HBIS (SZSE:000709) Could Be Struggling To Allocate Capital
HBIS (SZSE:000709) Could Be Struggling To Allocate Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. Although, when we looked at HBIS (SZSE:000709), it didn't seem to tick all of these boxes.
尋找具有大幅增長潛力的企業並不容易,但如果我們看幾個關鍵的財務指標,這是可能的。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,當我們查看HBIS(深圳證券交易所代碼:000709)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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 HBIS, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算HBIS的這個指標,公式如下:
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)
0.049 = CN¥5.7b ÷ (CN¥257b - CN¥140b) (Based on the trailing twelve months to September 2023).
0.049 = 57億元人民幣 ÷(257億元人民幣-140億元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, HBIS has an ROCE of 4.9%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.3%.
因此,HBIS的投資回報率爲4.9%。從絕對值來看,這是一個低迴報,其表現也低於金屬和採礦業6.3%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240306/0-a2cdb128be62f8bf68455920c9e98485-0-4257d6410584d44f741f6e43bf1562f7.png/big)
Above you can see how the current ROCE for HBIS compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering HBIS for free.
上面你可以看到HBIS當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您願意,可以免費查看涵蓋HBIS的分析師的預測。
What Can We Tell From HBIS' ROCE Trend?
我們可以從HBIS的投資回報率趨勢中得出什麼?
On the surface, the trend of ROCE at HBIS doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 4.9%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,HBIS的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲11%,但此後已降至4.9%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a side note, HBIS' current liabilities are still rather high at 54% of total assets. 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.
順便說一句,HBIS的流動負債仍然相當高,佔總資產的54%。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 Bottom Line
底線
In summary, HBIS is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 31% in the last five years. Therefore based on the analysis done in this article, we don't think HBIS has the makings of a multi-bagger.
總而言之,HBIS正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。投資者似乎對趨勢的回升猶豫不決,因爲該股在過去五年中下跌了31%。因此,根據本文中的分析,我們認爲HBIS不具備多袋機的優勢。
One more thing: We've identified 3 warning signs with HBIS (at least 1 which is a bit concerning) , and understanding these would certainly be useful.
還有一件事:我們已經在HBIS中發現了3個警告信號(至少有1個有點令人擔憂),了解這些信號肯定會很有用。
While HBIS isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管HBIS的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。