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Investors Will Want Chongqing Iron & Steel's (HKG:1053) Growth In ROCE To Persist
Investors Will Want Chongqing Iron & Steel's (HKG:1053) Growth In ROCE To Persist
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. So when we looked at Chongqing Iron & Steel (HKG:1053) and its trend of ROCE, we really liked what we saw.
Return On Capital Employed (ROCE): What is it?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Chongqing Iron & Steel is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.098 = CN¥2.6b ÷ (CN¥42b - CN¥16b) (Based on the trailing twelve months to March 2022).
So, Chongqing Iron & Steel has an ROCE of 9.8%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 14%.
Check out our latest analysis for Chongqing Iron & Steel
SEHK:1053 Return on Capital Employed July 11th 2022While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Chongqing Iron & Steel has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
So How Is Chongqing Iron & Steel's ROCE Trending?
Chongqing Iron & Steel has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 9.8% which is a sight for sore eyes. Not only that, but the company is utilizing 171% more capital than before, but that's to be expected from a company trying to break into profitability. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
One more thing to note, Chongqing Iron & Steel has decreased current liabilities to 37% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. Therefore we can rest assured that the growth in ROCE is a result of the business' fundamental improvements, rather than a cooking class featuring this company's books.
The Key Takeaway
Long story short, we're delighted to see that Chongqing Iron & Steel's reinvestment activities have paid off and the company is now profitable. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 3.9% to shareholders. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
On a separate note, we've found 1 warning sign for Chongqing Iron & Steel you'll probably want to know about.
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.
如果我们想要找到一个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加,同时也在增长金额已动用资本的比例。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。所以当我们看着重庆钢铁(HKG:1053)及其ROCE趋势,我们真的很喜欢我们所看到的。
资本回报率(ROCE):它是什么?
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。重庆钢铁的这一计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.098=CN元26亿?(CN元42B-CN元16B)(根据截至2022年3月的往绩12个月计算).
所以,重庆钢铁的净资产收益率为9.8%。按绝对值计算,这是一个较低的回报率,也低于金属和矿业14%的平均水平。
查看我们对重庆钢铁的最新分析
联交所:1053 2022年7月11日资本回报率虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想看看重庆钢铁过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
那么,重庆钢铁的ROCE走势如何?
重庆钢铁最近实现了盈利,因此它们之前的投资似乎获得了回报。该公司五年前还在亏损,但现在的盈利为9.8%,这是一个令人伤感的景象。不仅如此,该公司利用的资本比以前多了171%,但对于一家试图进入盈利领域的公司来说,这是意料之中的。这可能表明,有很多机会在内部以更高的利率进行资本投资,这两个特点都是多管齐下的。
还有一点需要注意的是,重庆钢铁在此期间将流动负债降至总资产的37%,这实际上减少了来自供应商或短期债权人的资金。因此,我们可以放心,ROCE的增长是业务根本改善的结果,而不是以该公司的书籍为特色的烹饪课程。
关键的外卖
长话短说,我们很高兴看到重庆钢铁的再投资活动取得了回报,该公司现在已经实现盈利。投资者可能还不会对有利的潜在趋势印象深刻,因为在过去五年中,该股对股东的回报率仅为3.9%。因此,如果估值和其他指标叠加在一起,探索更多关于这只股票的信息可能会发现一个很好的机会。
另外,我们发现重庆钢铁的1个警示标志你可能会想知道。
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。
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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。
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