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Jiangsu Expressway (HKG:177) Could Be Struggling To Allocate Capital
Jiangsu Expressway (HKG:177) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Jiangsu Expressway (HKG:177) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
Return On Capital Employed (ROCE): What is it?
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 Jiangsu Expressway is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.082 = CN¥4.5b ÷ (CN¥68b - CN¥13b) (Based on the trailing twelve months to December 2021).
Thus, Jiangsu Expressway has an ROCE of 8.2%. In absolute terms, that's a low return, but it's much better than the Infrastructure industry average of 6.3%.
View our latest analysis for Jiangsu Expressway
SEHK:177 Return on Capital Employed April 27th 2022Above 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'd like, you can check out the forecasts from the analysts covering Jiangsu Expressway here for free.
What Does the ROCE Trend For Jiangsu Expressway Tell Us?
In terms of Jiangsu Expressway's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 15%, but since then they've fallen to 8.2%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
The Bottom Line
In summary, despite lower returns in the short term, we're encouraged to see that Jiangsu Expressway is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 16% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
One more thing: We've identified 2 warning signs with Jiangsu Expressway (at least 1 which is significant) , and understanding these would certainly be useful.
While Jiangsu Expressway isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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.
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Jiangsu Expressway (HKG:177) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?首先,我們希望看到一個經過驗證的返回關於已使用資本(ROCE)的增長,其次是擴張基座已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。話雖如此,從第一眼看江蘇高速公路(HKG:177)我們不會因為回報率的趨勢而從椅子上跳起來,但讓我們更深入地看看。
Return On Capital Employed (ROCE): What is it?
資本回報率(ROCE):它是什麼?
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 Jiangsu Expressway is:
如果您不確定,只需澄清一下,ROCE是一種評估公司投資於其業務的資本獲得多少税前收入(按百分比計算)的指標。江蘇高速公路上的這一計算公式為:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息税前收益(EBIT)?(總資產-流動負債)
0.082 = CN¥4.5b ÷ (CN¥68b - CN¥13b) (Based on the trailing twelve months to December 2021).
0.082=CN元45億?(CN元68B-CN元13B)(根據截至2021年12月的往績12個月計算).
Thus, Jiangsu Expressway has an ROCE of 8.2%. In absolute terms, that's a low return, but it's much better than the Infrastructure industry average of 6.3%.
因此,江蘇高速公路的淨資產收益率為8.2%。按絕對值計算,這是一個較低的回報率,但遠好於6.3%的基礎設施行業平均水平。
View our latest analysis for Jiangsu Expressway
查看我們對江蘇高速公路的最新分析
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'd like, you can check out the forecasts from the analysts covering Jiangsu Expressway here for free.
上面你可以看到江蘇高速公路目前的淨資產收益率與之前的資本回報率相比如何,但你只能從過去知道這麼多。如果你願意,你可以查看江蘇高速公路分析師的預測。免費的。
What Does the ROCE Trend For Jiangsu Expressway Tell Us?
江蘇高速公路ROCE走勢告訴我們什麼?
In terms of Jiangsu Expressway's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 15%, but since then they've fallen to 8.2%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
就江蘇高速公路歷史上的ROCE運動而言,這一趨勢並不美妙。大約五年前,資本回報率為15%,但自那以來已降至8.2%。然而,鑑於已動用資本和收入都有所增加,該業務目前似乎正在追求增長,這是短期回報的結果。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Jiangsu Expressway is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 16% over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總而言之,儘管短期內回報率較低,但令我們感到鼓舞的是,江蘇高速公路正在為增長而進行再投資,並因此實現了更高的銷售額。不過,這些增長趨勢並沒有帶來增長回報,因為該公司股價在過去五年裏下跌了16%。因此,我們認為,鑑於趨勢看起來令人鼓舞,進一步研究這隻股票是值得的。
One more thing: We've identified 2 warning signs with Jiangsu Expressway (at least 1 which is significant) , and understanding these would certainly be useful.
還有一件事:我們已經確定了江蘇高速公路的兩個警示標誌(至少一個是重要的),瞭解這些標誌肯定會很有用。
While Jiangsu Expressway isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然江蘇高速公路並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。
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.
對這篇文章有什麼反饋嗎?擔心內容嗎?保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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