Returns At Jilin Expressway (SHSE:601518) Are On The Way Up
Returns At Jilin Expressway (SHSE:601518) Are On The Way Up
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. So when we looked at Jilin Expressway (SHSE:601518) and its trend of ROCE, we really liked what we saw.
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。因此,當我們查看吉林高速公路(SHSE: 601518)及其ROCE趨勢時,我們真的很喜歡我們所看到的。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Jilin Expressway:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算吉林高速公路:
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)
0.13 = CN¥660m ÷ (CN¥6.6b - CN¥1.4b) (Based on the trailing twelve months to September 2023).
0.13 = 6.6億元人民幣 ÷(6.6億元人民幣——14億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Jilin Expressway has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Infrastructure industry average of 5.2% it's much better.
因此,吉林高速公路的投資回報率爲13%。從絕對值來看,這是一個令人滿意的回報,但與基礎設施行業5.2%的平均水平相比,回報要好得多。
Check out our latest analysis for Jilin Expressway
查看我們對吉林高速公路的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-b10e2ef96d1de148158a7a0b95201a30-0-6379a5e2498decc72e7b082db6f2a323.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Jilin Expressway, check out these free graphs here.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您想深入了解吉林高速公路的歷史收益、收入和現金流,請在此處查看這些免費圖表。
What Can We Tell From Jilin Expressway's ROCE Trend?
我們可以從吉林高速公路的ROCE趨勢中得出什麼?
Jilin Expressway has not disappointed with their ROCE growth. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 94% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
吉林高速公路的投資回報率增長並沒有讓人失望。更具體地說,儘管該公司在過去五年中一直保持相對平穩的資本使用率,但同期投資回報率增長了94%。因此,我們的看法是,企業提高了效率以產生更高的回報,同時無需進行任何額外投資。從這個意義上講,該公司表現良好,值得研究管理團隊對長期增長前景的計劃。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 21% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
但是,記錄在案的是,該公司的流動負債在此期間顯著增加,因此我們將投資回報率的部分增長歸因於此。流動負債已增加到總資產的21%,因此該業務現在更多地由供應商或短期債權人等機構提供資金。留意未來的增長,因爲當流動負債與總資產的比率變得特別高時,這可能會給企業帶來一些新的風險。
In Conclusion...
總之...
As discussed above, Jilin Expressway appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has only returned 27% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
如上所述,吉林高速公路在創造回報方面似乎越來越熟練,因爲資本使用量保持平穩,但收益(不計利息和稅收)有所增加。由於該股在過去五年中僅向股東回報了27%,因此前景良好的基本面可能尚未得到投資者的認可。因此,如果估值和其他指標相提並論,進一步探索這隻股票可能會發現一個很好的機會。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation on our platform that is definitely worth checking out.
在投資回報率的另一面,我們必須考慮估值。這就是爲什麼我們在平台上提供了免費的內在價值估算值的原因,這絕對值得一試。
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。
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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。