Tenfu (Cayman) Holdings (HKG:6868) Hasn't Managed To Accelerate Its Returns
Tenfu (Cayman) Holdings (HKG:6868) Hasn't Managed To Accelerate Its Returns
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. However, after briefly looking over the numbers, we don't think Tenfu (Cayman) Holdings (HKG:6868) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?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。但是,在簡要查看這些數字之後,我們認爲天富(開曼)控股(HKG:6868)不具備未來多管齊下的能力,但讓我們來看看爲什麼會這樣。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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. Analysts use this formula to calculate it for Tenfu (Cayman) Holdings:
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。分析師使用以下公式爲天富(開曼)控股公司計算得出:
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)
0.17 = CN¥338m ÷ (CN¥3.0b - CN¥1.0b) (Based on the trailing twelve months to June 2023).
0.17 = 人民幣 338m ≤(CN¥30B-CN¥1.0b) (基於截至 2023 年 6 月的過去十二個月)。
Therefore, Tenfu (Cayman) Holdings has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 9.3% it's much better.
因此,天富(開曼)控股公司的投資回報率爲17%。從絕對值來看,這是一個令人滿意的回報,但與食品行業9.3%的平均水平相比,要好得多。
View our latest analysis for Tenfu (Cayman) Holdings
查看我們對天富(開曼)控股的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231212/0-bfaee0a58f0f3a84d4127ea235da495d-0-7cee80908f02992cb30e604f23a9330c.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Tenfu (Cayman) Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Tenfu (Cayman) Holdings, check out these free graphs here.
在研究股票時,歷史表現是一個不錯的起點,因此在上方可以看到天富(開曼)控股的投資回報率與先前回報的衡量標準。如果您想深入了解天富(開曼)控股的歷史收益、收入和現金流,請在此處查看這些免費圖表。
So How Is Tenfu (Cayman) Holdings' ROCE Trending?
那麼,天富(開曼)控股的投資回報率如何走勢呢?
Over the past five years, Tenfu (Cayman) Holdings' ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Tenfu (Cayman) Holdings to be a multi-bagger going forward.
在過去五年中,天富(開曼)控股公司的投資回報率和資本使用量都基本持平。具有這些特徵的企業往往會成熟而穩定的運營,因爲它們已經過了增長階段。考慮到這一點,除非將來投資再次回升,否則我們預計天富(開曼)控股公司未來不會成爲一家多元化企業。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 34% of total assets, this reported ROCE would probably be less than17% because total capital employed would be higher.The 17% ROCE could be even lower if current liabilities weren't 34% of total assets, because the the formula would show a larger base of total capital employed. So while current liabilities isn't high right now, keep an eye out in case it increases further, because this can introduce some elements of risk.
另一方面,儘管投資回報率趨勢的變化可能不會引起人們的關注,但有趣的是,在過去五年中,流動負債實際上有所增加。這很有趣,因爲如果流動負債沒有增加到總資產的34%,那麼該報告的投資回報率可能會低於17%,因爲使用的總資本會更高。如果流動負債不佔總資產的34%,則17%的投資回報率可能會更低,因爲該公式將顯示使用的總資本基礎更大。因此,儘管目前流動負債不高,但要留意流動負債進一步增加,因爲這可能會帶來一些風險因素。
The Bottom Line On Tenfu (Cayman) Holdings' ROCE
天富(開曼)控股投資回報率的底線
We can conclude that in regards to Tenfu (Cayman) Holdings' returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 6.5% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
我們可以得出結論,就天富(開曼)控股的已用資本回報率和趨勢而言,沒有太大變化可報告。而且,在過去五年中,該股向股東的回報率僅爲6.5%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一款多功能裝袋機,我們建議你考慮其他選擇。
One more thing: We've identified 2 warning signs with Tenfu (Cayman) Holdings (at least 1 which is significant) , and understanding them would certainly be useful.
還有一件事:我們已經在天富(開曼)控股公司發現了兩個警告信號(至少有一個很重要),了解它們肯定會很有用。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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。