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Investors Met With Slowing Returns on Capital At Kunlun Energy (HKG:135)

Investors Met With Slowing Returns on Capital At Kunlun Energy (HKG:135)

崑崙能源投資者的資本回報率放緩(HKG: 135)
Simply Wall St ·  02/16 17:01

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Kunlun Energy (HKG:135) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

你知道有一些財務指標可以爲潛在的多袋人提供線索嗎?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,在簡短地查看了這些數字之後,我們認爲崑崙能源(HKG: 135)在未來不具備多袋裝貨商的實力,但讓我們來看看爲什麼會這樣。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. Analysts use this formula to calculate it for Kunlun Energy:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用以下公式計算崑崙能源:

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

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.11 = CN¥12b ÷ (CN¥139b - CN¥33b) (Based on the trailing twelve months to June 2023).

0.11 = 12億元人民幣 ÷(139億元人民幣-33億元人民幣) (基於截至 2023 年 6 月的過去十二個月)

Thus, Kunlun Energy has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Gas Utilities industry average of 8.2% it's much better.

因此,崑崙能源的投資回報率爲11%。從絕對值來看,這是一個令人滿意的回報,但與天然氣公用事業行業平均水平的8.2%相比,回報要好得多。

roce
SEHK:135 Return on Capital Employed February 16th 2024
SEHK: 135 2024 年 2 月 16 日動用資本回報率

In the above chart we have measured Kunlun Energy's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Kunlun Energy.

在上圖中,我們將崑崙能源先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的崑崙能源免費報告。

The Trend Of ROCE

ROCE 的趨勢

There hasn't been much to report for Kunlun Energy's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Kunlun Energy doesn't end up being a multi-bagger in a few years time. This probably explains why Kunlun Energy is paying out 37% of its income to shareholders in the form of dividends. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.

崑崙能源的回報率及其資本利用水平沒有太多可報告的,因爲這兩個指標在過去五年中一直保持穩定。具有這些特徵的企業往往是成熟而穩定的運營,因爲它們已經過了增長階段。因此,如果崑崙能源在幾年內沒有成爲一家多袋公司,也不要感到驚訝。這也許可以解釋爲什麼崑崙能源以股息的形式向股東支付其收入的37%。除非企業有極具吸引力的增長機會,否則他們通常會向股東返還一些錢。

The Bottom Line On Kunlun Energy's ROCE

崑崙能源投資回報率的底線

We can conclude that in regards to Kunlun Energy's returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 37% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.

我們可以得出結論,就崑崙能源的已動用資本回報率和趨勢而言,沒有太大變化可報告。而且,由於該股在過去五年中僅向股東回報了37%,因此你可以說他們意識到了這些乏善可陳的趨勢。因此,如果您正在尋找多袋機,我們建議您考慮其他選項。

If you'd like to know about the risks facing Kunlun Energy, we've discovered 1 warning sign that you should be aware of.

如果你想了解崑崙能源面臨的風險,我們發現了一個你應該注意的警告信號。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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