,但回報正在下降。由於過去5年股票下跌了67%,投資者可能對這種趨勢改善並不太樂觀。因此,根據本文所做的分析,我們認爲韻達股份並沒有成爲倍增機器的潛力。
On a separate note, we've found 1 warning sign for YUNDA Holding you'll probably want to know about.
另外,我們發現了韻達股份的1個警示標誌,您可能想了解一下。
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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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.
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。