The Returns On Capital At SINOPEC Engineering (Group) (HKG:2386) Don't Inspire Confidence
The Returns On Capital At SINOPEC Engineering (Group) (HKG:2386) Don't Inspire Confidence
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. So after glancing at the trends within SINOPEC Engineering (Group) (HKG:2386), we weren't too hopeful.
当我们研究一家公司时,有时很难找到警告信号,但是有一些财务指标可以帮助及早发现问题。可能处于衰退状态的企业通常会呈现两种趋势, 返回 关于资本使用率(ROCE)正在下降,而且 基础 使用的资本也在下降。归根结底,这意味着该公司每投资1美元的收入减少了,最重要的是,它正在缩小其使用的资本基础。因此,在看了中石化工程(集团)(HKG: 2386)内部的趋势后,我们并不抱太大希望。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for SINOPEC Engineering (Group), this is the formula:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。要计算中石化工程(集团)的这一指标,公式如下:
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)
0.038 = CN¥1.3b ÷ (CN¥77b - CN¥45b) (Based on the trailing twelve months to June 2023).
0.038 = 人民币 13b ε (77b cn¥77b-45b cn¥45b) (基于截至 2023 年 6 月的过去十二个月)。
So, SINOPEC Engineering (Group) has an ROCE of 3.8%. Ultimately, that's a low return and it under-performs the Construction industry average of 7.5%.
因此,中石化工程(集团)的投资回报率为3.8%。归根结底,这是一个低回报,其表现低于建筑业7.5%的平均水平。
View our latest analysis for SINOPEC Engineering (Group)
查看我们对中石化工程(集团)的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231129/0-10c68c57328662aad3e3a6f0deabd426-0-48d6c40268e97cd236fa9d9c3b359b7c.png/big)
Above you can see how the current ROCE for SINOPEC Engineering (Group) 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 SINOPEC Engineering (Group).
上面你可以看到中石化工程(集团)当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们为中石化工程(集团)提供的免费报告。
The Trend Of ROCE
ROCE 的趋势
In terms of SINOPEC Engineering (Group)'s historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 5.2%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on SINOPEC Engineering (Group) becoming one if things continue as they have.
就中石化工程(集团)的历史ROCE走势而言,这一趋势并不能激发信心。大约五年前,资本回报率为5.2%,但现在已大大低于我们在上面看到的水平。在资本使用方面,该企业使用的资本量与当时大致相同。表现出这些属性的公司往往不会萎缩,但它们可能已经成熟,面临竞争对利润的压力。因此,由于这些趋势通常不利于创建多袋机,因此如果情况继续保持现状,我们就不会屏住呼吸等待中石化工程(集团)合而为一。
Another thing to note, SINOPEC Engineering (Group) has a high ratio of current liabilities to total assets of 58%. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
需要注意的另一件事是,中石化工程(集团)的流动负债与总资产的比率很高,为58%。这可能会带来一些风险,因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。理想情况下,我们希望看到这种情况减少,因为这将意味着减少承担风险的债务。
The Bottom Line On SINOPEC Engineering (Group)'s ROCE
中石化工程(集团)投资回报率的底线
In summary, it's unfortunate that SINOPEC Engineering (Group) is generating lower returns from the same amount of capital. It should come as no surprise then that the stock has fallen 17% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
总而言之,不幸的是,中石化工程(集团)从相同数量的资本中获得的回报较低。因此,该股在过去五年中下跌了17%也就不足为奇了,因此投资者似乎已经意识到了这些变化。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
One more thing, we've spotted 1 warning sign facing SINOPEC Engineering (Group) that you might find interesting.
还有一件事,我们发现了面向中石化工程(集团)的1个警告标志,你可能会觉得有趣。
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。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。