Fujian Expressway DevelopmentLtd (SHSE:600033) Is Finding It Tricky To Allocate Its Capital
Fujian Expressway DevelopmentLtd (SHSE:600033) Is Finding It Tricky To Allocate Its Capital
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. Having said that, after a brief look, Fujian Expressway DevelopmentLtd (SHSE:600033) we aren't filled with optimism, but let's investigate further.
当我们研究一家公司时,有时很难找到警告信号,但是有一些财务指标可以帮助尽早发现问题。通常,我们会看到下降 返回 论资本使用率(ROCE)和下降情况 金额 所用资本的比例。归根结底,这意味着该公司每投资1美元的收入减少了,最重要的是,它正在缩小其使用的资本基础。话虽如此,简短地看了一下,福建高速公路开发有限公司(SHSE: 600033)我们并不乐观,但让我们进一步调查一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. Analysts use this formula to calculate it for Fujian Expressway DevelopmentLtd:
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福建高速公路开发有限公司的利润:
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)
0.024 = CN¥380m ÷ (CN¥17b - CN¥1.0b) (Based on the trailing twelve months to September 2023).
0.024 = 3.8亿元人民币 ÷(17亿元人民币-1.0亿元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, Fujian Expressway DevelopmentLtd has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Infrastructure industry average of 5.2%.
因此,福建高速公路发展有限公司的投资回报率为2.4%。从绝对值来看,这是一个低回报,其表现也低于基础设施行业5.2%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240226/0-2226a6a0caca41f476d903ca0c7892aa-0-84265c421a13878937bdc1346a827d65.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Fujian Expressway DevelopmentLtd's ROCE against it's prior returns. If you'd like to look at how Fujian Expressway DevelopmentLtd has performed in the past in other metrics, you can view this free graph of Fujian Expressway DevelopmentLtd's past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点,因此在上面你可以看到福建高速公路开发有限公司的投资回报率与先前的回报对比的指标。如果你想在其他指标中查看福建高速公路发展有限公司过去的表现,你可以查看这张关于福建高速公路发展有限公司过去收益、收入和现金流的免费图表。
What Does the ROCE Trend For Fujian Expressway DevelopmentLtd Tell Us?
福建高速公路发展有限公司的投资回报率趋势告诉我们什么?
We are a bit worried about the trend of returns on capital at Fujian Expressway DevelopmentLtd. Unfortunately the returns on capital have diminished from the 9.3% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Fujian Expressway DevelopmentLtd to turn into a multi-bagger.
我们对福建高速公路发展有限公司的资本回报率趋势有些担忧。不幸的是,资本回报率已从五年前的9.3%有所下降。同时,在此期间,该业务使用的资本基本保持不变。这种组合可能表明一家成熟的企业仍有资金部署的领域,但由于新的竞争或利润率降低,获得的回报并不那么高。如果这些趋势继续下去,我们预计福建高速公路开发有限公司不会变成一家多袋公司。
Our Take On Fujian Expressway DevelopmentLtd's ROCE
我们对福建高速公路开发有限公司ROCE的看法
In summary, it's unfortunate that Fujian Expressway DevelopmentLtd is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 20% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
总而言之,不幸的是,福建高速公路发展有限公司从相同数量的资本中获得的回报较低。但是,投资者必须期待更好的局面,因为该股在过去五年中上涨了20%。无论如何,我们不喜欢当前的趋势,如果趋势持续下去,我们认为您可能会在其他地方找到更好的投资。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Fujian Expressway DevelopmentLtd (of which 1 is significant!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解它们是什么,我们已经发现了福建高速公路开发有限公司的4个警告标志(其中1个很重要!)你应该知道的。
While Fujian Expressway DevelopmentLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管福建高速公路开发有限公司的回报率并不高,但请查看这份免费的股本回报率高、资产负债表稳健的公司名单。
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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。