Shanghai @hubLtd (SHSE:603881) Is Reinvesting At Lower Rates Of Return
Shanghai @hubLtd (SHSE:603881) Is Reinvesting At Lower Rates Of Return
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after briefly looking over the numbers, we don't think Shanghai @hubLtd (SHSE:603881) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。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 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。但是,在簡短地查看了這些數字之後,我們認爲上海 @hubLtd(SHSE: 603881)在未來不具備多袋機的實力,但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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 Shanghai @hubLtd, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算上海 @hubLtd 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)
0.056 = CN¥283m ÷ (CN¥7.2b - CN¥2.2b) (Based on the trailing twelve months to September 2023).
0.056 = 2.83億元人民幣 ÷(72億元人民幣-22億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Shanghai @hubLtd has an ROCE of 5.6%. On its own that's a low return, but compared to the average of 3.8% generated by the IT industry, it's much better.
因此,上海 @hubLtd 的投資回報率爲5.6%。就其本身而言,回報率很低,但與IT行業3.8%的平均回報率相比,要好得多。
Check out our latest analysis for Shanghai @hubLtd
看看我們對上海的最新分析 @hubLtd
Above you can see how the current ROCE for Shanghai @hubLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到上海 @hubLtd 當前的投資回報率與其先前的資本回報率相比如何,但從過去你能看出來的只有那麼多。如果您有興趣,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 Shanghai @hubLtd's ROCE Trending?
那麼上海 @hubLtd 的 ROCE 趨勢如何?
On the surface, the trend of ROCE at Shanghai @hubLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 12% over the last five years. However it looks like Shanghai @hubLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.
從表面上看,上海 @hubLtd 的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的12%下降。但是,看來上海 @hubLtd 可能正在進行再投資以實現長期增長,因爲儘管使用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
Our Take On Shanghai @hubLtd's ROCE
我們對上海 @hubLtd 的 ROCE 的看法
Bringing it all together, while we're somewhat encouraged by Shanghai @hubLtd's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 33% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
綜上所述,儘管Shanghai @hubLtd 對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。而且,在過去五年中,該股向股東的回報率僅爲33%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。
Shanghai @hubLtd does have some risks, we noticed 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
上海 @hubLtd 確實存在一些風險,我們注意到我們認爲你應該知道的 2 個警告信號(以及 1 個不容忽視的)。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。