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Great Wall Motor (HKG:2333) May Have Issues Allocating Its Capital
Great Wall Motor (HKG:2333) May Have Issues Allocating Its Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Great Wall Motor (HKG:2333) 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?
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 Great Wall Motor:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.044 = CN¥4.3b ÷ (CN¥185b - CN¥87b) (Based on the trailing twelve months to September 2022).
So, Great Wall Motor has an ROCE of 4.4%. On its own that's a low return, but compared to the average of 0.2% generated by the Auto industry, it's much better.
View our latest analysis for Great Wall Motor
In the above chart we have measured Great Wall Motor's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Great Wall Motor here for free.
How Are Returns Trending?
In terms of Great Wall Motor's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.4% from 15% five years ago. However it looks like Great Wall Motor 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
On a side note, Great Wall Motor's current liabilities are still rather high at 47% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
What We Can Learn From Great Wall Motor's ROCE
Bringing it all together, while we're somewhat encouraged by Great Wall Motor'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 35% 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.
On a separate note, we've found 1 warning sign for Great Wall Motor you'll probably want to know about.
While Great Wall Motor 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.
There are a few key trends to look for if we want to identify the next multi-bagger. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Great Wall Motor (HKG:2333) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想確定下一個多袋裝機,有幾個關鍵趨勢需要尋找。一種常見的方法是嘗試找到一家公司 返回 就用資本(ROCE)正在增加,隨著增長 量 所使用的資本。這向我們表明,它是一台複合機器,能夠不斷將其收益重新投資到業務中並產生更高的回報。話雖如此,從第一眼看 长城汽车 (HKG: 2333) 我們並沒有因回報趨勢而跳出椅子,但讓我們更深入地研究一下。
Return On Capital Employed (ROCE): What Is It?
就業資本回報率(ROCE):這是什麼?
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 Great Wall Motor:
對於那些不知道的人來說,ROCE 是衡量公司年度稅前利潤(其回報率),相對於企業中使用的資本。分析師使用這個公式來計算長城電機:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.044 = CN¥4.3b ÷ (CN¥185b - CN¥87b) (Based on the trailing twelve months to September 2022).
0.044 = 人民幣 4 億元 ÷(一八八五百萬元兌人民幣 87 億元) (以截至 2022 年 9 月為止的最近十二個月計算)。
So, Great Wall Motor has an ROCE of 4.4%. On its own that's a low return, but compared to the average of 0.2% generated by the Auto industry, it's much better.
所以, 長城電機的 ROCE 為 4.4%。 就其本身而言,這是一個低回報,但與汽車行業產生的平均 0.2% 相比,它要好得多。
View our latest analysis for Great Wall Motor
查看我們對長城電機的最新分析
In the above chart we have measured Great Wall Motor's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Great Wall Motor here for free.
在上面的圖表中,我們測量了長城汽車之前的 ROCE 與其先前的表現相比,但未來可以說是更重要的。如果您願意,可以在此處查看涵蓋長城汽車的分析師的預測 免費。
How Are Returns Trending?
回報趨勢如何?
In terms of Great Wall Motor's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.4% from 15% five years ago. However it looks like Great Wall Motor 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就長城汽車的歷史 ROCE 運動而言,這種趨勢並不奇妙。在過去五年內,資本回報率由五年前的 15% 下降至 4.4%。但是,看起來長城汽車可能正在為長期增長進行再投資,因為儘管資本增加了,但在過去的 12 個月中,該公司的銷售額並沒有太大變化。值得關注公司從這裡開始的收益,看看這些投資是否確實最終導致了底線。
On a side note, Great Wall Motor's current liabilities are still rather high at 47% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
在附註中,長城汽車的流動負債仍然相當高,佔總資產的 47%。這有效地意味著供應商(或短期債權人)正在資助業務的很大一部分,因此請注意,這可能會引入一些風險元素。雖然這不一定是壞事,但如果這個比率較低,它可能會有益。
What We Can Learn From Great Wall Motor's ROCE
我們可以從長城汽車的 ROCE 中學到什麼
Bringing it all together, while we're somewhat encouraged by Great Wall Motor'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 35% 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.
將所有這些結合在一起,雖然長城汽車在自己的業務中進行再投資感到有些鼓舞,但我們意識到回報正在縮小。投資者可能會認識到這些趨勢,因為股票在過去五年中僅向股東回報了 35% 的總數。因此,如果您正在尋找多袋子,我們認為您在其他地方會有更多的運氣。
On a separate note, we've found 1 warning sign for Great Wall Motor you'll probably want to know about.
在另一個說明中,我們發現了 1 個長城電機的警告標誌 你可能會想知道的。
While Great Wall Motor isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然長城汽車沒有獲得最高回報,但看看這個 自由 正在與穩固的資產負債表賺取高回報的公司名單。
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.
對這篇文章有反饋嗎?關注內容? 取得聯繫 直接與我們聯繫。 或者,通過電子郵件發送電子郵件給編輯團隊。
這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法,根據歷史數據和分析師預測提供評論,我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議,也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意,我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
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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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