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Citic Pacific Special Steel Group (SZSE:000708) Is Very Good At Capital Allocation
Citic Pacific Special Steel Group (SZSE:000708) Is Very Good At Capital Allocation
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. And in light of that, the trends we're seeing at Citic Pacific Special Steel Group's (SZSE:000708) look very promising so lets take a look.
Understanding Return On Capital Employed (ROCE)
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 Citic Pacific Special Steel Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.20 = CN¥9.8b ÷ (CN¥91b - CN¥42b) (Based on the trailing twelve months to June 2022).
So, Citic Pacific Special Steel Group has an ROCE of 20%. In absolute terms that's a great return and it's even better than the Metals and Mining industry average of 8.8%.
See our latest analysis for Citic Pacific Special Steel Group
SZSE:000708 Return on Capital Employed September 28th 2022Above you can see how the current ROCE for Citic Pacific Special Steel Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Citic Pacific Special Steel Group here for free.
What Does the ROCE Trend For Citic Pacific Special Steel Group Tell Us?
We like the trends that we're seeing from Citic Pacific Special Steel Group. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 20%. The amount of capital employed has increased too, by 1,151%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
On a separate but related note, it's important to know that Citic Pacific Special Steel Group has a current liabilities to total assets ratio of 46%, 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
The Bottom Line
In summary, it's great to see that Citic Pacific Special Steel Group can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a staggering 164% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
Citic Pacific Special Steel Group does have some risks though, and we've spotted 1 warning sign for Citic Pacific Special Steel Group that you might be interested in.
Citic Pacific Special Steel Group is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
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.
找到一家具有大幅增长潜力的企业并非易事,但如果我们看看几个关键的财务指标,这是可能的。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。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。有鉴于此,我们看到的趋势中信股份太平洋特钢集团(SZSE:000708)看起来很有前途,让我们来看看。
了解资本回报率(ROCE)
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。要计算中信股份太平洋特钢集团的这一指标,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)
0.20=CN元98亿?(CN元91B-CN元420亿)(根据截至2022年6月的往绩12个月计算).
所以,中信股份太平洋特钢集团拥有20%的净资产收益率。按绝对值计算,这是一个很高的回报率,甚至好于金属和矿业8.8%的平均水平。
请看我们对中信股份太平洋特钢集团的最新分析
深圳证交所:2022年9月28日资本回报率000708上面你可以看到中信股份太平洋特钢集团目前的净资产收益率与之前的资本回报率相比,但你只能从过去知道这么多。如果您愿意,您可以查看中信股份太平洋特钢集团分析师对免费的。
中信股份太平洋特钢集团的ROCE走势告诉了我们什么?
我们喜欢中信股份太平洋特钢集团的发展趋势。数字显示,在过去五年中,资本回报率大幅增长至20%。资本额也有所增加,增长了1151%。这可能表明,有很多机会在内部以更高的利率进行资本投资,这种组合在多头投资者中很常见。
在另一个相关的问题上,重要的是要知道中信股份太平洋特钢集团的流动负债与总资产的比率为46%,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。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
底线
总而言之,很高兴看到中信股份太平洋特钢集团能够通过持续不断地以不断提高的回报率进行资本再投资来实现复合回报,因为这些都是备受追捧的多重投资的一些关键因素。由于该股在过去五年里向股东回报了惊人的164%,看起来投资者正在认识到这些变化。因此,鉴于该股已证明其趋势看好,有必要对该公司进行进一步研究,看看这些趋势是否可能持续下去。
不过,中信股份太平洋特钢集团确实存在一些风险,我们已经发现中信股份太平洋特钢集团1块警示牌你可能会感兴趣的。
中信股份太平洋特钢集团并不是唯一一只获得高回报的股票。如果您想了解更多,请查看我们的免费基本面稳固、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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