Some Investors May Be Worried About Daqin Railway's (SHSE:601006) Returns On Capital
Some Investors May Be Worried About Daqin Railway's (SHSE:601006) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at Daqin Railway (SHSE:601006) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 已動用資本的百分比。如果你看到這一點,那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。有鑑於此,當我們查看大秦鐵路(SHSE: 601006)及其ROCE趨勢時,我們並不感到非常興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Daqin Railway, this is the formula:
對於那些不確定ROCE是什麼的人來說,它衡量的是公司從業務中使用的資本中可以產生的稅前利潤額。要計算大秦鐵路的這個指標,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)
0.074 = CN¥14b ÷ (CN¥206b - CN¥16b) (Based on the trailing twelve months to September 2023).
0.074 = CN¥14b ≤(CN¥206b-CN¥16b) (基於截至2023年9月的過去十二個月)。
Thus, Daqin Railway has an ROCE of 7.4%. In absolute terms, that's a low return, but it's much better than the Transportation industry average of 3.8%.
因此,大秦鐵路的投資回報率爲7.4%。從絕對值來看,這是一個低迴報,但比運輸行業3.8%的平均水平要好得多。
View our latest analysis for Daqin Railway
查看我們對大秦鐵路的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231212/0-644789111dfe2024eba72e54afab284d-0-1fc3585b7cd571c45852374472667603.png/big)
In the above chart we have measured Daqin Railway's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的圖表中,我們對大秦鐵路之前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
So How Is Daqin Railway's ROCE Trending?
那麼大秦鐵路的ROCE趨勢如何?
When we looked at the ROCE trend at Daqin Railway, we didn't gain much confidence. Around five years ago the returns on capital were 16%, but since then they've fallen to 7.4%. 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.
當我們查看大秦鐵路的ROCE趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲16%,但此後已降至7.4%。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。
Our Take On Daqin Railway's ROCE
我們對大秦鐵路ROCE的看法
In summary, Daqin Railway is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly, the stock has only gained 30% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總而言之,大秦鐵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。毫不奇怪,該股在過去五年中僅上漲了30%,這可能表明未來投資者正在考慮這一點。因此,如果你正在尋找一款多功能裝袋,我們認爲你在其他地方運氣會更好。
If you want to continue researching Daqin Railway, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果你想繼續研究大秦鐵路,你可能有興趣了解我們的分析發現的兩個警告信號。
While Daqin Railway 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.
儘管大秦鐵路目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這份免費清單。
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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.
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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。