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Yue Yuen Industrial (Holdings)'s (HKG:551) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Yue Yuen Industrial (Holdings)'s (HKG:551) Returns On Capital Tell Us There Is Reason To Feel Uneasy
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. So after glancing at the trends within Yue Yuen Industrial (Holdings) (HKG:551), we weren't too hopeful.
Understanding Return On Capital Employed (ROCE)
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 Yue Yuen Industrial (Holdings):
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.0012 = US$7.5m ÷ (US$8.6b - US$2.5b) (Based on the trailing twelve months to March 2022).
Thus, Yue Yuen Industrial (Holdings) has an ROCE of 0.1%. Ultimately, that's a low return and it under-performs the Luxury industry average of 10%.
Check out our latest analysis for Yue Yuen Industrial (Holdings)
SEHK:551 Return on Capital Employed July 25th 2022Above you can see how the current ROCE for Yue Yuen Industrial (Holdings) 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 Yue Yuen Industrial (Holdings) here for free.
What Does the ROCE Trend For Yue Yuen Industrial (Holdings) Tell Us?
There is reason to be cautious about Yue Yuen Industrial (Holdings), given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 8.4% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Yue Yuen Industrial (Holdings) becoming one if things continue as they have.
The Bottom Line
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 53% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
If you'd like to know about the risks facing Yue Yuen Industrial (Holdings), we've discovered 1 warning sign that you should be aware of.
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high 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?通常情况下,我们会看到退货论资本充足率(ROCE)与衰退金额已动用资本的比例。基本上,该公司的投资收益减少了,总资产也在减少。因此,在浏览了内部的趋势之后裕元实业(控股)(HKG:551),我们并不抱太大希望。
了解资本回报率(ROCE)
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)。分析师使用以下公式来计算裕元实业(控股)的股价:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.0012美元=750万美元?(86亿美元-25亿美元)(根据截至2022年3月的往绩12个月计算).
因此,裕元实业(控股)的净资产收益率为0.1%。归根结底,这是一个低回报,表现低于奢侈品行业10%的平均水平。
查看我们对裕元实业(控股)的最新分析
联交所:2022年7月25日资本回报率551上面你可以看到裕元实业(控股)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,你可以在这里查看裕元实业(控股)分析师的预测。免费的。
裕元实业(集团)的ROCE走势告诉我们什么?
鉴于裕元实业(控股)的回报率呈下降趋势,因此有理由对其保持谨慎。不幸的是,与五年前8.4%的资本回报率相比,资本回报率有所下降。与此同时,在这段时间里,该业务使用的资本大致持平。由于回报率在下降,而该公司拥有相同数量的资产,这可能表明它是一项成熟的业务,在过去五年中没有太大增长。因此,由于这些趋势通常不利于创建一个多袋子,如果事情继续下去,我们不会屏息于裕元实业(简称裕元实业)成为其中之一。
底线
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53%。鉴于这些领域的潜在趋势不是很好,我们会考虑将目光投向其他地方。
如果您想了解裕元实业(集团)面临的风险,我们发现1个警告标志这一点你应该知道。
对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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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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