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CGN Mining (HKG:1164) Could Be Struggling To Allocate Capital
CGN Mining (HKG:1164) Could Be Struggling To Allocate 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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at CGN Mining (HKG:1164) and its ROCE trend, we weren't exactly thrilled.
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. Analysts use this formula to calculate it for CGN Mining:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.048 = HK$177m ÷ (HK$7.1b - HK$3.4b) (Based on the trailing twelve months to June 2022).
Therefore, CGN Mining has an ROCE of 4.8%. In absolute terms, that's a low return and it also under-performs the Oil and Gas industry average of 12%.
Check out our latest analysis for CGN Mining
SEHK:1164 Return on Capital Employed September 10th 2022In the above chart we have measured CGN Mining's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
What The Trend Of ROCE Can Tell Us
We weren't thrilled with the trend because CGN Mining's ROCE has reduced by 69% over the last five years, while the business employed 112% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. CGN Mining probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 48%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 4.8%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
The Bottom Line On CGN Mining's ROCE
In summary, despite lower returns in the short term, we're encouraged to see that CGN Mining is reinvesting for growth and has higher sales as a result. And long term investors must be optimistic going forward because the stock has returned a huge 133% to shareholders in the last five years. So should these growth trends continue, we'd be optimistic on the stock going forward.
If you want to continue researching CGN Mining, you might be interested to know about the 1 warning sign that our analysis has discovered.
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.
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。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。有鉴于此,当我们看到CGN挖掘(HKG:1164)和它的ROCE趋势,我们并不是很兴奋。
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。分析师使用以下公式来计算CGN Mining的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.048=1.77亿港元(71亿-34亿港元)(根据截至2022年6月的往绩12个月计算).
所以呢,中广核矿业的净资产收益率为4.8%。按绝对值计算,这是一个较低的回报率,也低于石油和天然气行业12%的平均水平。
查看我们对CGN挖掘的最新分析
联交所:1164已动用资本回报率2022年9月10日在上面的图表中,我们比较了中广核矿业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的走势告诉我们什么
我们对这一趋势并不感到兴奋,因为中广核矿业的净资产收益率在过去五年里下降了69%,而该业务雇佣的资本增加了112%。然而,已使用资本的增加可能部分归因于最近在其最新报告期之前完成的资本筹集,因此在查看ROCE下降时请记住这一点。中广核矿业可能还没有从新募集的资金中获得全年的收益,因此对这些数字应该持保留态度。
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48%,这对ROCE造成了影响。如果没有这一增长,净资产收益率很可能甚至会低于4.8%。由于目前的负债处于这些水平,供应商或短期债权人实际上为很大一部分业务提供了资金,这可能会带来一些风险。
中广核矿业ROCE的底线
总而言之,尽管短期内回报较低,但我们感到鼓舞的是,中广核矿业正在为增长而进行再投资,并因此实现了更高的销售额。长期投资者必须对未来持乐观态度,因为该股在过去五年中向股东回报了133%的高额回报。因此,如果这些增长趋势继续下去,我们将对未来的股票持乐观态度。
如果您想继续研究CGN挖掘,您可能会有兴趣了解1个警告标志我们的分析发现。
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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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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