Investors Could Be Concerned With Jinchuan Group International Resources' (HKG:2362) Returns On Capital
Investors Could Be Concerned With Jinchuan Group International Resources' (HKG:2362) Returns On Capital
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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Jinchuan Group International Resources (HKG:2362) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找到一个潜在的暴利股,通常会有一些潜在的趋势能够提供线索。首先,我们需要确定回报率增长 (ROCE),然后同样重要的是,资本雇用基础不断扩大。如果您看到这种情况,通常意味着这是一个具有良好商业模式和充足的盈利再投资机会的公司。话虽如此,从对锦川国际资源集团 (HKG: 2362) 的第一眼看法来看,我们并不在乎回报率的趋势如何,但让我们深入看一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. Analysts use this formula to calculate it for Jinchuan Group International Resources:
对于那些不确定 ROCE 是什么的人,它是衡量公司能够从其业务中使用的资本中产生的税前利润的量。分析师使用这个公式来计算锦川国际资源集团的 ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.018 = US$35m ÷ (US$2.2b - US$253m) (Based on the trailing twelve months to December 2023).
0.018 = US$ 3500 万 ÷ (US$ 22 亿 - US$ 253 百万) (以截至 2023 年 12 月的过去十二个月计算)。
Therefore, Jinchuan Group International Resources has an ROCE of 1.8%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 11%.
因此,锦川国际资源集团的 ROCE 为 1.8%。归根结底,这是一个较低的回报率,低于金属和矿业行业的平均水平 11%。
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While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Jinchuan Group International Resources' past further, check out this free graph covering Jinchuan Group International Resources' past earnings, revenue and cash flow.
虽然过去不代表未来,但了解公司过去的表现可能会有所帮助,因此我们有了上面的图表。如果你有兴趣进一步了解锦川国际资源集团的过去,请查看这个免费的图表,涵盖了锦川国际资源集团过去的收益、营业收入和现金流。
What Can We Tell From Jinchuan Group International Resources' ROCE Trend?
从锦川国际资源集团的 ROCE 趋势中我们能得到什么?
In terms of Jinchuan Group International Resources' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 1.8% from 8.6% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就锦川国际资源集团历史上 ROCE 的变化趋势而言,情况并不乐观。在过去五年中,资本回报率从五年前的 8.6% 下降到 1.8%。考虑到公司在增加资本的同时营收却下滑,这有点令人担忧。这可能意味着公司正在失去竞争优势或市场份额,因为虽然更多的资金被投入,却产生了更低的回报,每个投资产生的回报更低。
On a related note, Jinchuan Group International Resources has decreased its current liabilities to 12% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相关的事情中,锦川国际资源集团将其流动负债降至总资产的 12%。这可能部分解释了 ROCE 下降的原因。实际上,这意味着他们的供应商或短期债权人为公司提供资金的比例降低了,这降低了某些风险因素。由于公司基本上用其自身的资金资助其运营,您可以说这使公司的 ROCE 生成效率降低。
Our Take On Jinchuan Group International Resources' ROCE
我们对锦川国际资源集团的 ROCE 持有观望态度,因为虽然公司投入了更多资本,但资本回报率和销售额却双双下降。因此,股票在过去五年下跌了 19%,所以投资者正在意识到这些变化,这并不奇怪。除非这些指标出现更积极的转变,否则我们会另寻他处。
We're a bit apprehensive about Jinchuan Group International Resources because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 19% over the last five years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
锦川国际资源集团还存在一些风险,我们注意到了 3 个警告信号 (和 2 个让我们感到不安的信号),我们认为您应该了解。虽然锦川国际资源集团的回报率不是最高的,但请查看这个免费的公司列表,了解公司的ROE和稳固的资产负债表。
Jinchuan Group International Resources does have some risks, we noticed 3 warning signs (and 2 which make us uncomfortable) we think you should know about.
锦川国际资源集团存在一些风险。我们注意到了 3 个警告信号 (和 2 个让我们感到不安的信号),我们认为您应该了解。
While Jinchuan Group International Resources isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然锦川国际资源集团的回报率不是最高的,但请查看这个免费的公司列表,了解公司的 ROE 和稳固的资产负债表。
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