Kingboard Laminates Holdings (HKG:1888) Will Be Hoping To Turn Its Returns On Capital Around
Kingboard Laminates Holdings (HKG:1888) Will Be Hoping To Turn Its Returns On Capital Around
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. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. On that note, looking into Kingboard Laminates Holdings (HKG:1888), we weren't too upbeat about how things were going.
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及早发现问题。通常,我们会看到两者的趋势 返回 在资本使用率(ROCE)下降时,这通常与下降同时发生 金额 所用资本的比例。这种组合可以告诉你,公司不仅减少了投资,而且投资的收益也减少了。从这个角度来看,调查建博德层压板控股公司(HKG: 1888),我们对事情的发展并不太乐观。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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 Kingboard Laminates Holdings:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算 Kingboard Laminates Holdings 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)
0.081 = HK$1.5b ÷ (HK$24b - HK$5.6b) (Based on the trailing twelve months to December 2023).
0.081 = 15亿港元 ÷(240亿港元-56亿港元) (基于截至2023年12月的过去十二个月)。
Therefore, Kingboard Laminates Holdings has an ROCE of 8.1%. In absolute terms, that's a low return but it's around the Electronic industry average of 7.1%.
因此,Kingboard Laminates Holdings的投资回报率为8.1%。从绝对值来看,回报率很低,但约为电子行业的平均水平7.1%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240531/0-59e1d2ba8f5c6380d2fa4318adaa4800-0-31e85cd5413ec40fb585e0639d62beec.png/big)
Above you can see how the current ROCE for Kingboard Laminates Holdings 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 Kingboard Laminates Holdings for free.
上面你可以看到Kingboard Laminates Holdings当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你愿意,你可以免费查看报道Kingboard Laminates Holdings的分析师的预测。
What Can We Tell From Kingboard Laminates Holdings' ROCE Trend?
我们可以从Kingboard Laminates Holdings的投资回报率趋势中得出什么?
In terms of Kingboard Laminates Holdings' historical ROCE trend, it isn't fantastic. Unfortunately, returns have declined substantially over the last five years to the 8.1% we see today. What's equally concerning is that the amount of capital deployed in the business has shrunk by 21% over that same period. The combination of lower ROCE and less capital employed can indicate that a business is likely to be facing some competitive headwinds or seeing an erosion to its moat. If these underlying trends continue, we wouldn't be too optimistic going forward.
就Kingboard Laminates Holdings的历史投资回报率趋势而言,这并不理想。不幸的是,在过去五年中,回报率大幅下降至我们今天看到的8.1%。同样令人担忧的是,该业务中部署的资本金额同期减少了21%。较低的投资回报率和较少的资本使用相结合,可能表明企业可能面临一些竞争阻力或护城河受到侵蚀。如果这些潜在趋势继续下去,我们对未来不会太乐观。
In Conclusion...
总之...
In summary, it's unfortunate that Kingboard Laminates Holdings is shrinking its capital base and also generating lower returns. Yet despite these concerning fundamentals, the stock has performed strongly with a 97% return over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
总而言之,不幸的是,Kingboard Laminates Holdings正在缩小其资本基础,同时产生的回报也较低。然而,尽管存在这些令人担忧的基本面,但该股在过去五年中表现强劲,回报率为97%,因此投资者似乎非常乐观。无论如何,当前的潜在趋势对长期表现来说并不是一个好兆头,因此,除非趋势逆转,否则我们将开始将目光投向其他地方。
Like most companies, Kingboard Laminates Holdings does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,Kingboard Laminates Holdings确实存在一些风险,我们发现了一个你应该注意的警告信号。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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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。