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Guangzhou Baiyun International Airport (SHSE:600004) Could Be At Risk Of Shrinking As A Company

Guangzhou Baiyun International Airport (SHSE:600004) Could Be At Risk Of Shrinking As A Company

白雲機場 (SHSE:600004) 可能面臨縮小的風險,作爲一家公司
Simply Wall St ·  12/20 10:00

When researching a stock for investment, what can tell us that the company is in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. 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 Guangzhou Baiyun International Airport (SHSE:600004), so let's see why.

在研究股票進行投資時,什麼能告訴我們公司正在衰退?通常,我們會看到動用資本回報率(ROCE)的下降趨勢,這通常與動用資本的減少同時發生。這樣的趨勢最終意味着該企業正在減少投資,同時也減少了其投資的收益。從第一次讀起,廣州白雲國際機場(SHSE: 600004)的情況看起來並不太好,所以讓我們看看原因。

Return On Capital Employed (ROCE): What Is It?

已動用資本回報率(ROCE):這是什麼?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Guangzhou Baiyun International Airport:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 「回報」(稅前利潤)。分析師使用這個公式來計算廣州白雲國際機場的計算公式:

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)

0.054 = CN¥1.1b ÷ (CN¥27b - CN¥6.2b) (Based on the trailing twelve months to September 2024).

0.054 = 11元人民幣 ÷(270元人民幣-62億元人民幣)(基於截至2024年9月的過去十二個月)。

So, Guangzhou Baiyun International Airport has an ROCE of 5.4%. Even though it's in line with the industry average of 4.9%, it's still a low return by itself.

因此,廣州白雲國際機場的投資回報率爲5.4%。儘管它與4.9%的行業平均水平一致,但其本身的回報率仍然很低。

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SHSE:600004 Return on Capital Employed December 20th 2024
SHSE: 600004 2024 年 12 月 20 日動用資本回報率

Above you can see how the current ROCE for Guangzhou Baiyun International Airport compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Guangzhou Baiyun International Airport .

上面你可以看到廣州白雲國際機場當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們的免費廣州白雲國際機場分析師報告中查看分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE的趨勢可以告訴我們什麼

We are a bit worried about the trend of returns on capital at Guangzhou Baiyun International Airport. To be more specific, the ROCE was 6.9% five years ago, but since then it has dropped noticeably. 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 Guangzhou Baiyun International Airport to turn into a multi-bagger.

我們對廣州白雲國際機場的資本回報率趨勢有些擔憂。更具體地說,五年前的投資回報率爲6.9%,但此後已明顯下降。在資本使用方面,該企業使用的資本量與當時大致相同。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。如果這些趨勢繼續下去,我們預計廣州白雲國際機場不會變成一個多裝貨港。

In Conclusion...

總之...

In summary, it's unfortunate that Guangzhou Baiyun International Airport is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 44% 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.

總而言之,不幸的是,廣州白雲國際機場從相同數量的資本中獲得的回報較低。投資者對這些事態發展並不友善,因爲該股已比五年前下跌了44%。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。

On a final note, we've found 1 warning sign for Guangzhou Baiyun International Airport that we think you should be aware of.

最後,我們發現了廣州白雲國際機場的1個警告標誌,我們認爲你應該注意這個標誌。

While Guangzhou Baiyun International Airport 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.

儘管廣州白雲國際機場目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

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