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Returns On Capital Signal Tricky Times Ahead For Greentown Management Holdings (HKG:9979)
Returns On Capital Signal Tricky Times Ahead For Greentown Management Holdings (HKG:9979)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Greentown Management Holdings (HKG:9979) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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. To calculate this metric for Greentown Management Holdings, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.16 = CN¥557m ÷ (CN¥5.2b - CN¥1.8b) (Based on the trailing twelve months to December 2021).
Therefore, Greentown Management Holdings has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 7.3% generated by the Construction industry.
View our latest analysis for Greentown Management Holdings
SEHK:9979 Return on Capital Employed July 18th 2022Above you can see how the current ROCE for Greentown Management Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Greentown Management Holdings.
So How Is Greentown Management Holdings' ROCE Trending?
When we looked at the ROCE trend at Greentown Management Holdings, we didn't gain much confidence. Over the last four years, returns on capital have decreased to 16% from 58% four years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, Greentown Management Holdings has done well to pay down its current liabilities to 35% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
Our Take On Greentown Management Holdings' ROCE
In summary, despite lower returns in the short term, we're encouraged to see that Greentown Management Holdings is reinvesting for growth and has higher sales as a result. And the stock has followed suit returning a meaningful 23% to shareholders over the last year. So should these growth trends continue, we'd be optimistic on the stock going forward.
On a separate note, we've found 2 warning signs for Greentown Management Holdings you'll probably want to know about.
While Greentown Management Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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.
要找到一只多袋股票,我们应该在一家企业中寻找什么潜在趋势?在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。话虽如此,从第一眼看绿城管理控股(HKG:9979)我们不会因为回报率的趋势而从椅子上跳起来,但让我们更深入地看看。
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。要计算绿城管理控股公司的这一指标,公式如下:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.16=CN元5.57亿?(CN元52亿-CN元18亿)(根据截至2021年12月的往绩12个月计算).
所以呢,绿城管理控股的净资产收益率为16%。就其本身而言,这是一个标准回报率,但它比建筑业7.3%的回报率要好得多。
查看我们对绿城管理控股的最新分析
联交所:9979 2022年7月18日资本回报率在上面,你可以看到绿城管理控股公司目前的净资产收益率与之前的资本回报率相比,但你只能从过去知道这么多。如果您想查看分析师对未来的预测,您应该查看我们的免费绿城管理控股公司的报告。
那么,绿城管理控股公司的ROCE趋势如何?
当我们观察绿城管理控股的ROCE趋势时,我们并没有获得太多信心。过去四年,资本回报率从四年前的58%降至16%。尽管,考虑到收入和业务中使用的资产数量都有所增加,这可能表明该公司正在投资于增长,而额外的资本导致了ROCE的短期下降。如果这些投资被证明是成功的,这可能是长期股票表现的好兆头。
另外,绿城管理控股有限公司在偿还当前负债至总资产的35%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
我们对绿城管理控股公司ROCE的看法
总而言之,尽管短期内回报率较低,但我们感到鼓舞的是,绿城管理控股公司正在为增长而进行再投资,并因此实现了更高的销售额。过去一年,该股也向股东返还了23%的可观回报。因此,如果这些增长趋势继续下去,我们将对未来的股票持乐观态度。
另外,我们发现绿城管理控股公司的2个警告标志你可能会想知道。
虽然绿城管理控股公司目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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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