Be Wary Of SUNeVision Holdings (HKG:1686) And Its Returns On Capital
Be Wary Of SUNeVision Holdings (HKG:1686) And Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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 SUNeVision Holdings (HKG:1686) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?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。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,在簡短地研究了這些數字之後,我們認爲新意威控股(HKG: 1686)在未來不具備多袋公司的實力,但讓我們來看看爲什麼會這樣。
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. The formula for this calculation on SUNeVision Holdings is:
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。新意網控股的計算公式爲:
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)
0.071 = HK$1.2b ÷ (HK$22b - HK$4.9b) (Based on the trailing twelve months to December 2023).
0.071 = 12億港元 ÷(220億港元-49億港元) (基於截至2023年12月的過去十二個月)。
Thus, SUNeVision Holdings has an ROCE of 7.1%. In absolute terms, that's a low return but it's around the IT industry average of 6.0%.
因此,新意威控股的投資回報率爲7.1%。從絕對值來看,回報率很低,但約爲IT行業的6.0%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240510/0-d1336a2318b5fddda0523c75253f4e02-0-21fd77be58bf5370acddd90cd019fcd8.png/big)
In the above chart we have measured SUNeVision Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for SUNeVision Holdings .
在上圖中,我們將SuneVision Holdings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。如果你想了解分析師對未來的預測,你應該查看我們爲SuneVision Holdings提供的免費分析師報告。
So How Is SUNeVision Holdings' ROCE Trending?
那麼,新意視控股的投資回報率走勢如何?
In terms of SUNeVision Holdings' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 11% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
就新意視控股的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的11%下降了。儘管考慮到該業務的收入和資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了投資回報率的短期下降。如果這些投資被證明是成功的,這對長期股票表現來說是個好兆頭。
The Bottom Line
底線
While returns have fallen for SUNeVision Holdings in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 51% over the last five years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
儘管SuneVision Holdings的回報率最近有所下降,但令我們感到鼓舞的是,銷售額正在增長,業務正在對其業務進行再投資。但是,這些增長趨勢並未帶來增長回報,因爲該股在過去五年中下跌了51%。因此,我們建議進一步研究這隻股票,以發現該業務的其他基本面可以向我們展示什麼。
One more thing: We've identified 2 warning signs with SUNeVision Holdings (at least 1 which shouldn't be ignored) , and understanding them would certainly be useful.
還有一件事:我們已經向SuneVision Holdings確定了2個警告信號(至少有1個不容忽視),了解它們肯定會很有用。
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。