Returns On Capital At Swire Pacific (HKG:19) Have Stalled
Returns On Capital At Swire Pacific (HKG:19) Have Stalled
0.026 = HK$10b ÷ (HK$456b - HK$47b) There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Swire Pacific (HKG:19), it didn't seem to tick all of these boxes.
如果我们想要找出下一只多倍暴利的股票，有一些关键趋势是需要注意的。首先，我们想要找到一个不断增长的资本雇用回报率（ROCE），然后还要找到一个不断增加的资本雇用基数。简单地说，这些类型的企业是复利机器，意味着他们不断以越来越高的回报率再投资其利润。 虽然，在我们研究太古股份公司（HKG:19）时，它似乎没有完全符合这些标准。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头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. The formula for this calculation on Swire Pacific is:
只是为了澄清，如果你不确定的话，ROCE是评估一家公司在其业务所投入的资本上赚取多少税前收入的一个指标（以百分比表示）。太古股份公司的计算公式是：
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。
0.026 = HK$10b ÷ (HK$456b - HK$47b) (Based on the trailing twelve months to June 2024).
0.026 = HK$100亿 ÷ (HK$4560亿 - HK$47亿)（基于截至2024年6月的过去十二个月）。
Thus, Swire Pacific has an ROCE of 2.6%. Even though it's in line with the industry average of 3.0%, it's still a low return by itself.
因此，太古股份公司的ROCE为2.6%。尽管它与行业平均水平3.0%相符，但单独来看仍然是一个较低的回报率。
In the above chart we have measured Swire Pacific'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 Swire Pacific .
在上面的图表中，我们对太古股份公司过去的ROCE进行了测量，但未来可能更重要。如果您想看看分析师对未来的预测，您可以查看我们针对太古股份公司的免费分析师报告。
What Does the ROCE Trend For Swire Pacific Tell Us?
太古股份公司的ROCE趋势给我们带来了什么启示？
Over the past five years, Swire Pacific's ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Swire Pacific doesn't end up being a multi-bagger in a few years time. With fewer investment opportunities, it makes sense that Swire Pacific has been paying out a decent 46% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在过去的五年中，太古股份公司的ROCE和资本使用都基本保持不变。具备这些特征的企业往往是成熟和稳定的运营，因为它们已经过了增长阶段。因此，如果太古股份公司未来几年不会成为一个多倍提升的公司，也不要感到意外。鉴于投资机会变少，太古股份公司将其盈利的相当一部分分配给股东，这是很合理的。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In a nutshell, Swire Pacific has been trudging along with the same returns from the same amount of capital over the last five years. Unsurprisingly, the stock has only gained 22% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
简而言之，太古股份公司在过去的五年中凭借相同的资本获得了相同的回报。不足为奇的是，股票在过去的五年中只增长了22％，这可能表明投资者正在考虑这一情况。因此，如果您正在寻找一个多倍提升的公司，我们认为您在其他地方可能会更幸运。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Swire Pacific (of which 1 is significant!) that you should know about.
由于几乎每个公司都面临一些风险，了解这些风险是很有价值的。我们已经发现了太古股份公司的4个警示信号（其中1个是重要的！），您应该了解一下。
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.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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