Inner Mongolia Baotou Steel Union (SHSE:600010) Will Be Hoping To Turn Its Returns On Capital Around
Inner Mongolia Baotou Steel Union (SHSE:600010) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Inner Mongolia Baotou Steel Union (SHSE:600010), we don't think it's current trends fit the mold of a multi-bagger.
如果想要尋找潛在的股票賺多倍的機會,通常會有一些潛在趨勢可以提供一些線索。首先,我們需要確定一個不斷增長的資本僱用量。如果您看到這一點,通常意味着這是一家擁有出色的業務模式和豐富的有利可圖再投資機會的公司。所以當我們查看索尼克汽車(紐交所:SAH)和它的ROCE趨勢時,我們真的很喜歡我們所看到的。資產回報率:它是什麼?資本僱用回報率 (ROCE) 是一種早期趨勢,可以用來識別有可能在長期內翻倍增值的股票,然後在此基礎上,要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器,能夠不斷地將其收益再投入業務,從而產生更高的回報。因此,在這點上,Materialise (納斯達克:MTLS) 看起來相當有前途,因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)這顯示出內蒙古包頭鋼鐵聯合公司擁有再投資盈利於業務,併產生更高回報能力。 然而,經過調查,我們認爲其現在趨勢不符合複合利潤增長的模式。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Inner Mongolia Baotou Steel Union, this is the formula:
ROCE是公司每年稅前利潤(其回報)相對於業務中使用的資本的一種度量。 爲了計算內蒙古包頭鋼鐵聯合公司的此項指標,這是公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.025 = CN¥2.1b ÷ (CN¥153b - CN¥66b) (Based on the trailing twelve months to March 2024).
0.025 = CN¥21億 ÷ (CN¥1530億 - CN¥66b)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
So, Inner Mongolia Baotou Steel Union has an ROCE of 2.5%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 6.7%.
因此,內蒙古包頭鋼鐵聯合公司的ROCE爲2.5%。 絕對來說,這是低迴報,也不及貴金屬和礦業行業平均水平(6.7%)。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240610/0-ff00d3ca44f5650846010fe80d526f7f-0-136347ac8a4d4bd50fb27e7ad4394f86.png/big)
In the above chart we have measured Inner Mongolia Baotou Steel Union's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Inner Mongolia Baotou Steel Union .
上圖中,我們對內蒙古包頭鋼鐵聯合公司之前的ROCE進行了測量,並將其與之前的表現進行了比較,但未來可能更重要。 如果您有興趣,可以在我們免費的分析師報告中查看分析師的預測結果。
What Can We Tell From Inner Mongolia Baotou Steel Union's ROCE Trend?
我們可以從內蒙古包頭鋼鐵聯合公司的ROCE趨勢中了解到什麼?
On the surface, the trend of ROCE at Inner Mongolia Baotou Steel Union doesn't inspire confidence. Around five years ago the returns on capital were 9.0%, but since then they've fallen to 2.5%. However it looks like Inner Mongolia Baotou Steel Union might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.
表面上看,內蒙古包頭鋼鐵聯合公司的資本回報率趨勢並不令人信服。 大約五年前,資本回報率爲9.0%,但自那時以來已經降至2.5%。 然而,看起來內蒙古包頭鋼鐵聯合公司可能正在爲長期增長而再投資,因爲儘管資本僱用增加了,但公司的銷售額在過去12個月中並沒有發生太大變化。 值得關注公司從這裏賺取的利潤,以查看這些投資是否最終有助於利潤增長。
On a separate but related note, it's important to know that Inner Mongolia Baotou Steel Union has a current liabilities to total assets ratio of 43%, which we'd consider pretty high. 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.
在一個分開但相關的注意事項中,了解到內蒙古包頭鋼鐵聯合公司的流動負債總資產比率爲43%,這被認爲是相當高的。 這可能會帶來一些風險,因爲公司基本上依賴其供應商或其他類型的短期債權人進行運營。 理想情況下,我們希望看到這種減少,這將意味着承擔風險的義務減少。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
Bringing it all together, while we're somewhat encouraged by Inner Mongolia Baotou Steel Union's reinvestment in its own business, we're aware that returns are shrinking. And in the last five years, the stock has given away 14% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
綜上所述,雖然我們對於包鋼股份重投其業務表示一定的鼓勵,但我們也意識到收益正在縮水。在過去的五年裏,該股票的回報率下降了14%,因此市場並不看好這些趨勢在不久的將來會有所改善。總的來說,我們並不太受基礎趨勢的啓發,認爲可能會有更好的機會在其他地方獲得高收益。
On a separate note, we've found 1 warning sign for Inner Mongolia Baotou Steel Union you'll probably want to know about.
另外,我們發現內蒙古包頭鋼鐵聯合公司有1個警告信號,您可能需要了解。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。