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Here's What's Concerning About Shangri-La Asia's (HKG:69) Returns On Capital

Here's What's Concerning About Shangri-La Asia's (HKG:69) Returns On Capital

以下是香格里拉亞洲 (HKG: 69) 資本回報率令人擔憂的地方
Simply Wall St ·  02/28 21:32

What financial metrics can indicate to us that a company is maturing or even in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. In light of that, from a first glance at Shangri-La Asia (HKG:69), we've spotted some signs that it could be struggling, so let's investigate.

哪些財務指標可以向我們表明一家公司正在走向成熟甚至衰退?通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。這樣的趨勢最終意味着該企業正在減少投資,同時也減少了其投資的收益。有鑑於此,乍一看香格里拉亞洲香格里拉(HKG: 69),我們發現了一些可能陷入困境的跡象,所以讓我們來調查一下。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(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 Shangri-La Asia:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用以下公式來計算亞洲香格里拉大酒店:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.0098 = US$108m ÷ (US$12b - US$1.4b) (Based on the trailing twelve months to June 2023).

0.0098 = 1.08億美元 ÷(120億美元-14億美元) (基於截至 2023 年 6 月的過去十二個月)

So, Shangri-La Asia has an ROCE of 1.0%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 3.6%.

因此,亞洲香格里拉的投資回報率爲1.0%。歸根結底,這是一個低迴報,其表現低於酒店業3.6%的平均水平。

roce
SEHK:69 Return on Capital Employed February 29th 2024
SEHK: 69 2024年2月29日動用資本回報率

In the above chart we have measured Shangri-La Asia's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shangri-La Asia .

在上圖中,我們將香格里拉亞洲香格里拉先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您想了解分析師對未來的預測,可以查看我們的免費亞洲香格里拉分析師報告。

What Can We Tell From Shangri-La Asia's ROCE Trend?

我們可以從香格里拉亞洲的投資回報率趨勢中得出什麼?

We are a bit worried about the trend of returns on capital at Shangri-La Asia. To be more specific, the ROCE was 2.1% five years ago, but since then it has dropped noticeably. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Shangri-La Asia becoming one if things continue as they have.

我們對香格里拉亞洲的資本回報率趨勢有些擔憂。更具體地說,五年前的投資回報率爲2.1%,但此後已明顯下降。同時,在此期間,該業務使用的資本基本保持不變。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。因此,由於這些趨勢通常不利於打造多袋機,因此,如果一切照原樣下去,我們就不會屏住呼吸希望香格里拉亞洲成爲一家。

The Bottom Line On Shangri-La Asia's ROCE

亞洲香格里拉集團投資回報率的底線

All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Long term shareholders who've owned the stock over the last five years have experienced a 54% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

總而言之,使用相同數量的資本所產生的較低迴報並不完全是複利機器的跡象。在過去五年中持有該股的長期股東的投資貶值了54%,因此看來市場可能也不喜歡這些趨勢。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Shangri-La Asia (of which 1 is concerning!) that you should know about.

由於幾乎每家公司都面臨一些風險,因此值得了解它們是什麼,我們已經發現了香格里拉亞洲的兩個警告信號(其中一個令人擔憂!)你應該知道的。

While Shangri-La Asia may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

儘管香格里拉亞洲目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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