SUNeVision Holdings (HKG:1686) Could Be Struggling To Allocate Capital
SUNeVision Holdings (HKG:1686) Could Be Struggling To Allocate Capital
0.071 = HK$1.2b ÷ (HK$22b - HK$4.9b) If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. However, after investigating SUNeVision Holdings (HKG:1686), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想找到一个潜在的多倍仓，通常有潜在趋势可以提供线索。理想情况下，一家企业将展示两种趋势；首先是不断增长的资本雇用回报率（ROCE），其次是不断增加的资本雇用量。如果您看到这一点，通常意味着这是一家拥有出色商业模式和大量盈利再投资机会的公司。然而，在调查了新意网集团（HKG: 1686）之后，我们认为它的现在趋势不符合多倍仓的模式。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. To calculate this metric for SUNeVision Holdings, this is the formula:
如果您不确定，ROCE是用于评估公司在其业务中投资的资本所获得的税前收入（以百分比方式）的指标。要计算SUNeVision Holdings的指标，可以使用以下公式：
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。
0.071 = HK$1.2b ÷ (HK$22b - HK$4.9b) (Based on the trailing twelve months to December 2023).
0.071 = HK$12亿 ÷（HK$220亿 - HK$4.9b）（基于2023年12月的过去十二个月）。因此，新意网集团的ROCE为7.1%。这本身是一个低回报，但符合行业平均回报率6.6%。
Thus, SUNeVision Holdings has an ROCE of 7.1%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.6%.
SEHK: 1686运行资本回报率为2024年8月16日。
In the above chart we have measured SUNeVision Holdings' 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 SUNeVision Holdings .
表面上看，新意网集团的ROCE趋势并不令人信服。大约五年前，资本回报率为11%，但自那时以来下降到7.1%。但是，鉴于资本雇用和营业收入均增加了，似乎该企业目前正在追求增长，但会造成短期回报的影响。如果增加的资本产生了额外的回报，企业和股东都将从中受益。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
On the surface, the trend of ROCE at SUNeVision Holdings doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 7.1%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
总的来说，尽管短期内回报较低，但我们很高兴看到新意网集团正在为增长而进行再投资，并因此获得更高的销售额。如果其他指标也看起来不错，那么这里可能有机会，因为该股票在过去五年中下跌了38%。因此，我们认为，鉴于趋势看起来令人鼓舞，进一步研究这只股票是值得的。
Our Take On SUNeVision Holdings' ROCE
由于几乎每家公司都面临一些风险，因此值得了解它们是什么，我们已经发现了新意网集团的两个警告标志（其中一个令我们有些不安！），您应该知道。
In summary, despite lower returns in the short term, we're encouraged to see that SUNeVision Holdings is reinvesting for growth and has higher sales as a result. And there could be an opportunity here if other metrics look good too, because the stock has declined 38% in the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管回报率不高，但是在业务销售额增长、再投资方面，尽管短期回报较低，但我们鼓励新意网集团继续进行再投资，在未来会获得更好的回报率。如果其他指标也看起来不错，那么这里可能有机会，因为该股票在过去五年中下跌了38%。因此，我们认为，鉴于趋势看起来令人鼓舞，进一步研究这只股票是值得的。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for SUNeVision Holdings (of which 1 makes us a bit uncomfortable!) that you should know about.
由于几乎每家公司都面临一些风险，因此值得了解它们是什么，我们已经为新意网集团发现了2个警告标志（其中一个令我们有些不安！）的风险，您应该知道。
While SUNeVision Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然新意网集团没有取得最高回报，但是请查看这个免费的公司列表，这些公司具有坚实的资产负债表和高回报率。
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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。