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Capital Allocation Trends At Guangdong Investment (HKG:270) Aren't Ideal

Capital Allocation Trends At Guangdong Investment (HKG:270) Aren't Ideal

广东投资(HKG: 270)的资本配置趋势并不理想
Simply Wall St ·  01/21 19:24

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. However, after investigating Guangdong Investment (HKG:270), we don't think it's current trends fit the mold of a multi-bagger.

你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗?首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 所用资本的比例。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到业务中并产生更高的回报。但是,在调查了广东投资(HKG: 270)之后,我们认为目前的趋势不符合多袋公司的模式。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

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. Analysts use this formula to calculate it for Guangdong Investment:

对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。分析师使用这个公式来计算广东投资:

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)

0.06 = HK$6.0b ÷ (HK$143b - HK$43b) (Based on the trailing twelve months to September 2023).

0.06 = 60亿港元 ÷(1430亿港元-430亿港元-430亿港元) (基于截至2023年9月的过去十二个月)

So, Guangdong Investment has an ROCE of 6.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.0%.

因此,广东投资的投资回报率为6.0%。这本身就是很低的资本回报率,但与该行业6.0%的平均回报率一致。

See our latest analysis for Guangdong Investment

查看我们对广东投资的最新分析

roce
SEHK:270 Return on Capital Employed January 22nd 2024
SEHK: 270 2024年1月22日动用资本回报率

Above you can see how the current ROCE for Guangdong Investment 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.

上面你可以看到广东投资当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。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。

What Does the ROCE Trend For Guangdong Investment Tell Us?

广东投资的投资回报率趋势告诉我们什么?

On the surface, the trend of ROCE at Guangdong Investment doesn't inspire confidence. Around five years ago the returns on capital were 9.7%, but since then they've fallen to 6.0%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

从表面上看,广东投资的投资回报率趋势并不能激发信心。大约五年前,资本回报率为9.7%,但此后已降至6.0%。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。

On a side note, Guangdong Investment's current liabilities have increased over the last five years to 30% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.0%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.

顺便说一句,在过去五年中,粤投的流动负债已增加到总资产的30%,在某种程度上实际上扭曲了投资回报率。如果没有这样的增长,投资回报率很可能会低于6.0%。尽管该比率目前还不太高,但值得关注,因为如果该比率变得特别高,则业务可能会面临一些新的风险因素。

What We Can Learn From Guangdong Investment's ROCE

我们可以从广东投资的投资回报率中学到什么

From the above analysis, we find it rather worrisome that returns on capital and sales for Guangdong Investment have fallen, meanwhile the business is employing more capital than it was five years ago. Investors haven't taken kindly to these developments, since the stock has declined 48% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.

从上述分析来看,我们发现相当令人担忧的是,广东投资的资本回报率和销售额有所下降,同时该业务使用的资本比五年前还要多。投资者对这些事态发展并不友善,因为该股已比五年前下跌了48%。除非这些指标转向更积极的轨迹,否则我们将把目光投向其他地方。

If you'd like to know more about Guangdong Investment, we've spotted 2 warning signs, and 1 of them doesn't sit too well with us.

如果你想进一步了解广东投资,我们已经发现了两个警告标志,其中一个不太适合我们。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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