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Shenzhou International Group Holdings (HKG:2313) May Have Issues Allocating Its Capital
Shenzhou International Group Holdings (HKG:2313) May Have Issues Allocating Its Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Shenzhou International Group Holdings (HKG:2313) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
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. The formula for this calculation on Shenzhou International Group Holdings is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.13 = CN¥3.6b ÷ (CN¥42b - CN¥14b) (Based on the trailing twelve months to December 2021).
Therefore, Shenzhou International Group Holdings has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 10% generated by the Luxury industry.
Check out our latest analysis for Shenzhou International Group Holdings
SEHK:2313 Return on Capital Employed August 11th 2022In the above chart we have measured Shenzhou International Group Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Shenzhou International Group Holdings here for free.
What The Trend Of ROCE Can Tell Us
In terms of Shenzhou International Group Holdings' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 18%, but since then they've fallen to 13%. However it looks like Shenzhou International Group Holdings 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.
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 32%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 13%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
The Key Takeaway
In summary, Shenzhou International Group Holdings is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Although the market must be expecting these trends to improve because the stock has gained 59% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
One more thing to note, we've identified 2 warning signs with Shenzhou International Group Holdings and understanding these should be part of your investment process.
While Shenzhou International Group 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.
你知道吗,有一些财务指标可以提供潜在的多管齐下的线索?首先,我们想要确定一个不断增长的退货在已使用资本(ROCE)上,然后在此基础上,不断增加基地已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。话虽如此,从第一眼看申洲国际控股(HKG:2313)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。
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)。申洲国际控股的这一计算公式是:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.13=CN元36亿?(CN元42B-CN元14B)(根据截至2021年12月的往绩12个月计算).
所以呢,申洲国际控股拥有13%的净资产收益率。就其本身而言,这是一个标准的回报,但它比奢侈品行业10%的回报率要好得多。
查看我们对申洲国际控股的最新分析
联交所:2313已动用资本回报率2022年8月11日在上面的图表中,我们比较了申洲国际控股之前的净资产收益率和之前的表现,但可以说,未来更重要。如果你愿意,你可以查看申洲国际控股分析师对以下几年的预测免费的。
ROCE的走势告诉我们什么
就申洲国际控股历史上的ROCE运动而言,这一趋势并不美妙。大约五年前,资本回报率为18%,但自那以来已降至13%。然而,看起来申洲国际控股可能是为了长期增长而进行再投资,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。
在这个问题上,我们注意到流动负债占总资产的比例上升到32%,这对ROCE造成了影响。如果没有这一增长,净资产收益率可能甚至会低于13%。密切关注这一比率,因为如果这一指标过高,业务可能会遇到一些新的风险。
关键的外卖
总而言之,申洲国际控股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增加太多。尽管市场肯定预计这些趋势会改善,因为该股在过去五年中上涨了59%。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太大希望。
还有一件事需要注意,我们已经确定了2个警告标志与申洲国际控股合作,并理解这些应该是您投资过程的一部分。
虽然申洲国际控股目前的回报率可能不是最高的,但我们已经编制了一份股本回报率超过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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