Be Wary Of STO ExpressLtd (SZSE:002468) And Its Returns On Capital
Be Wary Of STO ExpressLtd (SZSE:002468) And Its Returns On Capital
0.058 = CN¥751m ÷ (CN¥24b - CN¥11b) 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. 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 STO ExpressLtd (SZSE:002468), we don't think it's current trends fit the mold of a multi-bagger.
要找到一個有潛力大幅增長的業務並不容易，但如果我們看一些關鍵的財務指標是可能的。首先，我們將希望看到一個已證明的資本回報率（ROCE）正在增加，其次是資本僱用的擴大基礎。這向我們展示了這是一個複合機器，能夠不斷將其收益重新投資到業務中並生成更高的回報。然而，在調查申通快遞股份有限公司（SZSE:002468）之後，我們認爲它的當前趨勢不適合成爲一個多贏家。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for STO ExpressLtd:
只是想澄清一下，如果您不確定ROCE是什麼，ROCE是用於評估公司在其業務中投資的資本上賺取多少稅前收益（以百分比形式）的指標。分析師用這個公式來計算申通快遞股份有限公司的ROCE:
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。
0.058 = CN¥751m ÷ (CN¥24b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.058 = CN¥ 75100萬 ÷ (CN¥ 240億 - CN¥ 11b)（基於截至2024年3月的過去十二個月）。
So, STO ExpressLtd has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Logistics industry average of 7.1%.
因此，申通快遞股份有限公司的ROCE爲5.8％。絕對值低，但在物流行業的平均水平7.1％左右。
In the above chart we have measured STO ExpressLtd's 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 STO ExpressLtd .
在上圖中，我們測量了申通快遞股份有限公司之前的ROCE與其之前的表現，但未來可能更爲重要。如果您想了解分析師正預測什麼，您應該查看我們免費的申通快遞股份有限公司分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
When we looked at the ROCE trend at STO ExpressLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 25% 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. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
On a side note, STO ExpressLtd's current liabilities have increased over the last five years to 46% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
順便說一句，申通快遞股份有限公司的流動負債在過去五年中增加到總資產的46％，有效地扭曲了ROCE。如果流動負債沒有增加得那麼快，ROCE實際上可能會更低。這意味着實際上，業務的相當大一部分由公司的供應商或短期債權人等融資，這可能帶來一些風險。
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。
While returns have fallen for STO ExpressLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 70% over the last five years, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
雖然申通快遞股份有限公司的回報已在最近幾年中下降，但我們很高興看到其銷售額正在增長，並且業務正在重新投資。但是，儘管趨勢看起來令人鼓舞，但該股票在過去的五年中下跌了70％，因此精明的投資者可能會看到機會。因此，我們認爲進一步了解該股票是值得的。
While STO ExpressLtd doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for 002468 on our platform.
雖然申通快遞股份有限公司在這方面的表現不是太出色，但仍值得看看該公司是否以有吸引力的價格交易。您可以在我們的平台上免費獲得002468的內在價值估算。
While STO ExpressLtd 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.
雖然申通快遞股份有限公司目前的回報率不是最高的，但我們已經編制了一份比目前回報率高於25％的公司的清單。在此處查看免費列表。
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
