Returns On Capital At Tingyi (Cayman Islands) Holding (HKG:322) Have Hit The Brakes
Returns On Capital At Tingyi (Cayman Islands) Holding (HKG:322) Have Hit The Brakes
0.13 = CN¥3.6b ÷ (CN¥59b - CN¥32b) (Based on the trailing twelve months to June 2023).There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Tingyi (Cayman Islands) Holding (HKG:322) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要识别下一个多袋子，有几个关键趋势需要寻找。在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复合机器的一个特点。话虽如此，从第一眼看康师傅控股(开曼群岛)控股 (HKG：322）我们并不是从椅子上跳起来看到回报率的趋势，但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)？
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 Tingyi (Cayman Islands) Holding, this is the formula:
对于那些不确定ROCE是什么的人来说，它衡量的是一家公司可以从其业务中使用的资本中产生的税前利润。 为了计算康师傅（开曼群岛）控股的这一指标，下面是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.13 = CN¥3.6b ÷ (CN¥59b - CN¥32b) (Based on the trailing twelve months to June 2023).
0.13= CN¥3.6b（CN¥59b - CN¥32b） (根据截至2023年6月的往绩12个月计算)。
Therefore, Tingyi (Cayman Islands) Holding has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 9.3% it's much better.
所以呢，康师傅（开曼群岛）控股的ROCE为13%。 从绝对值来看，这是一个令人满意的回报，但与食品行业9.3%的平均水平相比，这要好得多。
View our latest analysis for Tingyi (Cayman Islands) Holding
查看我们对康师傅控股(开曼群岛)控股的最新分析
Above you can see how the current ROCE for Tingyi (Cayman Islands) Holding compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Tingyi (Cayman Islands) Holding.
从上图可以看出康师傅控股（开曼群岛）目前的ROCE与之前的资本回报率相比如何，但从过去的情况来看，你只能知道这么多。 如果您想了解分析师对未来的预测，请查看我们的 免费 康师傅（开曼群岛）控股有限公司的报告。
So How Is Tingyi (Cayman Islands) Holding's ROCE Trending?
康师傅（开曼群岛）控股的ROCE趋势如何？
Things have been pretty stable at Tingyi (Cayman Islands) Holding, with its capital employed and returns on that capital staying somewhat the same for the last five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect Tingyi (Cayman Islands) Holding to be a multi-bagger going forward. On top of that you'll notice that Tingyi (Cayman Islands) Holding has been paying out a large portion (100%) of earnings in the form of dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
康师傅控股（开曼群岛）的情况一直相当稳定，其资本使用和资本回报在过去五年中保持不变。 这并不罕见，当看到一个成熟和稳定的企业，不重新投资其收益，因为它可能已经通过了商业周期的这一阶段。 考虑到这一点，除非投资在未来再次回升，否则我们不希望康师傅（开曼群岛）控股公司成为一个多袋前进。 最重要的是，你会注意到康师傅（开曼群岛）控股公司一直在以股息的形式向股东支付大部分（100%）收益。 这些成熟的企业通常有可靠的收益，而且没有太多的地方可以再投资，因此次佳选择是将收益放入股东的口袋。
Another thing to note, Tingyi (Cayman Islands) Holding has a high ratio of current liabilities to total assets of 55%. 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一点需要注意的是，康师傅（开曼群岛）控股的流动负债占总资产的比例高达55%。 这可能会带来一些风险，因为公司基本上是在相当大的程度上依赖其供应商或其他类型的短期债权人的情况下运营的。 虽然这不一定是一件坏事，但如果这个比例较低，它可能是有益的。
The Bottom Line
底线
We can conclude that in regards to Tingyi (Cayman Islands) Holding's returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 21% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
我们可以得出结论，关于康师傅（开曼群岛）控股公司的资本回报率和趋势，没有太大的变化报告。 在过去五年里，该公司的股票回报率仅为21%，你可以说他们已经意识到了这些黯淡的趋势。 因此，如果您正在寻找一个多袋，我们建议看看其他选择。
One more thing to note, we've identified 1 warning sign with Tingyi (Cayman Islands) Holding and understanding it should be part of your investment process.
还有一件事需要注意，我们已经确定了1个警告标志 与康师傅（开曼群岛）控股有限公司合作，并了解它应该是您投资过程的一部分。
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.
对于那些喜欢投资于稳固的公司，看看这个免费资产负债表稳健、股本回报率高的公司名单。
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