Returns At Bohai Leasing (SZSE:000415) Appear To Be Weighed Down
Returns At Bohai Leasing (SZSE:000415) Appear To Be Weighed Down
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Bohai Leasing (SZSE:000415) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一款多功能装袋机,有几件事需要注意。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,在简要地看了这些数字之后,我们认为渤海租赁(SZSE: 000415)在未来不具备多口袋公司的实力,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. To calculate this metric for Bohai Leasing, this is the formula:
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。要计算渤海租赁的这个指标,公式如下:
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)
0.055 = CN¥12b ÷ (CN¥265b - CN¥55b) (Based on the trailing twelve months to September 2023).
0.055 = 12亿元人民币 ÷(265亿元人民币-55亿元人民币) (基于截至2023年9月的过去十二个月)。
Thus, Bohai Leasing has an ROCE of 5.5%. Ultimately, that's a low return and it under-performs the Trade Distributors industry average of 7.3%.
因此,渤海租赁的投资回报率为5.5%。归根结底,这是一个低回报,其表现低于贸易分销商行业平均水平的7.3%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240302/0-06e71765b161a41c016125d5c54d363e-0-6e2573aa65ed5dcc981a86a175e78eb1.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're interested in investigating Bohai Leasing's past further, check out this free graph covering Bohai Leasing's past earnings, revenue and cash flow.
虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果你有兴趣进一步调查渤海租赁的过去,请查看这张涵盖渤海租赁过去的收益、收入和现金流的免费图表。
What Does the ROCE Trend For Bohai Leasing Tell Us?
渤海租赁的投资回报率趋势告诉我们什么?
There hasn't been much to report for Bohai Leasing's returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So don't be surprised if Bohai Leasing doesn't end up being a multi-bagger in a few years time.
关于渤海租赁的回报率及其资本利用水平,没有太多可报告的,因为这两个指标在过去五年中一直保持稳定。这告诉我们该公司没有对自己进行再投资,因此它已经过了增长阶段是合理的。因此,如果渤海租赁在几年后最终没有成为一家多包商,也不要感到惊讶。
The Key Takeaway
关键要点
In summary, Bohai Leasing isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And in the last five years, the stock has given away 51% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总而言之,渤海租赁并未复合收益,而是在使用相同数量的资本的情况下产生稳定的回报。在过去的五年中,该股已经下跌了51%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。无论如何,该股票不具有上面讨论的多袋装股票的特征,因此,如果您正在寻找这种特征,我们认为您在其他地方会更幸运。
Like most companies, Bohai Leasing does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多数公司一样,渤海租赁确实存在一些风险,我们发现了两个你应该注意的警告信号。
While Bohai Leasing 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.
尽管渤海租赁目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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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。