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Investors Shouldn't Overlook Tingyi (Cayman Islands) Holding's (HKG:322) Impressive Returns On Capital

Investors Shouldn't Overlook Tingyi (Cayman Islands) Holding's (HKG:322) Impressive Returns On Capital

投资者不应忽视康师傅控股(开曼群岛)(HKG:322)在资本回报上的优异表现
Simply Wall St ·  10/10 18:43

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. And in light of that, the trends we're seeing at Tingyi (Cayman Islands) Holding's (HKG:322) look very promising so lets take a look.

如果我们想找到一个潜在的多袋股,通常会有一些潜在的趋势可以提供线索。首先,我们需要看到资本应用回报率(ROCE)是增加的,其次,资本应用的基础在扩大。这向我们表明它是一个复利机器,能够不断地将其收益再投入业务并产生更高的回报。鉴于此,我们在康师傅控股(开曼群岛)(HKG:322)看到的趋势看起来非常有前景,让我们来看一看。

Return On Capital Employed (ROCE): What Is It?

资本雇用回报率(ROCE)是什么?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Tingyi (Cayman Islands) Holding, this is the formula:

如果您以前没有使用ROCE,这度量衡的是公司从其业务中使用的资本中产生的“回报”(税前利润)。要为康师傅控股(开曼群岛)计算这个指标,公式如下:

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。

0.21 = CN¥4.4b ÷ (CN¥56b - CN¥35b) (Based on the trailing twelve months to June 2024).

0.21 = 44000000000 元 ÷ (56000000000 元 - 35000000000 元) (基于截至2024年6月的过去十二个月)。

Thus, Tingyi (Cayman Islands) Holding has an ROCE of 21%. In absolute terms that's a great return and it's even better than the Food industry average of 7.5%.

因此,康师傅控股(开曼群岛)的ROCE为21%。从绝对值来看,这是一个非常不错的回报,甚至比食品行业平均水平7.5%还要好。

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SEHK:322 Return on Capital Employed October 10th 2024
SEHK:322 2024年10月10日资本利用回报

In the above chart we have measured Tingyi (Cayman Islands) Holding's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Tingyi (Cayman Islands) Holding for free.

在上面的图表中,我们测量了康师傅控股的以往资本回报率,但未来可能更重要。如果您愿意,您可以免费查阅分析师对康师傅控股的预测。

What Can We Tell From Tingyi (Cayman Islands) Holding's ROCE Trend?

从康师傅控股的资本回报率趋势中我们能得出什么结论?

You'd find it hard not to be impressed with the ROCE trend at Tingyi (Cayman Islands) Holding. The data shows that returns on capital have increased by 47% over the trailing five years. That's a very favorable trend because this means that the company is earning more per dollar of capital that's being employed. Interestingly, the business may be becoming more efficient because it's applying 24% less capital than it was five years ago. Tingyi (Cayman Islands) Holding may be selling some assets so it's worth investigating if the business has plans for future investments to increase returns further still.

您会发现康师傅控股的资本回报率趋势令人印象深刻。数据显示,过去五年资本回报率增长了47%。这是一个非常有利的趋势,因为这意味着公司每投入一美元的资本就赚取更多。有趣的是,该企业可能变得更高效,因为比起五年前,它减少了24%的资本投入。康师傅控股可能正在卖出一些资产,因此值得调查企业是否有计划进行未来投资以进一步增加回报。

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Essentially the business now has suppliers or short-term creditors funding about 62% of its operations, which isn't ideal. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.

另外,我们注意到资本回报率改善似乎部分是由流动负债增加推动的。基本上,该企业现在有供应商或短期债权人为其约62%的业务提供资金,这并不理想。鉴于其相当高的比率,我们需要提醒投资者,在某些企业中,将流动负债保持在这个水平可能会带来一些风险。

The Bottom Line

还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。

In the end, Tingyi (Cayman Islands) Holding has proven it's capital allocation skills are good with those higher returns from less amount of capital. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 66% return over the last five years. In light of that, we think it's worth looking further into this stock because if Tingyi (Cayman Islands) Holding can keep these trends up, it could have a bright future ahead.

最终,康师傅控股证明其资本配置能力良好,通过更少的资本获得了更高的回报。投资者似乎期待未来更多的成绩,因为过去五年股票回报股东高达66%。鉴于此,我们认为值得进一步研究这支股票,因为如果康师傅控股能够保持这些趋势,它可能会迎来辉煌的明天。

If you want to continue researching Tingyi (Cayman Islands) Holding, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果您想继续研究康师傅控股(开曼群岛), 您可能对我们分析发现的一个警告标志感兴趣。

High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.

高回报率是强劲表现的关键因素,因此请查看我们的免费股票列表,其中列出了盈利能力强、资产负债表坚实的股票。

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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.

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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。

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