China State Construction Development Holdings (HKG:830) Might Become A Compounding Machine
China State Construction Development Holdings (HKG:830) Might Become A Compounding Machine
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So, when we ran our eye over China State Construction Development Holdings' (HKG:830) trend of ROCE, we really liked what we saw.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。归根结底,这表明这是一家以不断提高的回报率对利润进行再投资的企业。因此,当我们关注中国建筑开发控股(HKG: 830)的投资回报率走势时,我们真的很喜欢我们所看到的。
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. The formula for this calculation on China State Construction Development Holdings is:
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)。中国建筑开发控股公司的计算公式为:
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)
0.20 = HK$700m ÷ (HK$11b - HK$7.5b) (Based on the trailing twelve months to June 2023).
0.20 = 7亿港元 ÷(110亿港元-75亿港元) (基于截至 2023 年 6 月的过去十二个月)。
So, China State Construction Development Holdings has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 9.2% earned by companies in a similar industry.
因此,中国建筑开发控股公司的投资回报率为20%。这是一个了不起的回报,不仅如此,它还超过了同类行业公司9.2%的平均收入。
Check out our latest analysis for China State Construction Development Holdings
查看我们对中国建筑开发控股的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240118/0-ca6fec2a95b4dfabb39d90c17dd41f27-0-456b3cb64ad0dc203a3db5f362bb0dd7.png/big)
In the above chart we have measured China State Construction Development Holdings' 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.
在上图中,我们将中国建发控股公司先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
So How Is China State Construction Development Holdings' ROCE Trending?
那么,中国建发控股的投资回报率走势如何?
In terms of China State Construction Development Holdings' history of ROCE, it's quite impressive. Over the past five years, ROCE has remained relatively flat at around 20% and the business has deployed 188% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If China State Construction Development Holdings can keep this up, we'd be very optimistic about its future.
就中国建发控股的ROCE历史而言,这是相当令人印象深刻的。在过去的五年中,投资回报率一直保持相对平稳,约为20%,该业务在运营中投入的资金增加了188%。在回报如此之高的情况下,企业能够持续以如此诱人的回报率进行资金再投资真是太好了。如果中国建筑开发控股集团能够保持这种势头,我们将对其未来非常乐观。
On a side note, China State Construction Development Holdings' current liabilities are still rather high at 68% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句,中国建筑开发控股公司的流动负债仍然相当高,占总资产的68%。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。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。
What We Can Learn From China State Construction Development Holdings' ROCE
我们可以从中国建筑开发控股公司的投资回报率中学到什么
In short, we'd argue China State Construction Development Holdings has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And the stock has done incredibly well with a 164% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
简而言之,我们认为,中国建筑开发控股公司具有多口径的优势,因为它能够以非常有利可图的回报率来增加资本。在过去五年中,该股表现非常出色,回报率为164%,因此,长期投资者无疑对这一结果欣喜若狂。因此,尽管积极的潜在趋势可能由投资者解释,但我们仍然认为该股值得进一步研究。
One more thing, we've spotted 1 warning sign facing China State Construction Development Holdings that you might find interesting.
还有一件事,我们发现了面向中国建筑开发控股集团的1个警告标志,你可能会觉得有趣。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回报是强劲表现的关键因素,因此请查看我们的免费股本回报率高且资产负债表稳健的股票清单。
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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。