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Return Trends At Haier Smart Home (SHSE:600690) Aren't Appealing
Return Trends At Haier Smart Home (SHSE:600690) Aren't Appealing
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. That's why when we briefly looked at Haier Smart Home's (SHSE:600690) ROCE trend, we were pretty happy with what we saw.
Return On Capital Employed (ROCE): What Is It?
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. To calculate this metric for Haier Smart Home, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.14 = CN¥14b ÷ (CN¥227b - CN¥128b) (Based on the trailing twelve months to June 2022).
So, Haier Smart Home has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 9.8% generated by the Consumer Durables industry.
Check out our latest analysis for Haier Smart Home
SHSE:600690 Return on Capital Employed September 2nd 2022In the above chart we have measured Haier Smart Home's 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 Haier Smart Home here for free.
What The Trend Of ROCE Can Tell Us
While the current returns on capital are decent, they haven't changed much. The company has consistently earned 14% for the last five years, and the capital employed within the business has risen 49% in that time. 14% is a pretty standard return, and it provides some comfort knowing that Haier Smart Home has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
On a separate but related note, it's important to know that Haier Smart Home has a current liabilities to total assets ratio of 56%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
What We Can Learn From Haier Smart Home's ROCE
In the end, Haier Smart Home has proven its ability to adequately reinvest capital at good rates of return. And long term investors would be thrilled with the 106% return they've received over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
One more thing: We've identified 2 warning signs with Haier Smart Home (at least 1 which is a bit concerning) , and understanding them would certainly be useful.
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high 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.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票?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。这就是为什么当我们短暂地查看海尔智家(上海证券交易所:600690)ROCE趋势,我们对所看到的相当满意。
资本回报率(ROCE):它是什么?
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。要为海尔智家计算此度量,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)
0.14=CN元14B?(CN元227B-CN元128B)(根据截至2022年6月的往绩12个月计算).
所以,海尔智家的净资产收益率为14%。就其本身而言,这是一个标准回报率,但它比耐用消费品行业9.8%的回报率要好得多。
看看我们对海尔智家的最新分析
上证所:2022年9月2日资本回报率为600690在上面的图表中,我们比较了海尔智家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,你可以查看这里报道海尔智家的分析师对免费的。
ROCE的走势告诉我们什么
虽然目前的资本回报率还不错,但变化不大。该公司在过去五年中持续盈利14%,同期公司内部资本增加了49%。14%是一个相当标准的回报率,知道海尔智家一直都能赚到这个数字,这让人感到些许安慰。在很长一段时间内,这样的回报可能不会太令人兴奋,但如果保持一致,它们可以在股价回报方面获得回报。
在另一个相关的问题上,重要的是要知道海尔智家的流动负债与总资产的比率为56%,我们认为这个比率相当高。这实际上意味着供应商(或短期债权人)正在为很大一部分业务提供资金,因此只需意识到这可能会带来一些风险因素。虽然这不一定是一件坏事,但如果这一比例较低,它可能是有益的。
我们可以从海尔智家的ROCE中学到什么
最终,海尔智家证明了自己有能力以良好的回报率进行充分的资本再投资。长期投资者会对他们在过去五年中获得的106%的回报率感到兴奋。因此,尽管这只股票可能比以前更“昂贵”,但我们认为强劲的基本面为这只股票提供了进一步研究的理由。
还有一件事:我们已经确定了2个警告标志和海尔智家(至少有1个人有点担心),了解他们肯定会有帮助。
对于那些喜欢投资于稳固的公司,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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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。
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