share_log

Shenzhen Expressway (HKG:548) Is Reinvesting At Lower Rates Of Return

Shenzhen Expressway (HKG:548) Is Reinvesting At Lower Rates Of Return

深圳高速公路(HKG:548)正在以更低的回報率進行再投資
Simply Wall St ·  08/26 19:15

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Shenzhen Expressway (HKG:548) and its ROCE trend, we weren't exactly thrilled.

如果我們想找到一隻長期增長的股票,我們應該尋找什麼樣的基本趨勢呢?首先,我們希望看到資本運作回報率(ROCE)在增長,其次,資本運作的基數在擴大。最終,這表明這是一個以遞增的回報率重新投資利潤的企業。鑑於此,當我們看到深圳高速公路(港股代碼:548)及其ROCE趨勢時,並不是非常激動。

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。

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 Shenzhen Expressway, this is the formula:

只是爲了澄清,如果您不確定,ROCE是一個評估企業在其業務中投資的資本所獲得的稅前收入的指標。(以百分比形式)。要計算深圳高速公路的ROCE,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。

0.048 = CN¥2.5b ÷ (CN¥66b - CN¥15b) (Based on the trailing twelve months to June 2024).

0.048 = CN¥25億 ÷ (CN¥660億 - CN¥15億) (基於截至2024年6月的過去十二個月)。

Therefore, Shenzhen Expressway has an ROCE of 4.8%. On its own, that's a low figure but it's around the 5.6% average generated by the Infrastructure industry.

因此,深圳高速公路的ROCE爲4.8%。單看這個數字很低,但與製造行業平均5.6%相當。

1724714108483
SEHK:548 Return on Capital Employed August 26th 2024
SEHK:548 ROCE - 2024年8月26日

In the above chart we have measured Shenzhen Expressway's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen Expressway .

在上面的圖表中,我們對深圳高速公路的前期ROCE進行了測量,並與其前期業績進行了對比,但未來可能更重要。如果您想了解分析師對未來的預測,請查看我們爲深圳高速公路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。

Unfortunately, the trend isn't great with ROCE falling from 7.2% five years ago, while capital employed has grown 45%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Shenzhen Expressway's earnings and if they change as a result from the capital raise. It's also worth noting the company's latest EBIT figure is within 10% of the previous year, so it's fair to assign the ROCE drop largely to the capital raise.

不幸的是,ROCE在五年前下降了7.2%,而資本投入增長了45%。然而,部分資本投入的增加可能歸因於最新報告期前完成的資本增發,所以在查看ROCE下降時要記住這一點。籌集的資金可能尚未投入使用,因此值得關注深圳高速公路未來的盈利情況以及資本增發對其是否產生影響。還值得注意的是,公司最新的EBIt數據與上一年相差不超過10%,因此可以認爲ROCE下降主要歸因於資本增發。

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。

To conclude, we've found that Shenzhen Expressway is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 4.6% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.

總之,我們發現深圳高速公路正在進行業務再投資,但回報率卻在下降。在過去五年中,股票回報只有4.6%,您可以認爲股東已經意識到這些平庸的趨勢。因此,如果您正在尋找一個倍增的機會,我們建議您看看其他選擇。

One more thing: We've identified 2 warning signs with Shenzhen Expressway (at least 1 which doesn't sit too well with us) , and understanding them would certainly be useful.

還有一件事:我們已經發現深圳高速公路存在2個警示信號(至少有1個不太好),了解它們肯定會有幫助。

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。

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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論