Huitongda Network (HKG:9878) Has More To Do To Multiply In Value Going Forward
Huitongda Network (HKG:9878) Has More To Do To Multiply In Value Going Forward
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Huitongda Network (HKG:9878), it didn't seem to tick all of these boxes.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。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。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,當我們查看匯通達網絡(HKG: 9878)時,它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Huitongda Network:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用這個公式來計算匯通達網絡的利潤:
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)
0.055 = CN¥522m ÷ (CN¥32b - CN¥22b) (Based on the trailing twelve months to June 2023).
0.055 = 5.22億元人民幣 ÷(32億元人民幣-22億元人民幣) (基於截至 2023 年 6 月的過去十二個月)。
So, Huitongda Network has an ROCE of 5.5%. In absolute terms, that's a low return, but it's much better than the Trade Distributors industry average of 4.5%.
因此,匯通達網絡的投資回報率爲5.5%。從絕對值來看,回報率很低,但比貿易分銷商行業平均水平的4.5%要好得多。
In the above chart we have measured Huitongda Network's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Huitongda Network here for free.
在上圖中,我們將匯通達網絡先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看報道匯通達網絡的分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
Things have been pretty stable at Huitongda Network, with its capital employed and returns on that capital staying somewhat the same for the last one year. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Huitongda Network in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
匯通達網絡的情況一直相當穩定,在過去的一年中,其資本利用率和資本回報率基本保持不變。這告訴我們該公司沒有對自己進行再投資,因此它已經過了增長階段是合理的。因此,除非我們看到匯通達網絡在投資回報率方面發生重大變化並進行額外投資,否則我們不會屏住呼吸成爲一家多袋公司。
Another thing to note, Huitongda Network has a high ratio of current liabilities to total assets of 70%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
需要注意的另一件事是,匯通達網絡的流動負債佔總資產的比例很高,爲70%。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。
The Key Takeaway
關鍵要點
In summary, Huitongda Network isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And in the last year, the stock has given away 23% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Huitongda Network has the makings of a multi-bagger.
總而言之,匯通達網絡並沒有複合其收益,而是在使用相同數量的資本的情況下產生穩定的回報。而在去年,該股已經下跌了23%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。因此,根據本文所做的分析,我們認爲匯通達網絡不具備多袋機的風格。
On a final note, we've found 1 warning sign for Huitongda Network that we think you should be aware of.
最後,我們發現了匯通達網絡的1個警告信號,我們認爲您應該注意這一點。
While Huitongda Network may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管匯通達網絡目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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