China Television Media (SHSE:600088) Could Be At Risk Of Shrinking As A Company
China Television Media (SHSE:600088) Could Be At Risk Of Shrinking As A Company
When researching a stock for investment, what can tell us that the company is in decline? 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. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. And from a first read, things don't look too good at China Television Media (SHSE:600088), so let's see why.
在研究股票投資時,什麼可以告訴我們這家公司正在走下坡路?一家潛在處於衰退狀態的企業通常顯示兩個趨勢,即資本僱傭的回報率(ROCE)下降,以及資本僱用基礎也在減少。這樣的趨勢最終意味着企業正在減少投資,同時也在投資中賺取更少的收入。首次閱讀時,中國電視傳媒(SHSE:600088)的情況看起來並不樂觀,讓我們來看看爲什麼。
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 China Television Media, this is the formula:
只是爲了澄清,如果你不確定,ROCE是一個評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比形式)的指標。要爲中國電視傳媒計算這個指標,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。
0.012 = CN¥16m ÷ (CN¥1.6b - CN¥240m) (Based on the trailing twelve months to June 2024).
0.012 = 1600萬人民幣 ÷(160億人民幣 - 2.4億人民幣)(基於2024年6月止的過去十二個月)。
So, China Television Media has an ROCE of 1.2%. In absolute terms, that's a low return and it also under-performs the Entertainment industry average of 5.4%.
因此,中國電視傳媒的ROCE爲1.2%。從絕對值來看,這是一個較低的回報率,也低於娛樂行業平均水平的5.4%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for China Television Media's ROCE against it's prior returns. If you'd like to look at how China Television Media has performed in the past in other metrics, you can view this free graph of China Television Media's past earnings, revenue and cash flow.
歷史績效是研究股票的絕佳起點,請查看以上中國電視傳媒的ROCE表現與先前回報的指標。如果您想查看中國電視傳媒在其他指標上的過往表現,可以查看中國電視傳媒過去收益、營業收入和現金流的免費圖表。
So How Is China Television Media's ROCE Trending?
那麼中國電視傳媒的ROCE趨勢如何?
We are a bit worried about the trend of returns on capital at China Television Media. Unfortunately the returns on capital have diminished from the 13% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on China Television Media becoming one if things continue as they have.
我們對中國電視傳媒資本回報率的趨勢有些擔憂。不幸的是,資本回報率從五年前的13%下降了。在資本運用方面,該業務使用的資本大致與當時持平。表現出這些特徵的公司往往不會萎縮,但可能會成熟,並且面臨來自競爭的利潤壓力。因此,由於這些趨勢通常不利於創造多倍收益,如果事情繼續發展下去,我們不認爲中國電視傳媒會成爲一個多倍收益的機會。
The Key Takeaway
重要提示
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors must expect better things on the horizon though because the stock has risen 14% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
總的來說,在資本運用相同數量的情況下收益較低並不完全是複利機器的跡象。投資者必須期待未來有更好的發展,因爲該股票在過去五年上漲了14%。無論如何,我們不太看好當前的趨勢,所以我們認爲您可能會在其他地方找到更好的投資機會。
While China Television Media doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 600088 on our platform.
雖然中國電視傳媒在這方面表現並不太出色,但仍值得看看該公司是否以有吸引力的價格交易。您可以在我們的平台上免費獲取600088的內在價值估算。
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.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。