Returns On Capital Are Showing Encouraging Signs At Tsingtao Brewery (HKG:168)
Returns On Capital Are Showing Encouraging Signs At Tsingtao Brewery (HKG:168)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, Tsingtao Brewery (HKG:168) looks quite promising in regards to its trends of return on capital.
要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 已动用资本的百分比。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。因此,从这个角度来看,青岛啤酒(HKG: 168)的资本回报率趋势看起来相当乐观。
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. Analysts use this formula to calculate it for Tsingtao Brewery:
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青岛啤酒计算:
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)
0.13 = CN¥4.3b ÷ (CN¥50b - CN¥17b) (Based on the trailing twelve months to September 2023).
0.13 = CN¥4.3b ≤(CN¥50b-CN¥17b) (基于截至2023年9月的过去十二个月)。
So, Tsingtao Brewery has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 12% generated by the Beverage industry.
因此,青岛啤酒的投资回报率为13%。这是一个相对正常的资本回报率,约为饮料行业产生的12%。
See our latest analysis for Tsingtao Brewery
查看我们对青岛啤酒的最新分析
Above you can see how the current ROCE for Tsingtao Brewery 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 Tsingtao Brewery here for free.
在上方你可以看到青岛啤酒目前的投资回报率与之前的资本回报率相比如何,但从过去可以看出来只有这么多。如果你愿意,你可以在这里免费查看青岛啤酒分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
Tsingtao Brewery is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 13%. The amount of capital employed has increased too, by 47%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
青岛啤酒表现出一些积极的趋势。数据显示,在过去五年中,资本回报率已大幅提高至13%。使用的资本金额也增加了47%。不断增长的资本回报率在多元化企业中很常见,这就是我们印象深刻的原因。
In Conclusion...
总之...
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Tsingtao Brewery has. Since the stock has returned a solid 78% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
一家不断提高资本回报率并能够持续进行自我再投资的公司是一个备受追捧的特征,而这正是青岛啤酒所拥有的特征。由于该股在过去五年中为股东带来了78%的稳健回报,因此可以公平地说,投资者已开始意识到这些变化。因此,我们认为值得您花时间检查这些趋势是否会持续下去。
Like most companies, Tsingtao Brewery does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,青岛啤酒确实存在一些风险,我们发现了一个警告信号,你应该注意。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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。