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Be Wary Of Jiangsu Expressway (HKG:177) And Its Returns On Capital

Be Wary Of Jiangsu Expressway (HKG:177) And Its Returns On Capital

警惕江苏高速公路(HKG: 177)及其资本回报率
Simply Wall St ·  03/05 18:38

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. In light of that, when we looked at Jiangsu Expressway (HKG:177) and its ROCE trend, we weren't exactly thrilled.

我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。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。有鉴于此,当我们研究江苏高速公路(HKG: 177)及其投资回报率趋势时,我们并不十分兴奋。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Jiangsu Expressway:

如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算江苏高速公路:

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)

0.075 = CN¥5.2b ÷ (CN¥79b - CN¥10b) (Based on the trailing twelve months to September 2023).

0.075 = 52亿元人民币 ÷(79亿元人民币-10亿元人民币) (基于截至2023年9月的过去十二个月)

So, Jiangsu Expressway has an ROCE of 7.5%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.5%.

因此,江苏高速公路的投资回报率为7.5%。这本身就是很低的资本回报率,但与该行业6.5%的平均回报率一致。

roce
SEHK:177 Return on Capital Employed March 5th 2024
SEHK: 177 2024 年 3 月 5 日动用资本回报率

Above you can see how the current ROCE for Jiangsu Expressway compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Jiangsu Expressway .

上面你可以看到江苏高速公路当前的投资回报率与之前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们的免费江苏高速公路分析师报告中查看分析师的预测。

What The Trend Of ROCE Can Tell Us

ROCE 的趋势能告诉我们什么

In terms of Jiangsu Expressway's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 13% over the last five years. However it looks like Jiangsu Expressway might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.

就江苏高速公路的历史ROCE走势而言,这种趋势并不理想。更具体地说,投资回报率已从过去五年的13%下降。但是,看来江苏高速公路可能正在进行再投资以实现长期增长,因为尽管资本使用量有所增加,但该公司的销售额在过去12个月中没有太大变化。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。

Our Take On Jiangsu Expressway's ROCE

我们对江苏高速公路投资回报率的看法

Bringing it all together, while we're somewhat encouraged by Jiangsu Expressway's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 2.0% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

综上所述,尽管江苏高速公路对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。投资者可能会意识到这些趋势,因为该股在过去五年中仅给股东带来了2.0%的回报。因此,如果你正在寻找一台多袋装机,我们认为你在其他地方会有更多的运气。

Like most companies, Jiangsu Expressway does come with some risks, and we've found 1 warning sign that you should be aware of.

像大多数公司一样,江苏高速公路确实存在一些风险,我们发现了一个你应该注意的警告信号。

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.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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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