The Returns On Capital At Jiangsu Expressway (HKG:177) Don't Inspire Confidence
The Returns On Capital At Jiangsu Expressway (HKG:177) Don't Inspire Confidence
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. Having said that, from a first glance at Jiangsu Expressway (HKG:177) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 已動用資本的百分比。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。話雖如此,乍一看江蘇高速公路(HKG: 177),我們並不是在忽視回報趨勢,但讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. To calculate this metric for Jiangsu Expressway, this is the formula:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。要計算江蘇高速公路的這個指標,公式如下:
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)
0.075 = CN¥5.2b ÷ (CN¥79b - CN¥10b) (Based on the trailing twelve months to September 2023).
0.075 = CN¥5.2b ≤(CN¥79b-CN¥10b) (基於截至2023年9月的過去十二個月)。
So, Jiangsu Expressway has an ROCE of 7.5%. Even though it's in line with the industry average of 7.2%, it's still a low return by itself.
因此,江蘇高速公路的投資回報率爲7.5%。儘管它與7.2%的行業平均水平一致,但它本身的回報率仍然很低。
Check out our latest analysis for Jiangsu Expressway
查看我們對江蘇高速公路的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231124/0-32a6cc7a4ae10ef71b873d84567221fb-0-436c2e3871a8ed184e996feebc3354bb.png/big)
Above you can see how the current ROCE for Jiangsu Expressway compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Jiangsu Expressway here for free.
在上方你可以看到江蘇高速公路目前的投資回報率與之前的資本回報率相比如何,但從過去可以看出來只有這麼多。如果你願意,你可以在這裏免費查看對江蘇高速公路的分析師的預測。
What Does the ROCE Trend For Jiangsu Expressway Tell Us?
江蘇高速公路ROCE趨勢告訴我們什麼?
In terms of Jiangsu Expressway's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 7.5% from 13% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就江蘇高速公路的歷史投資回報率走勢而言,這種趨勢並不理想。在過去五年中,資本回報率從五年前的13%下降到7.5%。另一方面,去年,該公司一直在使用更多資金,但銷售額沒有相應改善,這可能表明這些投資是長期投資。值得關注該公司的收益,看看這些投資最終能否爲利潤做出貢獻。
What We Can Learn From Jiangsu Expressway's ROCE
我們可以從江蘇高速公路的ROCE中學到什麼
In summary, Jiangsu Expressway is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 11% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Jiangsu Expressway has the makings of a multi-bagger.
總而言之,江蘇高速公路正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。在過去的五年中,該股已經下跌了11%,因此市場對這些趨勢的走強看上去並不抱太大希望。因此,根據本文所做的分析,我們認爲江蘇高速公路不具備多裝袋機的特點。
On a final note, we've found 1 warning sign for Jiangsu Expressway that we think you should be aware of.
最後一點,我們發現了江蘇高速公路的1個警告標誌,我們認爲你應該注意。
While Jiangsu Expressway isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管江蘇高速公路的回報率不是最高的,但請查看這份資產負債表穩健且股本回報率高的公司的免費名單。
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。