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Here's What To Make Of HK Electric Investments and HK Electric Investments' (HKG:2638) Decelerating Rates Of Return
Here's What To Make Of HK Electric Investments and HK Electric Investments' (HKG:2638) Decelerating Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at HK Electric Investments and HK Electric Investments (HKG:2638) and its ROCE trend, we weren't exactly thrilled.
Understanding Return On Capital Employed (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for HK Electric Investments and HK Electric Investments:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.042 = HK$4.7b ÷ (HK$119b - HK$6.8b) (Based on the trailing twelve months to June 2022).
Therefore, HK Electric Investments and HK Electric Investments has an ROCE of 4.2%. Ultimately, that's a low return and it under-performs the Electric Utilities industry average of 6.5%.
See our latest analysis for HK Electric Investments and HK Electric Investments
SEHK:2638 Return on Capital Employed September 23rd 2022Above you can see how the current ROCE for HK Electric Investments and HK Electric Investments compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for HK Electric Investments and HK Electric Investments.
What The Trend Of ROCE Can Tell Us
Over the past five years, HK Electric Investments and HK Electric Investments' ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So don't be surprised if HK Electric Investments and HK Electric Investments doesn't end up being a multi-bagger in a few years time. That probably explains why HK Electric Investments and HK Electric Investments has been paying out 92% of its earnings as dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
In Conclusion...
We can conclude that in regards to HK Electric Investments and HK Electric Investments' returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 5.1% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
If you want to continue researching HK Electric Investments and HK Electric Investments, you might be interested to know about the 2 warning signs that our analysis has discovered.
While HK Electric Investments and HK Electric Investments may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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.
要找到一只多袋股票,我们应该在一家企业中寻找什么潜在趋势?理想情况下,一家企业将呈现两种趋势;第一,增长退货关于已使用资本(ROCE),第二,增加金额已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。有鉴于此,当我们看到港灯-SS(HKG:2638)和它的ROCE趋势,我们并不是很兴奋。
了解资本回报率(ROCE)
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。分析人士用这个公式为港灯-SS计算:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.042=港币47亿?(港币1,190亿-68亿)(根据截至2022年6月的往绩12个月计算).
所以呢,港灯-SS的净资产收益率为4.2%。归根结底,这是一个较低的回报率,而且低于电力公用事业行业6.5%的平均水平。
参见我们对港灯-SS的最新分析
联交所:2638已动用资本回报率2022年9月23日上面你可以看到港灯-SS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。如果您想查看分析师对未来的预测,您应该查看我们的免费港灯-SS报道。
ROCE的走势告诉我们什么
过去五年,港灯-SS的净资产收益率和资本充足率基本持平。当一家成熟而稳定的企业没有对其收益进行再投资时,这种情况并不少见,因为它很可能已经度过了商业周期的那个阶段。因此,如果港灯-SS在几年后不会成为一名兼职球员,也不要感到惊讶。这可能解释了为什么港灯-SS一直将其盈利的92%作为股息支付给股东。这些成熟的企业通常有可靠的收益,没有太多地方可以再投资,所以下一个最好的选择是将收益放入股东的口袋。
总之..。
可以得出的结论是,关于港灯-SS的资本回报率和趋势,没有太大的变化可以报告。鉴于该股过去五年向股东的回报率仅为5.1%,你可以说他们意识到了这些乏善可陈的趋势。因此,如果你正在寻找一个多袋子,潜在的趋势表明,你可能在其他地方有更好的机会。
如果你想继续研究港灯-SS,你可能会有兴趣了解一下2个警告标志我们的分析发现。
虽然港灯-SS目前的回报率可能不是最高的,但我们已经编制了一份股本回报率超过25%的公司名单。看看这个免费在这里列出。
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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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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