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Be Wary Of China Shuifa Singyes Energy Holdings (HKG:750) And Its Returns On Capital
Be Wary Of China Shuifa Singyes Energy Holdings (HKG:750) And Its Returns On Capital
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into China Shuifa Singyes Energy Holdings (HKG:750), we weren't too upbeat about how things were going.
Return On Capital Employed (ROCE): What is it?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on China Shuifa Singyes Energy Holdings is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.07 = CN¥567m ÷ (CN¥15b - CN¥6.5b) (Based on the trailing twelve months to December 2021).
Thus, China Shuifa Singyes Energy Holdings has an ROCE of 7.0%. On its own, that's a low figure but it's around the 8.5% average generated by the Construction industry.
View our latest analysis for China Shuifa Singyes Energy Holdings
SEHK:750 Return on Capital Employed May 26th 2022In the above chart we have measured China Shuifa Singyes Energy 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 report on analyst forecasts for the company.
What Does the ROCE Trend For China Shuifa Singyes Energy Holdings Tell Us?
In terms of China Shuifa Singyes Energy Holdings' historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 8.9%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on China Shuifa Singyes Energy Holdings becoming one if things continue as they have.
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 44%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 7.0%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
What We Can Learn From China Shuifa Singyes Energy Holdings' ROCE
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 61% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
China Shuifa Singyes Energy Holdings does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
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.
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into China Shuifa Singyes Energy Holdings (HKG:750), we weren't too upbeat about how things were going.
如果你看到的是一家已经过了成长期的成熟企业,会出现哪些潜在的趋势?当我们看到经济衰退时返回在资本使用(ROCE)下降的情况下基座对于已动用的资本,这往往是成熟企业显示出老化迹象的原因。基本上,该公司的投资收益减少了,总资产也在减少。关于这一点,正在调查中国水发新能源控股有限公司(HKG:750),我们对事情的进展并不太乐观。
Return On Capital Employed (ROCE): What is it?
资本回报率(ROCE):它是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on China Shuifa Singyes Energy Holdings is:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。中国水发新能源控股有限公司的这一计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.07 = CN¥567m ÷ (CN¥15b - CN¥6.5b) (Based on the trailing twelve months to December 2021).
0.07=CN元5.67亿?(CN元150B-CN元65亿)(根据截至2021年12月的往绩12个月计算).
Thus, China Shuifa Singyes Energy Holdings has an ROCE of 7.0%. On its own, that's a low figure but it's around the 8.5% average generated by the Construction industry.
因此,中国水发新能源控股的净资产收益率为7.0%。就其本身而言,这是一个很低的数字,但它大约是建筑业8.5%的平均增长率。
View our latest analysis for China Shuifa Singyes Energy Holdings
查看我们对中国水发新能源控股公司的最新分析
In the above chart we have measured China Shuifa Singyes Energy 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 report on analyst forecasts for the company.
在上面的图表中,我们衡量了中国水发新能源控股有限公司之前的净资产收益率与其之前的表现,但可以说,未来更重要。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
What Does the ROCE Trend For China Shuifa Singyes Energy Holdings Tell Us?
中国水发新能源控股的ROCE趋势告诉我们什么?
In terms of China Shuifa Singyes Energy Holdings' historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 8.9%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on China Shuifa Singyes Energy Holdings becoming one if things continue as they have.
就中国水发新能源控股公司历史上的ROCE运动而言,这一趋势并没有激发人们的信心。大约五年前,资本回报率为8.9%,但现在大大低于我们上面看到的水平。在已动用资本方面,该公司利用的资本与当时大致相同。表现出这些特征的公司往往不会缩水,但它们可能会变得成熟,并面临来自竞争的利润率压力。因此,由于这些趋势通常不利于创造一个多袋子的公司,如果事情继续下去,我们不会屏息于中国水发新能源控股公司成为其中之一。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 44%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 7.0%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
在这个问题上,我们注意到流动负债占总资产的比例上升到44%,这对ROCE造成了影响。如果没有这一增长,净资产收益率很可能甚至会低于7.0%。由于目前的负债处于这些水平,供应商或短期债权人实际上为很大一部分业务提供了资金,这可能会带来一些风险。
What We Can Learn From China Shuifa Singyes Energy Holdings' ROCE
我们可以从中国水发新能源控股公司的ROCE中学到什么
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 61% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
归根结底,同样数额的资本回报率下降的趋势,通常并不意味着我们看到的是一只成长型股票。投资者对这些动态并不看好,因为该公司股价较五年前下跌了61%。除非这些指标出现转向更积极的轨迹,否则我们会把目光投向其他地方。
China Shuifa Singyes Energy Holdings does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
不过,我们发现,中国水发新能源控股确实存在一些风险在我们的投资分析中出现了3个警告信号,其中一条有点令人不快...
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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