Fraser and Neave (SGX:F99) Shareholders Will Want The ROCE Trajectory To Continue
Fraser and Neave (SGX:F99) Shareholders Will Want The ROCE Trajectory To Continue
If you're looking for a multi-bagger, there's a few things to 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Fraser and Neave (SGX:F99) and its trend of ROCE, we really liked what we saw.
如果您正在尋找一個多包裝者(multi-bagger)，那麼有幾個注意點。理想情況下，一個業務將展示兩個趨勢；首先是不斷增長的資本僱用回報率(ROCE)，其次是不斷增加的資本僱用量，這顯示了它是一個複合機器，能夠不斷將其收益重新投入業務，產生更高的回報。所以當我們看到Fraser and Neave（新加坡交易所:F99）的ROCE趨勢時，我們非常喜歡它。
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. To calculate this metric for Fraser and Neave, this is the formula:
只是爲了澄清，如果您不確定的話，ROCE是評估公司爲其業務投資的資本獲得多少稅前收入(按百分比計算)的度量標準。要爲Fraser and Neave計算此度量標準，需要使用以下公式：
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。
0.047 = S$203m ÷ (S$5.1b - S$782m) (Based on the trailing twelve months to March 2024).
0.047 = S$20300萬 ÷ (S$51億 - S$782m) (基於2024年3月的過去十二個月)。所以，Fraser and Neave的ROCE爲4.7%。絕對上看，這是一個低迴報率，而且也低於7.4%的食品行業平均水平。
So, Fraser and Neave has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.4%.
以上可以看到Fraser and Neave目前的ROCE與其之前的資本回報率相比較的情況，但過去只能提供很少的信息。如果您想看看分析師對未來的預測，您應該查看我們的免費分析師報告，以了解更多。
Above you can see how the current ROCE for Fraser and Neave compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Fraser and Neave .
上面您可以看到Fraser and Neave當前的ROCE與之前的資本回報率相比，但過去只能提供很少的信息。如果您想了解分析師對未來的預測，可以查看我們爲Fraser and Neave提供的免費分析師報告。
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。
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The figures show that over the last five years, ROCE has grown 27% whilst employing roughly the same amount of capital. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
儘管ROCE在絕對值上仍然很低，但看到它朝着正確的方向發展是好的。數據顯示，在過去的五年中，ROCE增長了27%，資本僱用數量大致相同。因此，公司現在可能正在收穫其過去投資的全部收益，因爲僱用的資本並沒有發生很大變化。就這種意義而言，該公司的表現很好，值得研究管理團隊對於長期的增長前景的計劃。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
As discussed above, Fraser and Neave appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. With that in mind, we believe the promising trends warrant this stock for further investigation.
正如上述所述，Fraser and Neave似乎越來越擅長產生回報，因爲資本僱用保持平穩，但收益（利息和稅前利潤）上升。由於該股票的總回報在過去的五年中幾乎沒有增長，因此如果估值看起來不錯，這裏可能存在機會。因此，我們相信這些有前途的趨勢值得進一步研究。
If you'd like to know about the risks facing Fraser and Neave, we've discovered 1 warning sign that you should be aware of.
如果您想了解Fraser and Neave面臨的風險，我們發現了1個警告信號，您應該了解它。
While Fraser and Neave isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Fraser and Neave的回報率不是最高的，但是可以查看此免費公司列表，其中企業擁有可靠的資產負債表，而且盈利高。
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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？對內容感到擔憂？請直接與我們聯繫。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？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。