Jiangsu King's Luck Brewery Ltd (SHSE:603369) Could Become A Multi-Bagger
Jiangsu King's Luck Brewery Ltd (SHSE:603369) Could Become A Multi-Bagger
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. With that in mind, the ROCE of Jiangsu King's Luck Brewery Ltd (SHSE:603369) looks great, so lets see what the trend can tell us.
如果你在尋找下一款多袋裝機時不確定從哪裏開始，那麼你應該注意一些關鍵趨勢。理想情況下，企業將呈現兩個趨勢；首先是使用資本回報率（ROCE）的增長，其次是所用資本的增加。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。考慮到這一點，江蘇金運啤酒有限公司（SHSE: 603369）的投資回報率看起來不錯，所以讓我們看看趨勢能告訴我們什麼。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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. Analysts use this formula to calculate it for Jiangsu King's Luck Brewery Ltd:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。分析師使用這個公式來計算江蘇金運啤酒有限公司的利潤：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.28 = CN¥4.2b ÷ (CN¥22b - CN¥7.4b) (Based on the trailing twelve months to March 2024).
0.28 = 42元人民幣 ÷（220元人民幣-7.4億元人民幣）（基於截至2024年3月的過去十二個月）。
Thus, Jiangsu King's Luck Brewery Ltd has an ROCE of 28%. In absolute terms that's a great return and it's even better than the Beverage industry average of 17%.
因此，江蘇金運啤酒有限公司的投資回報率爲28％。從絕對值來看，這是一個不錯的回報，甚至比飲料行業17％的平均水平還要好。
Above you can see how the current ROCE for Jiangsu King's Luck Brewery Ltd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Jiangsu King's Luck Brewery Ltd .
上面你可以看到江蘇金運啤酒有限公司當前的投資回報率與其先前的資本回報率相比如何，但從過去可以看出來的只有那麼多。如果你有興趣，可以在我們爲江蘇金運啤酒有限公司提供的免費分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
Jiangsu King's Luck Brewery Ltd is displaying some positive trends. Over the last five years, returns on capital employed have risen substantially to 28%. 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 122%. So we're very much inspired by what we're seeing at Jiangsu King's Luck Brewery Ltd thanks to its ability to profitably reinvest capital.
江蘇金運啤酒有限公司顯示出一些積極的趨勢。在過去五年中，已動用資本回報率大幅上升至28％。實際上，該公司每使用1美元資本就能賺更多的錢，值得注意的是，資本金額也增加了122％。因此，我們在江蘇金運啤酒有限公司所看到的情況給我們帶來了極大的啓發，這要歸功於它能夠盈利地進行資本再投資。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Essentially the business now has suppliers or short-term creditors funding about 33% of its operations, which isn't ideal. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
順便說一句，我們注意到，投資回報率的改善似乎部分是由流動負債的增加推動的。從本質上講，該企業現在有供應商或短期債權人爲其約33％的業務提供資金，這並不理想。值得關注這個問題，因爲隨着流動負債佔總資產的百分比的增加，風險的某些方面也會增加。
The Key Takeaway
關鍵要點
In summary, it's great to see that Jiangsu King's Luck Brewery Ltd 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 investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 88% return over the last five years. Therefore, we think it would be worth your time to check if these trends are going to continue.
總而言之，很高興看到江蘇金運啤酒有限公司能夠通過持續地以更高的回報率進行資本再投資來增加回報，因爲這些是那些備受追捧的多袋啤酒廠的一些關鍵要素。投資者似乎對未來有更多期望，因爲該股在過去五年中爲股東提供了88％的回報。因此，我們認爲值得您花時間檢查這些趨勢是否會持續下去。
One more thing: We've identified 2 warning signs with Jiangsu King's Luck Brewery Ltd (at least 1 which is concerning) , and understanding them would certainly be useful.
還有一件事：我們已經向江蘇金運啤酒有限公司確定了兩個警告信號（至少有一個令人擔憂），了解它們肯定會很有用。
Jiangsu King's Luck Brewery Ltd is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
江蘇金運啤酒有限公司並不是唯一一家獲得高回報的股票。如果您想了解更多，請查看我們的免費公司名單，列出了基本面穩健且具有高股本回報率的公司。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂嗎？請直接聯繫我們。或者，也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎？擔心內容嗎？直接聯繫我們。或者，發送電子郵件至 editorial-team@simplywallst.com