Emei Shan TourismLtd's (SZSE:000888) Returns On Capital Not Reflecting Well On The Business
Emei Shan TourismLtd's (SZSE:000888) Returns On Capital Not Reflecting Well On The Business
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. However, after investigating Emei Shan TourismLtd (SZSE:000888), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要找到一個潛在的多管齊下的人,往往有潛在的趨勢可以提供線索。首先,我們想要確定一個不斷增長的退貨在已使用資本(ROCE)上,然後在此基礎上,不斷增加基地已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。不過,經過調查,峨眉Shan旅遊有限公司(SZSE:000888),我們認為目前的趨勢不適合多袋子模式。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
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. Analysts use this formula to calculate it for Emei Shan TourismLtd:
對於那些不知道的人來說,ROCE是一家公司的年度稅前利潤(其回報)相對於業務資本的衡量標準。分析師使用以下公式計算峨眉Shan旅遊有限公司的股價:
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)
0.013 = CN¥38m ÷ (CN¥3.3b - CN¥277m) (Based on the trailing twelve months to June 2023).
0.013=CN元3800萬?(CN元33億-CN元2.77億)(根據截至2023年6月的往績12個月計算)。
So, Emei Shan TourismLtd has an ROCE of 1.3%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 5.2%.
所以,峨眉Shan旅遊有限公司的淨資產收益率為1.3%。歸根結底,這是一個很低的回報率,而且低於酒店業5.2%的平均水準。
View our latest analysis for Emei Shan TourismLtd
查看我們對峨眉Shan旅遊有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230923/0-be0bb526431666ff1f294271aa439505-0-ecc4a466a366cce62fce76e699abe820.png/big)
In the above chart we have measured Emei Shan TourismLtd'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 report on analyst forecasts for the company.
在上面的圖表中,我們衡量了峨眉Shan旅遊有限公司之前的淨資產收益率和之前的業績,但可以說,未來更重要。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.
How Are Returns Trending?
回報趨勢如何?
When we looked at the ROCE trend at Emei Shan TourismLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 1.3% from 11% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們看著峨眉Shan旅遊有限公司的ROCE趨勢時,我們並沒有獲得太多信心。過去五年,資本回報率從五年前的11%降至1.3%。然而,鑑於已動用資本和收入都有所增加,該業務目前似乎正在追求增長,這是短期回報的結果。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Emei Shan TourismLtd is reinvesting for growth and has higher sales as a result. Furthermore the stock has climbed 58% over the last five years, it would appear that investors are upbeat about the future. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
綜上所述,儘管短期內回報較低,但令我們感到鼓舞的是,峨眉Shan旅遊有限公司正在進行再投資以實現增長,並因此實現了更高的銷售額。此外,該股在過去五年中上漲了58%,似乎投資者對未來持樂觀態度。因此,雖然潛在的趨勢可能已經被投資者所解釋,但我們仍然認為這只股票值得進一步研究。
One more thing, we've spotted 1 warning sign facing Emei Shan TourismLtd that you might find interesting.
還有一件事,我們發現了1個個警告標誌面對峨眉Shan旅遊有限公司,你可能會感興趣。
While Emei Shan TourismLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然峨眉Shan旅遊有限公司並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.