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China Railway Signal & Communication (HKG:3969) Will Be Hoping To Turn Its Returns On Capital Around
China Railway Signal & Communication (HKG:3969) Will Be Hoping To Turn Its Returns On Capital Around
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. However, after investigating China Railway Signal & Communication (HKG:3969), we don't think it's current trends fit the mold of a multi-bagger.
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. Analysts use this formula to calculate it for China Railway Signal & Communication:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.076 = CN¥3.8b ÷ (CN¥109b - CN¥58b) (Based on the trailing twelve months to March 2022).
So, China Railway Signal & Communication has an ROCE of 7.6%. In absolute terms, that's a low return but it's around the Electronic industry average of 6.3%.
See our latest analysis for China Railway Signal & Communication
SEHK:3969 Return on Capital Employed July 8th 2022Above you can see how the current ROCE for China Railway Signal & Communication compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering China Railway Signal & Communication here for free.
So How Is China Railway Signal & Communication's ROCE Trending?
In terms of China Railway Signal & Communication's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 15% over the last five years. However it looks like China Railway Signal & Communication might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
On a side note, China Railway Signal & Communication's current liabilities are still rather high at 54% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
What We Can Learn From China Railway Signal & Communication's ROCE
In summary, China Railway Signal & Communication is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 46% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
One more thing to note, we've identified 1 warning sign with China Railway Signal & Communication and understanding it should be part of your investment process.
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.
如果你不确定在寻找下一个多袋子时从哪里开始,有几个关键的趋势你应该密切关注。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。不过,经过调查,中国铁路信号通信(HKG:3969),我们认为目前的趋势不符合多袋子模式。
资本回报率(ROCE):它是什么?
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)。分析人士使用以下公式计算中国铁路信号通信的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.076=CN元38亿?(CN元109B-CN元58B)(根据截至2022年3月的往绩12个月计算).
所以,中国铁路信号通信的净资产收益率为7.6%。按绝对值计算,这是一个较低的回报率,但约为电子行业6.3%的平均水平。
查看我们对中国铁路信号通信的最新分析
联交所:3969 2022年7月8日资本回报率在上面,你可以看到中国铁路信号通信公司目前的净资产收益率与其先前的资本回报率相比如何,但你只能从过去知道这么多。如果你愿意,你可以在这里查看中国铁路信号与通信分析师的预测免费的。
那么,中国铁路信号通信的ROCE趋势如何?
就中国铁路信号通信的历史ROCE运动而言,这一趋势并不美妙。更具体地说,ROCE在过去五年中从15%下降。然而,看起来中国铁路信号通信公司可能正在为长期增长进行再投资,因为尽管已动用的资本有所增加,但该公司的销售额在过去12个月里没有太大变化。从现在开始,值得密切关注该公司的收益,看看这些投资最终是否真的为利润做出了贡献。
另外,中国铁路信号通信的流动负债仍相当高,占总资产的54%。这实际上意味着供应商(或短期债权人)正在为很大一部分业务提供资金,因此只需意识到这可能会带来一些风险因素。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
中国铁路信号通信ROCE值得我们借鉴
总而言之,中国铁路信号通信公司正在将资金重新投资到业务中,以求增长,但不幸的是,销售额看起来还没有太大增长。在过去五年中,该股下跌了46%,因此市场看起来对这些趋势不会很快走强抱有太大希望。总体而言,我们不太受潜在趋势的鼓舞,我们认为在其他地方可能会有更好的机会找到多个袋子。
还有一件事需要注意,我们已经确定了1个警告标志与中国铁路信号通信和了解,它应该是您的投资过程的一部分。
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。
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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