Slowing Rates Of Return At Ningxia Western Venture IndustrialLtd (SZSE:000557) Leave Little Room For Excitement
Slowing Rates Of Return At Ningxia Western Venture IndustrialLtd (SZSE:000557) Leave Little Room For Excitement
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Ningxia Western Venture IndustrialLtd (SZSE:000557) and its ROCE trend, we weren't exactly thrilled.
如果我們想識別下一個多倍收益者,則需要關注幾個關鍵趨勢。理想情況下,一家企業將展示兩種趨勢;首先,資本僱用回報率(ROCE)不斷增長;其次,所僱用的資本不斷增加。簡單地說,這些類型的企業是複合機器,這意味着它們在以越來越高的收益率不斷重新投資其盈利。考慮到這一點,當我們看寧夏西部創業投資產業股份有限公司(SZSE: 000557)和其ROCE趨勢時,我們並不是特別滿意。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Ningxia Western Venture IndustrialLtd:
僅供澄清,如果您不確定,ROCE是衡量公司在其業務中投資的資本所獲得的稅前收入(以百分比計算)的度量標準。分析師使用這個公式爲寧夏西部創業投資產業股份有限公司計算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。
0.043 = CN¥256m ÷ (CN¥6.3b - CN¥359m) (Based on the trailing twelve months to March 2024).
0.043 = CN¥25600萬 ÷ (CN¥63億 - CN¥359m)(基於2024年3月的過去十二個月)。
Therefore, Ningxia Western Venture IndustrialLtd has an ROCE of 4.3%. Even though it's in line with the industry average of 4.3%, it's still a low return by itself.
因此,寧夏西部創業投資產業股份有限公司的ROCE爲4.3%。儘管它符合行業平均水平,但仍然是一種低迴報。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for Ningxia Western Venture IndustrialLtd's ROCE against it's prior returns. If you're interested in investigating Ningxia Western Venture IndustrialLtd's past further, check out this free graph covering Ningxia Western Venture IndustrialLtd's past earnings, revenue and cash flow.
歷史表現是研究股票的絕佳起點,因此您可以看到寧夏西部創業投資產業股份有限公司的ROCE與其先前收益的比較。如果您有興趣進一步調查寧夏西部創業投資產業股份有限公司的過去,請查看此免費圖表,涵蓋了寧夏西部創業投資產業股份有限公司的過去收益,營業收入和現金流量。
So How Is Ningxia Western Venture IndustrialLtd's ROCE Trending?
那麼寧夏西部創業投資產業股份有限公司的ROCE趨勢如何?
Things have been pretty stable at Ningxia Western Venture IndustrialLtd, with its capital employed and returns on that capital staying somewhat the same for the last 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 Ningxia Western Venture IndustrialLtd to be a multi-bagger going forward.
寧夏西部創業投資產業股份有限公司的情況一直比較穩定,其所僱用的資本和資本回報保持基本一致,持續了近五年。這告訴我們該公司沒有對自身進行再投資,因此,除非未來的投資再次增加,我們不希望寧夏西部創業投資產業股份有限公司成爲未來的多倍收益者。
What We Can Learn From Ningxia Western Venture IndustrialLtd's ROCE
我們可以從寧夏西部創業投資產業股份有限公司的ROCE中學到什麼?
In summary, Ningxia Western Venture IndustrialLtd isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And with the stock having returned a mere 19% 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.
總之,寧夏西部創業投資產業股份有限公司沒有複合其收益,但正在對同等額的資本僱用產生穩定的回報。但該股票在過去五年中僅爲股東帶來了19%的回報,這意味着他們已意識到這些乏味的趨勢。因此,如果您正在尋找多倍收益者,底層趨勢表明您可能在其他地方有更好的機會。
While Ningxia Western Venture IndustrialLtd doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 000557 on our platform.
雖然寧夏西部創業投資產業股份有限公司在這方面並不是非常出色,但查看該公司是否以有吸引力的價格交易仍然值得一看。您可以在我們的平台上找到000557的免費內在價值估算。
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。