Dongguan Development (Holdings) (SZSE:000828) Might Be Having Difficulty Using Its Capital Effectively
Dongguan Development (Holdings) (SZSE:000828) Might Be Having Difficulty Using Its Capital Effectively
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Dongguan Development (Holdings) (SZSE:000828) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想确定可以长期价值成倍增长的股票,我们应该寻找什么趋势?在一个完美的世界中,我们希望看到一家公司向其业务投资更多的资本,理想情况下,从这些资本中获得的回报也在增加。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。话虽如此,乍一看东莞发展(控股)(深交所股票代码:000828),我们并不是在忽略回报趋势,而是让我们更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Dongguan Development (Holdings):
如果你以前没有与ROCE合作过,它可以衡量一家公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用以下公式为东莞发展(控股)计算得出:
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)
0.043 = CN¥965m ÷ (CN¥29b - CN¥6.6b) (Based on the trailing twelve months to September 2023).
0.043 = CN¥965m ¼(CN¥29B-CN¥6.6b) (基于截至2023年9月的过去十二个月)。
Thus, Dongguan Development (Holdings) has an ROCE of 4.3%. In absolute terms, that's a low return but it's around the Infrastructure industry average of 4.9%.
因此,东莞发展(控股)的投资回报率为4.3%。从绝对值来看,这是一个很低的回报,但约为基础设施行业的平均水平,为4.9%。
See our latest analysis for Dongguan Development (Holdings)
查看我们对东莞发展(控股)的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231128/0-0a6523d5244f2d46872e7f3905d51668-0-8e16454e00979e993c43f4e9ed785b70.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Dongguan Development (Holdings)'s ROCE against it's prior returns. If you'd like to look at how Dongguan Development (Holdings) has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究股票时,历史表现是一个不错的起点,因此在上方你可以看到东莞发展(控股)的投资回报率与先前回报率的衡量标准。如果您想查看东莞发展(控股)过去在其他指标上的表现,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
When we looked at the ROCE trend at Dongguan Development (Holdings), we didn't gain much confidence. To be more specific, ROCE has fallen from 13% over the last five years. 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. If these investments prove successful, this can bode very well for long term stock performance.
当我们查看东莞发展(控股)的投资回报率走势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的13%有所下降。但是,鉴于资本使用量和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。如果这些投资被证明是成功的,那么这对于股票的长期表现来说是个好兆头。
The Key Takeaway
关键要点
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Dongguan Development (Holdings). Furthermore the stock has climbed 62% 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.
尽管短期内资本回报率有所下降,但我们认为东莞发展(控股)的收入和资本使用量都有所增加,这令人鼓舞。此外,该股在过去五年中上涨了62%,看来投资者对未来持乐观态度。因此,尽管投资者已经可以解释潜在的趋势,但我们仍然认为这只股票值得进一步研究。
One more thing: We've identified 5 warning signs with Dongguan Development (Holdings) (at least 3 which are a bit concerning) , and understanding these would certainly be useful.
还有一件事:我们已经确定了东莞发展(控股)的5个警告信号(至少有3个有点令人担忧),了解这些信号肯定会很有用。
While Dongguan Development (Holdings) may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管东莞发展(控股)目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这份免费清单。
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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。