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Investors Could Be Concerned With China Communications Services' (HKG:552) Returns On Capital
Investors Could Be Concerned With China Communications Services' (HKG:552) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think China Communications Services (HKG:552) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
Return On Capital Employed (ROCE): What Is It?
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. The formula for this calculation on China Communications Services is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.039 = CN¥1.7b ÷ (CN¥107b - CN¥64b) (Based on the trailing twelve months to June 2022).
Thus, China Communications Services has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Construction industry average of 7.0%.
Check out our latest analysis for China Communications Services
SEHK:552 Return on Capital Employed September 26th 2022In the above chart we have measured China Communications Services' 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.
So How Is China Communications Services' ROCE Trending?
On the surface, the trend of ROCE at China Communications Services doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.9% from 10.0% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
On a separate but related note, it's important to know that China Communications Services has a current liabilities to total assets ratio of 60%, 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
Our Take On China Communications Services' ROCE
In summary, China Communications Services is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 13% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
On a final note, we've found 1 warning sign for China Communications Services that we think you should be aware of.
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.
我们应该寻找什么样的趋势,我们想要找出能够长期成倍增值的股票?在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。然而,在简单地看了一下数字之后,我们认为中国通信服务集团有限公司(HKG:552)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
资本回报率(ROCE):它是什么?
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。中国通信服务集团的这一计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.039=人民币17亿?(人民币1070亿-人民币640亿)(根据截至2022年6月的往绩12个月计算).
因此,中国通信服务股份有限公司的净资产收益率为3.9%。归根结底,这是一个较低的回报率,表现低于建筑业7.0%的平均水平。
查看我们对中国通信服务的最新分析
联交所:2022年9月26日资本回报率552在上面的图表中,我们比较了中国通信服务股份有限公司之前的净资产收益率和之前的业绩,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。
那么,中国通信服务公司的ROCE趋势如何呢?
从表面上看,中国通信服务的净资产收益率(ROCE)趋势并未激发信心。过去五年,资本回报率从五年前的10.0%降至3.9%。与此同时,该公司正在利用更多资本,但这在过去12个月的销售额方面没有太大变化,因此这可能反映了较长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
在另一个相关的问题上,重要的是要知道,中国通信服务公司的流动负债与总资产的比率为60%,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。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。
我们对中国通信服务公司ROCE的看法
总而言之,中国通信服务正在将资金重新投资于业务,以求增长,但不幸的是,销售看起来还没有太大增长。在过去五年中,该股下跌了13%,因此市场看起来对这些趋势不会很快走强抱太大希望。无论如何,这只股票不具备上面讨论的多袋子股票的这些特征,所以如果这就是你正在寻找的,我们认为你在其他地方会有更多的运气。
最后一点,我们发现中国通信服务部1个警示标志我们认为你应该意识到。
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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