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China National Building Material (HKG:3323) Is Experiencing Growth In Returns On Capital
China National Building Material (HKG:3323) Is Experiencing Growth In Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. So when we looked at China National Building Material (HKG:3323) and its trend of ROCE, we really liked what we saw.
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. To calculate this metric for China National Building Material, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.13 = CN¥36b ÷ (CN¥463b - CN¥183b) (Based on the trailing twelve months to December 2021).
Thus, China National Building Material has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Basic Materials industry average of 9.3% it's much better.
Check out our latest analysis for China National Building Material
SEHK:3323 Return on Capital Employed August 19th 2022In the above chart we have measured China National Building Material's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for China National Building Material.
The Trend Of ROCE
We like the trends that we're seeing from China National Building Material. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 13%. 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 104%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 40%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. This tells us that China National Building Material has grown its returns without a reliance on increasing their current liabilities, which we're very happy with.
In Conclusion...
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what China National Building Material has. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. Therefore, we think it would be worth your time to check if these trends are going to continue.
One more thing, we've spotted 2 warning signs facing China National Building Material that you might find interesting.
While China National Building Material 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.
如果你不确定在寻找下一个多袋子时从哪里开始,有几个关键的趋势你应该密切关注。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。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。所以当我们看着中国建材(HKG:3323)及其ROCE趋势,我们真的很喜欢我们所看到的。
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)。要为中国建材计算此度量,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)
0.13=CN元360亿?(CN元4630B-CN元1830B)(根据截至2021年12月的往绩12个月计算).
因此,中国建材的净资产收益率为13%。就绝对值而言,这是一个令人满意的回报率,但与基础材料行业9.3%的平均回报率相比,这要好得多。
看看我们对中国建材的最新分析
联交所:3323 2022年8月19日资本回报率在上面的图表中,我们比较了中国建材之前的净资产收益率和之前的表现,但可以说,未来更重要。如果您想查看分析师对未来的预测,您应该查看我们的免费中国建材报道。
ROCE的发展趋势
我们喜欢从中国建材身上看到的趋势。这些数字显示,在过去五年中,资本回报率大幅增长至13%。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,资本数量也增加了104%。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。
在我们的另一部分分析中,我们注意到该公司的流动负债占总资产的比例降至40%,这大体上意味着该公司减少了对供应商或短期债权人的依赖,为其运营提供资金。这告诉我们,中国建材在不依赖增加流动负债的情况下实现了回报增长,这让我们非常满意。
总之..。
一家资本回报率不断增长并能够持续进行再投资的公司是一个备受追捧的特征,这就是中国建材所拥有的。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。因此,我们认为值得您花时间检查这些趋势是否会继续下去。
还有一件事,我们发现了2个警告标志面对中国建材,你可能会觉得有趣。
虽然中国建材没有赚到最高的回报,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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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。
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