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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)

昆仑能源投资者的资本回报率放缓(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.

你知道有一些财务指标可以为潜在的多袋人提供线索吗?在一个完美的世界中,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,从这些资本中获得的回报也在增加。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,在简短地查看了这些数字之后,我们认为昆仑能源(HKG: 135)在未来不具备多袋装货商的实力,但让我们来看看为什么会这样。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用以下公式计算昆仑能源:

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)

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

0.11 = 12亿元人民币 ÷(139亿元人民币-33亿元人民币) (基于截至 2023 年 6 月的过去十二个月)

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,昆仑能源的投资回报率为11%。从绝对值来看,这是一个令人满意的回报,但与天然气公用事业行业平均水平的8.2%相比,回报要好得多。

roce
SEHK:135 Return on Capital Employed February 16th 2024
SEHK: 135 2024 年 2 月 16 日动用资本回报率

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.

在上图中,我们将昆仑能源先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的昆仑能源免费报告。

The Trend Of ROCE

ROCE 的趋势

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.

昆仑能源的回报率及其资本利用水平没有太多可报告的,因为这两个指标在过去五年中一直保持稳定。具有这些特征的企业往往是成熟而稳定的运营,因为它们已经过了增长阶段。因此,如果昆仑能源在几年内没有成为一家多袋公司,也不要感到惊讶。这也许可以解释为什么昆仑能源以股息的形式向股东支付其收入的37%。除非企业有极具吸引力的增长机会,否则他们通常会向股东返还一些钱。

The Bottom Line On Kunlun Energy's ROCE

昆仑能源投资回报率的底线

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.

我们可以得出结论,就昆仑能源的已动用资本回报率和趋势而言,没有太大变化可报告。而且,由于该股在过去五年中仅向股东回报了37%,因此你可以说他们意识到了这些乏善可陈的趋势。因此,如果您正在寻找多袋机,我们建议您考虑其他选项。

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

如果你想了解昆仑能源面临的风险,我们发现了一个你应该注意的警告信号。

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.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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
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