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Guangzhou Baiyun International Airport (SHSE:600004) May Have Issues Allocating Its Capital

Guangzhou Baiyun International Airport (SHSE:600004) May Have Issues Allocating Its Capital

廣州白雲國際機場(SHSE: 600004)可能存在資金分配問題
Simply Wall St ·  05/22 18:33

If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. So after we looked into Guangzhou Baiyun International Airport (SHSE:600004), the trends above didn't look too great.

如果你看的是已經過了增長階段的成熟企業,那麼會出現哪些潛在的趨勢?衰退的企業通常有兩個潛在的趨勢,首先是下滑 返回 論資本使用率(ROCE)和下降情況 基礎 所用資本的比例。這表明該公司的投資利潤減少了,總資產也在減少。因此,在我們調查了廣州白雲國際機場(SHSE: 600004)之後,上述趨勢看起來並不太好。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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 Guangzhou Baiyun International Airport is:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。廣州白雲國際機場的計算公式爲:

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)

0.039 = CN¥789m ÷ (CN¥27b - CN¥6.3b) (Based on the trailing twelve months to March 2024).

0.039 = 7.89億元人民幣 ÷(27億元人民幣-63億元人民幣) (基於截至2024年3月的過去十二個月)

Thus, Guangzhou Baiyun International Airport has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Infrastructure industry average of 5.3%.

因此,廣州白雲國際機場的投資回報率爲3.9%。歸根結底,這是一個低迴報,其表現低於基礎設施行業5.3%的平均水平。

roce
SHSE:600004 Return on Capital Employed May 22nd 2024
SHSE: 600004 2024 年 5 月 22 日動用資本回報率

Above you can see how the current ROCE for Guangzhou Baiyun International Airport compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Guangzhou Baiyun International Airport .

上面你可以看到廣州白雲國際機場當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們的免費廣州白雲國際機場分析師報告中查看分析師的預測。

So How Is Guangzhou Baiyun International Airport's ROCE Trending?

那麼廣州白雲國際機場的投資回報率趨勢如何呢?

We are a bit worried about the trend of returns on capital at Guangzhou Baiyun International Airport. Unfortunately the returns on capital have diminished from the 7.9% 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. 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 Guangzhou Baiyun International Airport becoming one if things continue as they have.

我們對廣州白雲國際機場的資本回報率趨勢有些擔憂。不幸的是,資本回報率已從五年前的7.9%有所下降。最重要的是,值得注意的是,企業內部使用的資本量一直保持相對穩定。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創建多袋機,因此,如果情況照原樣下去,我們就不會屏住呼吸希望廣州白雲國際機場成爲一體。

The Bottom Line On Guangzhou Baiyun International Airport's ROCE

廣州白雲國際機場ROCE的底線

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 32% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.

歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。投資者對這些事態發展並不友善,因爲該股已比五年前下跌了32%。除非這些指標轉向更積極的軌跡,否則我們將把目光投向其他地方。

If you want to continue researching Guangzhou Baiyun International Airport, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果你想繼續研究廣州白雲國際機場,你可能有興趣了解我們的分析發現的1個警告信號。

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.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

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.

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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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