Want Want China Holdings (HKG:151) Could Become A Multi-Bagger
Want Want China Holdings (HKG:151) Could Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. Speaking of which, we noticed some great changes in Want Want China Holdings' (HKG:151) returns on capital, so let's have a look.
如果我們想找到下一個開多大賺家，就需要關注一些關鍵趨勢。首先，我們要找到一個不斷增長的資本使用回報率（ROCE），同時還要有一個不斷增長的資本使用基礎。基本上，這意味着公司有盈利的舉措可以繼續投資，這是利複利的特徵。說到這裏，我們發現了一些中國旺旺控股（HKG:151）資本回報的巨大變化，讓我們看看吧。
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。
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 Want Want China Holdings:
如果你以前沒有接觸過ROCE，它是衡量公司從業務資本使用所獲得的“回報”（稅前利潤）的指標。分析師使用這個公式來計算中國旺旺的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。
0.27 = CN¥5.2b ÷ (CN¥27b - CN¥8.2b) (Based on the trailing twelve months to March 2024).
0.27 = CN¥52億 ÷ (CN¥270億 - CN¥8.2b) （基於截至2024年3月的過去十二個月）。因此，中國旺旺的ROCE爲27%。絕對來說，這是一個非常好的回報，甚至比食品行業平均水平高8.6%。
Therefore, Want Want China Holdings has an ROCE of 27%. In absolute terms that's a great return and it's even better than the Food industry average of 8.6%.
SEHK:151 資本使用回報 2024年7月30日 在上面的圖表中，我們以中國旺旺以往的ROCE爲基礎來衡量其以前的表現，但未來可能更爲重要。如果你願意，可以免費查看報告分析師對中國旺旺的預測。
In the above chart we have measured Want Want China Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Want Want China Holdings for free.
以上圖表中，我們已經對中國旺旺過去的ROCE進行了測量，但未來可能更爲重要。如果你願意，可以免費查看報告分析師對中國旺旺的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
Want Want China Holdings is showing promise given that its ROCE is trending up and to the right. The figures show that over the last five years, ROCE has grown 42% whilst employing roughly the same amount of capital. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
中國旺旺控股顯示出很大的潛力，因爲其資本回報率不斷上升。數據顯示，在過去的五年中，資本回報率增長了42％，而資本運用量基本相同。基本上，企業在使用相同的資本量時產生了更高的回報，這證明公司的效率有所提高。在這個意義上，公司表現良好，對於長期的增長前景值得關注管理團隊的計劃。
Our Take On Want Want China Holdings' ROCE
我們對中國旺旺控股的資本使用回報的看法 如上所述，中國旺旺控股似乎越來越擅長創造回報，因爲資本使用量保持不變，但收益（利息和稅前利潤）增加了。並且，考慮到過去五年，該股票價格相當穩定，如果其他指標強勁，這裏可能存在機會。因此，進一步研究這家公司，確定這些趨勢是否會持續是有道理的。
As discussed above, Want Want China Holdings appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And given the stock has remained rather flat over the last five years, there might be an opportunity here if other metrics are strong. So researching this company further and determining whether or not these trends will continue seems justified.
如果你想繼續研究中國旺旺控股，你可能會對我們分析發現的一項警告有所關注。
If you want to continue researching Want Want China Holdings, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果我們想找到下一個開多大賺家，就需要關注一些關鍵趨勢。首先，我們要找到一個不斷增長的資本使用回報率（ROCE），同時還要有一個不斷增長的資本使用基礎。基本上，這意味着公司有盈利的舉措可以繼續投資，這是利複利的特徵。說到這裏，我們發現了一些中國旺旺控股（HKG:151）資本回報的巨大變化，讓我們看看吧。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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。