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Investors Will Want China Boton Group's (HKG:3318) Growth In ROCE To Persist
Investors Will Want China Boton Group's (HKG:3318) 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, we've noticed some promising trends at China Boton Group (HKG:3318) so let's look a bit deeper.
What is Return On Capital Employed (ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for China Boton Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.087 = CN¥365m ÷ (CN¥6.3b - CN¥2.1b) (Based on the trailing twelve months to December 2021).
Therefore, China Boton Group has an ROCE of 8.7%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 12%.
See our latest analysis for China Boton Group
SEHK:3318 Return on Capital Employed July 25th 2022Above you can see how the current ROCE for China Boton Group 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 Boton Group here for free.
The Trend Of ROCE
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 8.7%. The amount of capital employed has increased too, by 21%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Essentially the business now has suppliers or short-term creditors funding about 33% of its operations, which isn't ideal. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
The Key Takeaway
All in all, it's terrific to see that China Boton Group is reaping the rewards from prior investments and is growing its capital base. Since the stock has returned a solid 41% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. In light of that, we think it's worth looking further into this stock because if China Boton Group can keep these trends up, it could have a bright future ahead.
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation that compares the share price and estimated value.
While China Boton Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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。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。考虑到这一点,我们在以下方面注意到一些有希望的趋势中国博腾集团(HKG:3318)让我们看得更深一点。
什么是资本回报率(ROCE)?
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。要计算中国博顿集团的这一指标,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)
0.087=3.65亿元?(63亿元-21亿元)(根据截至2021年12月的往绩12个月计算).
所以呢,中国博腾集团的净资产收益率为8.7%。归根结底,这是一个较低的回报率,表现低于化工行业12%的平均水平。
查看我们对中国博顿集团的最新分析
联交所:3318 2022年7月25日资本回报率上图中,你可以看到中国博顿集团目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您愿意,您可以在这里查看报道中国博顿集团的分析师对免费的。
ROCE的发展趋势
我们很高兴看到ROCE正朝着正确的方向前进,尽管目前仍处于低位。数字显示,在过去五年中,资本回报率大幅增长至8.7%。所使用的资本额也增加了21%。越来越多的资本带来越来越多的回报,这在多头投资者中很常见,这就是为什么我们对此印象深刻。
不过,根据记录,在此期间,该公司的流动负债明显增加,因此我们将ROCE的增长部分归因于此。基本上,该公司现在有供应商或短期债权人为其约33%的业务提供资金,这并不理想。密切关注未来的增长,因为当流动负债与总资产的比率变得特别高时,这可能会给业务带来一些新的风险。
关键的外卖
总而言之,看到中国博顿集团从之前的投资中获得回报,并扩大其资本基础,这是一件很棒的事情。过去五年,该公司股票的股东回报率高达41%,因此可以说,投资者开始意识到这些变化。有鉴于此,我们认为值得进一步研究这只股票,因为如果中国博顿集团能够保持这些趋势,它可能会有一个光明的未来。
不过,在得出任何结论之前,我们需要知道我们目前的股价价值是多少。在那里您可以查看我们的自由内在价值估计这是对股价和估值的比较。
尽管中国博顿集团并没有获得最高的回报,但看看这个。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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