SUNeVision Holdings (HKG:1686) Could Be Struggling To Allocate Capital
SUNeVision Holdings (HKG:1686) Could Be Struggling To Allocate Capital
0.071 = HK$1.2b ÷ (HK$22b - HK$4.9b) If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating SUNeVision Holdings (HKG:1686), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到一個潛在的多倍倉，通常有潛在趨勢可以提供線索。理想情況下，一家企業將展示兩種趨勢；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。如果您看到這一點，通常意味着這是一家擁有出色商業模式和大量盈利再投資機會的公司。然而，在調查了新意網集團（HKG: 1686）之後，我們認爲它的現在趨勢不符合多倍倉的模式。
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 SUNeVision Holdings, this is the formula:
如果您不確定，ROCE是用於評估公司在其業務中投資的資本所獲得的稅前收入（以百分比方式）的指標。要計算SUNeVision Holdings的指標，可以使用以下公式：
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。
0.071 = HK$1.2b ÷ (HK$22b - HK$4.9b) (Based on the trailing twelve months to December 2023).
0.071 = HK$12億 ÷（HK$220億 - HK$4.9b）（基於2023年12月的過去十二個月）。因此，新意網集團的ROCE爲7.1%。這本身是一個低迴報，但符合行業平均回報率6.6%。
Thus, SUNeVision Holdings has an ROCE of 7.1%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.6%.
SEHK: 1686運行資本回報率爲2024年8月16日。
In the above chart we have measured SUNeVision Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for SUNeVision Holdings .
表面上看，新意網集團的ROCE趨勢並不令人信服。大約五年前，資本回報率爲11%，但自那時以來下降到7.1%。但是，鑑於資本僱用和營業收入均增加了，似乎該企業目前正在追求增長，但會造成短期回報的影響。如果增加的資本產生了額外的回報，企業和股東都將從中受益。
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。
On the surface, the trend of ROCE at SUNeVision Holdings doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 7.1%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
總的來說，儘管短期內回報較低，但我們很高興看到新意網集團正在爲增長而進行再投資，並因此獲得更高的銷售額。如果其他指標也看起來不錯，那麼這裏可能有機會，因爲該股票在過去五年中下跌了38%。因此，我們認爲，鑑於趨勢看起來令人鼓舞，進一步研究這隻股票是值得的。
Our Take On SUNeVision Holdings' ROCE
由於幾乎每家公司都面臨一些風險，因此值得了解它們是什麼，我們已經發現了新意網集團的兩個警告標誌（其中一個令我們有些不安！），您應該知道。
In summary, despite lower returns in the short term, we're encouraged to see that SUNeVision Holdings is reinvesting for growth and has higher sales as a result. And there could be an opportunity here if other metrics look good too, because the stock has declined 38% in the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管回報率不高，但是在業務銷售額增長、再投資方面，儘管短期回報較低，但我們鼓勵新意網集團繼續進行再投資，在未來會獲得更好的回報率。如果其他指標也看起來不錯，那麼這裏可能有機會，因爲該股票在過去五年中下跌了38%。因此，我們認爲，鑑於趨勢看起來令人鼓舞，進一步研究這隻股票是值得的。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for SUNeVision Holdings (of which 1 makes us a bit uncomfortable!) that you should know about.
由於幾乎每家公司都面臨一些風險，因此值得了解它們是什麼，我們已經爲新意網集團發現了2個警告標誌（其中一個令我們有些不安！）的風險，您應該知道。
While SUNeVision Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然新意網集團沒有取得最高回報，但是請查看這個免費的公司列表，這些公司具有堅實的資產負債表和高回報率。
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。