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Investors Could Be Concerned With CIMC Vehicles (Group)'s (HKG:1839) Returns On Capital
Investors Could Be Concerned With CIMC Vehicles (Group)'s (HKG:1839) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at CIMC Vehicles (Group) (HKG:1839), it didn't seem to tick all of these boxes.
What Is Return On Capital Employed (ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for CIMC Vehicles (Group), this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.044 = CN¥574m ÷ (CN¥22b - CN¥9.3b) (Based on the trailing twelve months to June 2022).
So, CIMC Vehicles (Group) has an ROCE of 4.4%. Ultimately, that's a low return and it under-performs the Machinery industry average of 8.3%.
Check out our latest analysis for CIMC Vehicles (Group)
SEHK:1839 Return on Capital Employed August 28th 2022Above you can see how the current ROCE for CIMC Vehicles (Group) 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.
The Trend Of ROCE
On the surface, the trend of ROCE at CIMC Vehicles (Group) doesn't inspire confidence. To be more specific, ROCE has fallen from 14% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
On a separate but related note, it's important to know that CIMC Vehicles (Group) has a current liabilities to total assets ratio of 42%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
Our Take On CIMC Vehicles (Group)'s ROCE
We're a bit apprehensive about CIMC Vehicles (Group) because despite more capital being deployed in the business, returns on that capital and sales have both fallen. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 27% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
On a final note, we found 2 warning signs for CIMC Vehicles (Group) (1 makes us a bit uncomfortable) you should be aware of.
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive 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.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?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。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。虽然,当我们看到中集车辆(集团)(HKG:1839),它似乎没有勾选所有这些框。
什么是资本回报率(ROCE)?
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。要计算中集车辆(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)
0.044=人民币5.74亿?(人民币220亿元-人民币93亿元)(根据截至2022年6月的往绩12个月计算).
所以,中集车辆(集团)净资产收益率为4.4%。归根结底,这是一个较低的回报率,表现低于8.3%的机械行业平均水平。
查看我们对中集车辆(集团)的最新分析
联交所:1839 2022年8月28日资本回报率上面你可以看到中集车辆(集团)目前的净资产收益率(ROCE)与其先前的资本回报率相比如何,但从过去你只能看出这么多。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。
ROCE的发展趋势
从表面上看,中集车辆(集团)的ROCE走势并没有激发信心。更具体地说,ROCE在过去五年中从14%下降。考虑到该公司在收入下滑的情况下雇佣了更多的资本,这有点令人担忧。这可能意味着企业正在失去其竞争优势或市场份额,因为虽然更多的资金被投入到风险投资中,但实际上它产生的回报更低--本身就是“更少的回报”。
在另一个相关的问题上,重要的是要知道,中集集团的流动负债与总资产的比率为42%,我们认为这个比率相当高。这可能会带来一些风险,因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
我们对中集车辆(集团)ROCE的看法
我们对中集车辆(集团)有点担心,因为尽管在业务上部署了更多的资本,但资本回报率和销售额都有所下降。但投资者肯定预计会有所改善,因为在过去三年里,该股实现了27%的可观回报率。无论如何,目前的潜在趋势对长期表现来说都不是好兆头,所以除非它们逆转,否则我们将开始寻找其他地方。
最后,我们发现2中集车辆(集团)警示标志(1让我们有点不舒服)你应该知道。
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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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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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