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Investors Shouldn't Overlook Li Ning's (HKG:2331) Impressive Returns On Capital
Investors Shouldn't Overlook Li Ning's (HKG:2331) Impressive Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at the ROCE trend of Li Ning (HKG:2331) we really liked what we saw.
Understanding Return On Capital Employed (ROCE)
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. Analysts use this formula to calculate it for Li Ning:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.22 = CN¥5.0b ÷ (CN¥30b - CN¥7.7b) (Based on the trailing twelve months to December 2021).
Therefore, Li Ning has an ROCE of 22%. In absolute terms that's a great return and it's even better than the Luxury industry average of 10%.
See our latest analysis for Li Ning
SEHK:2331 Return on Capital Employed August 12th 2022Above you can see how the current ROCE for Li Ning compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
How Are Returns Trending?
We like the trends that we're seeing from Li Ning. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 22%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 449%. So we're very much inspired by what we're seeing at Li Ning thanks to its ability to profitably reinvest capital.
One more thing to note, Li Ning has decreased current liabilities to 25% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.
Our Take On Li Ning's ROCE
In summary, it's great to see that Li Ning can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. In light of that, we think it's worth looking further into this stock because if Li Ning can keep these trends up, it could have a bright future ahead.
Like most companies, Li Ning does come with some risks, and we've found 2 warning signs that you should be aware of.
High returns are a key ingredient to strong performance, so check out our free list ofstocks 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.
我们应该寻找什么样的趋势,我们想要找出能够长期成倍增值的股票?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。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。因此,当我们观察ROCE的趋势时李宁(HKG:2331)我们真的很喜欢我们所看到的。
了解资本回报率(ROCE)
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。分析人士用这个公式为李宁计算:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.22=CN元50亿?(CN元300亿-CN元77亿)(根据截至2021年12月的往绩12个月计算).
所以呢,李宁的净资产收益率为22%。按绝对值计算,这是一个很高的回报,甚至比奢侈品行业10%的平均回报率还要高。
参见我们对李宁的最新分析
联交所:2331已动用资本回报率2022年8月12日上面你可以看到李宁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。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
回报趋势如何?
我们喜欢从李宁身上看到的趋势。数据显示,在过去五年中,资本回报率大幅增长至22%。该公司实际上每使用一美元资本就能赚到更多的钱,值得注意的是,资本额也增加了449%。因此,我们非常受到李宁的启发,这要归功于它有能力进行有利可图的资本再投资。
还有一点需要注意的是,李宁在此期间将流动负债降至总资产的25%,这有效地减少了来自供应商或短期债权人的资金。因此,股东们会感到高兴的是,回报的增长主要来自潜在的业务表现。
我们对李宁的ROCE的看法
总而言之,很高兴看到李宁能够通过持续不断地以不断提高的回报率进行资本再投资来实现复合回报,因为这些都是那些备受追捧的多重投资的关键因素。随着该股在过去五年中表现异常出色,这些模式得到了投资者的考虑。有鉴于此,我们认为值得进一步研究这只股票,因为如果李宁能够保持这些趋势,它可能会有一个光明的未来。
像大多数公司一样,李宁确实也有一些风险,我们发现2个警告标志这一点你应该知道。
高回报是实现强劲业绩的关键因素,请查看我们的免费资产负债表稳健、股本回报率高的股票名单。
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。
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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