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Slowing Rates Of Return At Sinopharm Group (HKG:1099) Leave Little Room For Excitement
Slowing Rates Of Return At Sinopharm Group (HKG:1099) Leave Little Room For Excitement
If you're looking for a multi-bagger, there's a few things to 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, the ROCE of Sinopharm Group (HKG:1099) looks decent, right now, so lets see what the trend of returns can tell us.
What Is 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 Sinopharm Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.18 = CN¥21b ÷ (CN¥370b - CN¥249b) (Based on the trailing twelve months to June 2022).
So, Sinopharm Group has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Healthcare industry average of 10% it's much better.
See our latest analysis for Sinopharm Group
SEHK:1099 Return on Capital Employed September 12th 2022Above you can see how the current ROCE for Sinopharm 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.
What Can We Tell From Sinopharm Group's ROCE Trend?
While the returns on capital are good, they haven't moved much. The company has consistently earned 18% for the last five years, and the capital employed within the business has risen 107% in that time. 18% is a pretty standard return, and it provides some comfort knowing that Sinopharm Group has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
On a side note, Sinopharm Group's current liabilities are still rather high at 67% of total assets. 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.
The Bottom Line
To sum it up, Sinopharm Group has simply been reinvesting capital steadily, at those decent rates of return. However, despite the favorable fundamentals, the stock has fallen 46% over the last five years, so there might be an opportunity here for astute investors. For that reason, savvy investors might want to look further into this company in case it's a prime investment.
Like most companies, Sinopharm Group does come with some risks, and we've found 1 warning sign that you should be aware of.
While Sinopharm Group 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.
如果你正在寻找一个多袋子,有几个东西需要注意。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。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。考虑到这一点,ROCE国药控股(HKG:1099)目前看起来不错,所以让我们看看回报趋势能告诉我们什么。
什么是资本回报率(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)。要为国药控股计算此度量,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)
0.18=CN元210亿?(CN元370B-CN元249B)(根据截至2022年6月的往绩12个月计算).
所以,国药控股的净资产收益率为18%。就绝对值而言,这是一个令人满意的回报率,但与医疗行业10%的平均回报率相比,这要好得多。
参见我们对国药控股的最新分析
联交所:1099已动用资本回报率2022年9月12日上面你可以看到国药控股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。
从国药控股的ROCE趋势中我们能看出什么?
虽然资本回报率不错,但它们并没有太大变动。该公司在过去五年中持续盈利18%,同期公司内部资本增长了107%。18%是一个相当标准的回报率,知道国药控股一直都能赚到这个数字,这让人感到些许安慰。这样的稳定回报可能并不令人兴奋,但如果它们能够长期保持下去,它们往往会为股东提供丰厚的回报。
另外,国药控股的流动负债仍相当高,占总资产的67%。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。
底线
总而言之,国药控股只是在以那些不错的回报率稳步地进行资本再投资。然而,尽管基本面有利,但该股在过去五年中下跌了46%,因此精明的投资者可能会有机会。出于这个原因,精明的投资者可能希望更深入地研究这家公司,以防它是一项主要投资。
像大多数公司一样,国药控股确实也有一些风险,我们发现1个警告标志这一点你应该知道。
虽然国药控股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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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。
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