Investors Met With Slowing Returns on Capital At Bohai Leasing (SZSE:000415)
Investors Met With Slowing Returns on Capital At Bohai Leasing (SZSE:000415)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Bohai Leasing (SZSE:000415), it didn't seem to tick all of these boxes.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 的已动用资本。如果你看到这一点,那通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,当我们查看渤海租赁(深交所股票代码:000415)时,它似乎并未满足所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. The formula for this calculation on Bohai Leasing is:
如果您不确定,可以澄清一下,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。渤海租赁的计算公式为:
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)
0.055 = CN¥12b ÷ (CN¥265b - CN¥55b) (Based on the trailing twelve months to September 2023).
0.055 = CN¥12b ≤(CN¥265b-CN¥55b) (基于截至2023年9月的过去十二个月)。
Therefore, Bohai Leasing has an ROCE of 5.5%. Ultimately, that's a low return and it under-performs the Trade Distributors industry average of 7.5%.
因此,渤海租赁的投资回报率为5.5%。归根结底,这是一个低回报,其表现低于贸易分销商行业7.5%的平均水平。
Check out our latest analysis for Bohai Leasing
查看我们对渤海租赁的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231110/0-b48fc3540b9a3441f5ee8d52edeeb01e-0-a4bfcf28439ab03b761b045483875f31.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Bohai Leasing has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
虽然过去不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果您想查看渤海租赁过去在其他指标中的表现,可以查看这张免费的过去收益、收入和现金流图表。
The Trend Of ROCE
ROCE 的趋势
Things have been pretty stable at Bohai Leasing, with its capital employed and returns on that capital staying somewhat the same for the last five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So don't be surprised if Bohai Leasing doesn't end up being a multi-bagger in a few years time.
渤海租赁的情况一直相当稳定,在过去五年中,其资本使用量和资本回报率基本保持不变。这告诉我们该公司并没有对自己进行再投资,因此似乎已经过了增长阶段。因此,如果渤海租赁在几年后没有成为一家多袋公司,也不要感到惊讶。
The Bottom Line
底线
We can conclude that in regards to Bohai Leasing's returns on capital employed and the trends, there isn't much change to report on. And investors appear hesitant that the trends will pick up because the stock has fallen 46% in the last five years. Therefore based on the analysis done in this article, we don't think Bohai Leasing has the makings of a multi-bagger.
我们可以得出结论,就渤海租赁的资本使用回报率和趋势而言,没有太大变化可报告。投资者似乎对趋势是否会回升犹豫不决,因为该股在过去五年中下跌了46%。因此,根据本文所做的分析,我们认为渤海租赁不具备多袋机的特质。
One more thing to note, we've identified 2 warning signs with Bohai Leasing and understanding these should be part of your investment process.
还有一点需要注意,我们已经确定了渤海租赁的两个警告信号,理解这些信号应该成为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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。