Returns On Capital At Fujian Expressway DevelopmentLtd (SHSE:600033) Have Hit The Brakes
Returns On Capital At Fujian Expressway DevelopmentLtd (SHSE:600033) Have Hit The Brakes
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Fujian Expressway DevelopmentLtd (SHSE:600033) and its ROCE trend, we weren't exactly thrilled.
在長期內尋找可能增值多倍的股票,有哪些早期趨勢應該關注?一個常見的方法是嘗試找到回報資本僱用率(ROCE)逐漸增長、資本僱用量不斷增加的公司。這表明它是一臺複合機器,可以不斷地將賺來的錢重新投入業務併產生更高的回報。 考慮到這一點,當我們看着福建省高速公路開發有限公司(SHSE:600033)及其ROCE趨勢時,我們並不是非常滿意。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Fujian Expressway DevelopmentLtd is:
只是爲了澄清,如果你不確定,ROCE是一個用於評估公司在其業務中投入的資本所收益的稅前收入(以百分比表示)的指標。以福建省高速公路開發有限公司的計算公式爲例:
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。
0.10 = CN¥1.6b ÷ (CN¥17b - CN¥1.0b) (Based on the trailing twelve months to March 2024).
0.10 = CN¥16億 ÷ (CN¥170億 - CN¥1.0b)(基於2024年3月的過去十二個月)。 因此,福建省高速公路開發有限公司的ROCE爲10%。單獨看,這是一個標準的回報,但比基礎設施行業的5.3%要好得多。
Thus, Fujian Expressway DevelopmentLtd has an ROCE of 10%. On its own, that's a standard return, however it's much better than the 5.3% generated by the Infrastructure industry.
福建高速公路發展有限公司的資本回報率爲10%。單看這一指標,這是一個標準的回報率,但它比製造行業板塊的5.3%要好得多。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Fujian Expressway DevelopmentLtd's 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 Fujian Expressway DevelopmentLtd.
歷史表現是研究股票的好起點,因此在上面您可以看到福建省高速公路開發有限公司ROCE相對於其先前回報的參考。如果您想深入了解歷史收益,請查看這些免費的圖表,詳細介紹福建省高速公路開發有限公司的營業收入和現金流表現。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
There hasn't been much to report for Fujian Expressway DevelopmentLtd's returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Fujian Expressway DevelopmentLtd to be a multi-bagger going forward.
福建高速公路發展有限公司的回報率和資本利用水平在過去五年中保持穩定,沒有什麼太大的變化。這說明公司沒有對自身進行再投資,因此很可能已經過了增長階段。考慮到這一點,除非未來的投資再次增加,否則我們不認爲福建高速公路發展有限公司能夠成爲一個多倍增長的股票。
What We Can Learn From Fujian Expressway DevelopmentLtd's ROCE
我們從福建省高速公路開發有限公司的ROCE中可以學到什麼
We can conclude that in regards to Fujian Expressway DevelopmentLtd's returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 39% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
綜上所述,就福建高速公路發展有限公司的資本利用和趨勢回報而言,沒有太多新的變化可以報道。另外,在過去五年中,該股僅爲股東帶來了39%的收益,這表明他們已經意識到這些缺乏亮點的趨勢。因此,如果您正在尋找一個多倍增長的股票,潛在趨勢表明您可能在其他地方有更好的機會。
If you'd like to know about the risks facing Fujian Expressway DevelopmentLtd, we've discovered 1 warning sign that you should be aware of.
如果您想了解福建高速公路發展有限公司面臨的風險,我們發現了1個警示信號,您應該注意。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。