Zhongyu Energy Holdings' (HKG:3633) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Zhongyu Energy Holdings' (HKG:3633) Returns On Capital Tell Us There Is Reason To Feel Uneasy
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. So after we looked into Zhongyu Energy Holdings (HKG:3633), the trends above didn't look too great.
如果我們想要避免一個正在下滑的業務,有哪些趨勢可以提前警告我們? 一個潛在下滑的業務通常顯示兩種趨勢,一個是資本僱用回報率(ROCE)下降,另一個是資本僱用基礎也在下降。這種組合可以告訴你,公司不僅在投資較少,而且在所投資的項目上賺取的也較少。所以在我們調查了中裕能源控股(HKG:3633)之後,以上趨勢看起來並不太好。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Zhongyu Energy Holdings, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量了公司從業務資本中能夠產生的稅前利潤數量。要爲中裕能源控股計算這個指標,這是公式:
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。
0.057 = HK$846m ÷ (HK$26b - HK$11b) (Based on the trailing twelve months to June 2024).
0.057 = HK$84600萬 ÷ (HK$260億 - HK$11b) (根據2024年6月的過去12個月)。
So, Zhongyu Energy Holdings has an ROCE of 5.7%. In absolute terms, that's a low return and it also under-performs the Gas Utilities industry average of 8.2%.
所以,中裕能源控股的ROCE爲5.7%。從絕對值來看,這是一個較低的回報,也低於燃料幣行業平均水平8.2%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Zhongyu Energy Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zhongyu Energy Holdings.
在研究股票時,歷史表現是一個很好的起點,所以上面您可以看到中裕能源控股的資本回報率ROCE與先前回報率的刻度。如果您想深入了解歷史收益,請查看這些免費圖表,詳細說明中裕能源控股的營業收入和現金流表現。
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。
In terms of Zhongyu Energy Holdings' historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 11%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Zhongyu Energy Holdings to turn into a multi-bagger.
就中裕能源控股的歷史資本回報率ROCE變動而言,這種趨勢並沒有令人信心滿滿。大約五年前,資本回報率爲11%,然而現在遠低於此,就像我們上面看到的那樣。在資本利用方面,該企業利用的資本數量與當時基本相同。由於回報率正在下降,企業利用的資產數量相同,這表明它是一家近五年來沒有太多增長的成熟企業。如果這些趨勢持續下去,我們不會指望中裕能源控股能成爲一個多袋股。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 44%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 5.7%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
談到這一點,我們注意到流動負債與總資產的比率已上升到44%,這影響了ROCE。如果沒有這種增加,ROCE可能會低於5.7%。這意味着實際上,公司相當大比例的業務資金來自公司的供應商或短期債權人,這本身會帶來一些風險。
What We Can Learn From Zhongyu Energy Holdings' ROCE
從中裕能源控股的資本回報率ROCE中我們可以學到什麼
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 32% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
最終,資本回報率下降趨勢並未典型地表明我們在尋找一隻增長型股票。投資者並不看好這些發展,因爲股票比五年前下跌了32%。鑑於情況如此,除非基本趨勢恢復到更爲積極的軌跡,否則我們應考慮尋找其他地方。
Like most companies, Zhongyu Energy Holdings does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多數公司一樣,中裕能源控股公司確實存在一些風險,我們發現了2個警告信號,您應該注意。
While Zhongyu Energy Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然中裕能源控股公司目前可能沒有賺取最高回報,但我們已經整理了一份目前股本回報率超過25%的公司名單。請在此處查看這份免費名單。
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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。