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These Return Metrics Don't Make Hongkong and Shanghai Hotels (HKG:45) Look Too Strong
These Return Metrics Don't Make Hongkong and Shanghai Hotels (HKG:45) Look Too Strong
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Hongkong and Shanghai Hotels (HKG:45), we weren't too upbeat about how things were going.
What Is Return On Capital Employed (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. Analysts use this formula to calculate it for Hongkong and Shanghai Hotels:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.011 = HK$578m ÷ (HK$58b - HK$4.7b) (Based on the trailing twelve months to December 2023).
Therefore, Hongkong and Shanghai Hotels has an ROCE of 1.1%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 6.1%.
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 , check out these free graphs detailing revenue and cash flow performance of Hongkong and Shanghai Hotels.
What The Trend Of ROCE Can Tell Us
We are a bit worried about the trend of returns on capital at Hongkong and Shanghai Hotels. Unfortunately the returns on capital have diminished from the 2.2% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. 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 Hongkong and Shanghai Hotels becoming one if things continue as they have.
Our Take On Hongkong and Shanghai Hotels' ROCE
In summary, it's unfortunate that Hongkong and Shanghai Hotels is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 44% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
One final note, you should learn about the 3 warning signs we've spotted with Hongkong and Shanghai Hotels (including 2 which are a bit unpleasant) .
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.
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.
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Hongkong and Shanghai Hotels (HKG:45), we weren't too upbeat about how things were going.
当我们研究一家公司时,有时很难找到警告信号,但是有一些财务指标可以帮助及早发现问题。当我们看到下降时 返回 在资本使用率(ROCE)的下降的同时 基础 就所使用的资本而言,成熟的企业通常会以这种方式显示出老化的迹象。这表明该公司的投资利润减少了,总资产也在减少。就此而言,纵观香港和上海酒店(HKG: 45),我们对事情的发展并不太乐观。
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. Analysts use this formula to calculate it for Hongkong and Shanghai Hotels:
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。分析师使用这个公式来计算香港和上海酒店的价格:
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)
0.011 = HK$578m ÷ (HK$58b - HK$4.7b) (Based on the trailing twelve months to December 2023).
0.011 = 5.78亿港元 ÷(580亿港元-47亿港元) (基于截至2023年12月的过去十二个月)。
Therefore, Hongkong and Shanghai Hotels has an ROCE of 1.1%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 6.1%.
因此,香港和上海酒店的投资回报率为1.1%。归根结底,这是一个低回报,其表现低于酒店业6.1%的平均水平。
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 , check out these free graphs detailing revenue and cash flow performance of Hongkong and Shanghai Hotels.
虽然过去并不能代表未来,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。如果您想深入研究历史收益,请查看这些免费图表,详细说明香港和上海酒店的收入和现金流表现。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
We are a bit worried about the trend of returns on capital at Hongkong and Shanghai Hotels. Unfortunately the returns on capital have diminished from the 2.2% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. 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 Hongkong and Shanghai Hotels becoming one if things continue as they have.
我们对香港和上海酒店的资本回报率趋势有些担忧。不幸的是,资本回报率已从五年前的2.2%有所下降。最重要的是,值得注意的是,企业内部使用的资本量一直保持相对稳定。这种组合可能表明一家成熟的企业仍有资金部署的领域,但由于新的竞争或利润率降低,获得的回报并不那么高。因此,由于这些趋势通常不利于创造一个多口袋,如果情况照原样下去,我们就不会屏住呼吸希望香港和上海酒店合而为一。
Our Take On Hongkong and Shanghai Hotels' ROCE
我们对香港和上海酒店投资回报率的看法
In summary, it's unfortunate that Hongkong and Shanghai Hotels is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 44% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
总而言之,不幸的是,香港和上海酒店从相同数量的资本中获得的回报较低。投资者对这些事态发展并不友善,因为该股已比五年前下跌了44%。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
One final note, you should learn about the 3 warning signs we've spotted with Hongkong and Shanghai Hotels (including 2 which are a bit unpleasant) .
最后一点是,你应该了解我们在香港和上海酒店发现的3个警告标志(包括两个有点不愉快的警示标志)。
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。
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。
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风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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