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.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,當我們查看渤海租賃(SZSE: 000415)時,它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。渤海租賃的計算公式爲:
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)
0.055 = CN¥12b ÷ (CN¥265b - CN¥55b) (Based on the trailing twelve months to September 2023).
0.055 = 12億元人民幣 ÷(265億元人民幣-55億元人民幣) (基於截至2023年9月的過去十二個月)。
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,渤海租賃的投資回報率爲5.5%。歸根結底,這是一個低迴報,其表現低於貿易分銷商行業平均水平的7.5%。
Check out our latest analysis for Bohai Leasing
查看我們對渤海租賃的最新分析
![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.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果你想在其他指標中查看渤海租賃過去的表現,你可以查看這張過去收益、收入和現金流的免費圖表。
The Trend Of ROCE
ROCE 的趨勢
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.
渤海租賃的情況一直相當穩定,在過去五年中,其資本利用率和資本回報率基本保持不變。這告訴我們該公司沒有對自己進行再投資,因此它已經過了增長階段是合理的。因此,如果渤海租賃在幾年後最終沒有成爲一家多包商,也不要感到驚訝。
The Bottom Line
底線
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.
我們可以得出結論,在渤海租賃的已動用資本回報率和趨勢方面,沒有太大的變化可以報告。投資者似乎對趨勢的回升猶豫不決,因爲該股在過去五年中下跌了46%。因此,根據本文的分析,我們認爲渤海租賃不具備多口徑的優勢。
One more thing to note, we've identified 2 warning signs with Bohai Leasing and understanding these should be part of your investment process.
還有一件事需要注意,我們已經確定了渤海租賃的兩個警告信號,我們知道這些信號應該是您投資過程的一部分。
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。