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Be Wary Of Hengan International Group (HKG:1044) And Its Returns On Capital

Be Wary Of Hengan International Group (HKG:1044) And Its Returns On Capital

對恒安國際集團(HKG:1044)及其資本回報率要保持警惕
Simply Wall St ·  2024/09/06 18:41

What underlying fundamental trends can indicate that a company might be in decline? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. And from a first read, things don't look too good at Hengan International Group (HKG:1044), so let's see why.

哪些潛在的基本面趨勢可以表明公司可能正在衰退?通常,我們會看到已動用資本回報率(ROCE)下降和資本使用量下降。這種組合可以告訴你,公司不僅減少了投資,而且投資的收益也減少了。從第一次讀起,恒安國際集團(HKG: 1044)的情況看起來並不太好,所以讓我們看看原因。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Hengan International Group, this is the formula:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。要計算恒安國際集團的這一指標,公式如下:

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)

0.16 = CN¥3.7b ÷ (CN¥46b - CN¥23b) (Based on the trailing twelve months to June 2024).

0.16 = 37元人民幣 ÷(460元人民幣-23億元人民幣)(基於截至2024年6月的過去十二個月)。

So, Hengan International Group has an ROCE of 16%. That's a relatively normal return on capital, and it's around the 13% generated by the Personal Products industry.

因此,恒安國際集團的投資回報率爲16%。這是相對正常的資本回報率,約爲個人用品行業產生的13%。

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SEHK:1044 Return on Capital Employed September 6th 2024
SEHK: 1044 2024 年 9 月 6 日動用資本回報率

In the above chart we have measured Hengan International Group's 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 Hengan International Group .

在上圖中,我們將恒安國際集團先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們的恒安國際集團免費分析師報告中查看分析師的預測。

What Can We Tell From Hengan International Group's ROCE Trend?

我們可以從恒安國際集團的ROCE趨勢中得出什麼?

In terms of Hengan International Group's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 22% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Hengan International Group becoming one if things continue as they have.

就恒安國際集團的歷史ROCE走勢而言,這一趨勢並不能激發信心。不幸的是,資本回報率已從五年前的22%有所下降。最重要的是,值得注意的是,企業內部使用的資本量一直保持相對穩定。這種組合可能表明一家成熟的企業仍有資金部署的領域,但由於新的競爭或利潤率降低,獲得的回報並不那麼高。因此,由於這些趨勢通常不利於創建多袋機,因此,如果情況繼續保持現狀,我們就不會屏住呼吸希望恒安國際集團成爲一體。

On a separate but related note, it's important to know that Hengan International Group has a current liabilities to total assets ratio of 49%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.

另一方面,重要的是要知道恒安國際集團的流動負債與總資產的比率爲49%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。

The Bottom Line

底線

All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 44% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

總而言之,使用相同數量的資本所產生的較低迴報並不完全是複利機器的跡象。因此,該股在過去五年中下跌了44%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

If you'd like to know about the risks facing Hengan International Group, we've discovered 1 warning sign that you should be aware of.

如果你想了解恒安國際集團面臨的風險,我們發現了一個你應該注意的警告信號。

While Hengan International Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管恒安國際集團的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。

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.

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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。

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
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