share_log

Shanghai Xujiahui Commercial (SZSE:002561) Has Some Difficulty Using Its Capital Effectively

Shanghai Xujiahui Commercial (SZSE:002561) Has Some Difficulty Using Its Capital Effectively

上海徐家汇商业(SZSE: 002561)在有效使用资本方面遇到了一些困难
Simply Wall St ·  2023/11/21 18:02

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. Having said that, after a brief look, Shanghai Xujiahui Commercial (SZSE:002561) we aren't filled with optimism, but let's investigate further.

为了避免投资衰退的企业,有一些财务指标可以提供老龄化的早期迹象。通常,我们会看到两者的趋势 返回 在资本使用率(ROCE)下降时,这通常与下降同时发生 金额 的已动用资本。这样的趋势最终意味着该企业正在减少投资,投资收益也减少了。话虽如此,我们对上海徐家汇商业(SZSE:002561)进行了简短的了解之后,我们并不乐观,但让我们进一步调查。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

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. To calculate this metric for Shanghai Xujiahui Commercial, this is the formula:

如果您不确定,可以澄清一下,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算上海徐家汇商业的这个指标,公式如下:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)

0.03 = CN¥73m ÷ (CN¥2.8b - CN¥318m) (Based on the trailing twelve months to September 2023).

0.03 = 7300万元人民币 ≤(人民币28亿元-3.18亿元人民币) (基于截至2023年9月的过去十二个月)

Thus, Shanghai Xujiahui Commercial has an ROCE of 3.0%. In absolute terms, that's a low return and it also under-performs the Multiline Retail industry average of 5.3%.

因此,上海徐家汇商业投资回报率为3.0%。从绝对值来看,这是一个低回报,而且表现也低于Multiline Retail行业5.3%的平均水平。

Check out our latest analysis for Shanghai Xujiahui Commercial

查看我们对上海徐家汇商业的最新分析

roce
SZSE:002561 Return on Capital Employed November 21st 2023
SZSE: 002561 2023年11月21日已动用资本回报率

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Shanghai Xujiahui Commercial, check out these free graphs here.

虽然过去不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果您想深入了解上海徐家汇商业的历史收益、收入和现金流,请在此处查看这些免费图表。

How Are Returns Trending?

退货趋势如何?

There is reason to be cautious about Shanghai Xujiahui Commercial, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 13% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Shanghai Xujiahui Commercial becoming one if things continue as they have.

鉴于回报率呈下降趋势,有理由对上海徐家汇商业持谨慎态度。不幸的是,资本回报率已从五年前的13%有所下降。同时,在此期间,该业务的使用资本基本保持不变。这种组合可能表明一家成熟的企业仍有资金部署领域,但由于新的竞争或利润率的降低,获得的回报并不高。因此,由于这些趋势通常不利于打造多功能集装箱,因此如果事情照原样继续下去,我们不会屏住呼吸等待上海徐家汇商业成为一体。

The Key Takeaway

关键要点

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Despite the concerning underlying trends, the stock has actually gained 39% over the last five years, so it might be that the investors are expecting the trends to reverse. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.

归根结底,相同数量资本回报率下降的趋势通常并不表示我们正在研究成长股。尽管潜在趋势令人担忧,但该股在过去五年中实际上已经上涨了39%,因此投资者可能预计趋势会逆转。无论如何,我们不喜欢这种趋势,如果这种趋势持续下去,我们认为您可能会在其他地方找到更好的投资。

Shanghai Xujiahui Commercial does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is concerning...

但是,上海徐家汇商业确实存在一些风险,我们在投资分析中发现了两个警告信号,其中一个令人担忧...

While Shanghai Xujiahui Commercial isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管上海徐家汇商业的回报率不是最高的,但请查看这份免费清单,列出了资产负债表稳健且股本回报率高的公司。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发