Returns On Capital At Swire Pacific (HKG:19) Have Stalled
Returns On Capital At Swire Pacific (HKG:19) Have Stalled
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Swire Pacific (HKG:19), it didn't seem to tick all of these boxes.
如果我們想確定下一款多袋機,有一些關鍵的趨勢需要考慮。首先,我們希望確定不斷增長的已動用資本回報率(ROCE),然後確定不斷增加的資本使用基礎。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,當我們查看太古太平洋(HKG: 19)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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. The formula for this calculation on Swire Pacific is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。太古太平洋的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.026 = HK$10b ÷ (HK$456b - HK$47b) (Based on the trailing twelve months to June 2024).
0.026 = 100億港元 ÷(4560億港元至470億港元)(基於截至2024年6月的過去十二個月)。
Thus, Swire Pacific has an ROCE of 2.6%. Even though it's in line with the industry average of 3.0%, it's still a low return by itself.
因此,太古太平洋的投資回報率爲2.6%。儘管它與3.0%的行業平均水平一致,但其本身的回報率仍然很低。
![1724882737126](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240829/43026863-0-05be8b28c41a35d1e366df2e82a4b58f.webp/bigjpg)
In the above chart we have measured Swire Pacific'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 Swire Pacific .
在上圖中,我們將太古太平洋先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的免費太古太平洋分析師報告。
What Does the ROCE Trend For Swire Pacific Tell Us?
太古太平洋的投資回報率趨勢告訴我們什麼?
Over the past five years, Swire Pacific's ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Swire Pacific doesn't end up being a multi-bagger in a few years time. With fewer investment opportunities, it makes sense that Swire Pacific has been paying out a decent 46% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在過去五年中,太古太平洋的投資回報率和已動用資本基本保持不變。具有這些特徵的企業往往是成熟而穩定的運營,因爲它們已經過了增長階段。因此,如果太古太平洋在幾年內沒有成爲一家多袋公司,也不要感到驚訝。由於投資機會較少,太古太平洋向股東支付了可觀的46%的收益是有道理的。鑑於企業沒有對自身進行再投資,向股東分配部分收益是有意義的。
In Conclusion...
總之...
In a nutshell, Swire Pacific has been trudging along with the same returns from the same amount of capital over the last five years. Unsurprisingly, the stock has only gained 22% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
簡而言之,在過去的五年中,太古太平洋一直在努力從相同數量的資本中獲得同樣的回報。毫不奇怪,該股在過去五年中僅上漲了22%,這可能表明投資者正在考慮未來的情況。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Swire Pacific (of which 1 is significant!) 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,我們已經發現了太古太平洋的4個警告信號(其中1個很重要!)你應該知道的。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。