Here's What's Concerning About China Communications Construction's (HKG:1800) Returns On Capital
Here's What's Concerning About China Communications Construction's (HKG:1800) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at China Communications Construction (HKG:1800), it didn't seem to tick all of these boxes.
要找到一只多袋装箱的股票，我们应该在企业中寻找哪些潜在趋势？通常，我们希望注意到增长的趋势 返回 在资本使用率（ROCE）方面，除此之外，还在扩大 基础 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。但是，当我们查看中国交通建设（HKG: 1800）时，它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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. The formula for this calculation on China Communications Construction is:
为了澄清一下你是否不确定，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。中国交通建设的计算公式为：
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）
0.032 = CN¥31b ÷ (CN¥1.8t - CN¥826b) (Based on the trailing twelve months to September 2023).
0.032 = CN¥31b ≤（CN¥1.8t-CN¥826b） （基于截至2023年9月的过去十二个月）。
Therefore, China Communications Construction has an ROCE of 3.2%. In absolute terms, that's a low return and it also under-performs the Construction industry average of 8.6%.
因此，中国交通建设的投资回报率为3.2％。从绝对值来看，回报率很低，也低于建筑业8.6％的平均水平。
Above you can see how the current ROCE for China Communications Construction compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for China Communications Construction .
上面你可以看到中国交通建设当前的投资回报率与其先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。如果你想了解分析师对未来的预测，你应该查看我们的免费中国交通建设分析师报告。
What Does the ROCE Trend For China Communications Construction Tell Us?
中国交通建设的ROCE趋势告诉我们什么？
Unfortunately, the trend isn't great with ROCE falling from 6.0% five years ago, while capital employed has grown 109%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with China Communications Construction's earnings and if they change as a result from the capital raise.
不幸的是，这一趋势并不乐观，投资回报率从五年前的6.0％下降，而利用的资本增长了109％。但是，动用资本的增加在一定程度上可能归因于最近的融资是在其最新报告期之前完成的，因此在考虑投资回报率下降时请记住这一点。筹集的资金可能尚未投入使用，因此值得关注的是，中国交通建设的收益未来会发生什么，以及这些收益是否会因筹集资金而发生变化。
On a separate but related note, it's important to know that China Communications Construction 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面，重要的是要知道中国交通建设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，因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。虽然这不一定是坏事，但如果这个比率较低，可能会有好处。
In Conclusion...
总之...
In summary, China Communications Construction is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 39% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之，中国交通建设正在将资金再投资到该业务中以实现增长，但不幸的是，销售额似乎还没有太大增长。在过去的五年中，该股已经下跌了39％，因此市场对这些趋势在短期内走强似乎并不抱太大希望。总而言之，多装袋机的固有趋势并不常见，因此，如果您想要这样做，我们认为您在其他地方可能会有更多的运气。
One more thing: We've identified 2 warning signs with China Communications Construction (at least 1 which is concerning) , and understanding them would certainly be useful.
还有一件事：我们已经向中国交建确定了两个警告标志（至少有一个令人担忧），了解它们肯定会很有用。
While China Communications Construction isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管中国交通建设的回报率并不是最高的，但请查看这份免费的股本回报率高、资产负债表稳健的公司名单。
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