Scholar Education Group (HKG:1769) Is Reinvesting At Lower Rates Of Return
Scholar Education Group (HKG:1769) Is Reinvesting At Lower Rates Of Return
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Scholar Education Group (HKG:1769) and its ROCE trend, we weren't exactly thrilled.
你知道有一些财务指标可以为潜在的多袋装袋者提供线索吗？首先，我们希望看到经过验证的 返回 关于正在增加的资本使用率（ROCE），其次是扩大 基础 的已动用资本。如果你看到这一点，那通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。有鉴于此，当我们查看学者教育集团（HKG: 1769）及其投资回报率趋势时，我们并不感到非常兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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 Scholar Education Group:
如果您不确定，可以澄清一下，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。分析师使用以下公式为学者教育集团计算得出：
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）
0.12 = CN¥58m ÷ (CN¥735m - CN¥229m) (Based on the trailing twelve months to June 2023).
0.12 = CN¥58m ≤（CN¥735m-2.29亿元人民币） （基于截至 2023 年 6 月的过去十二个月）。
Therefore, Scholar Education Group has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Consumer Services industry average of 10%.
因此，学者教育集团的投资回报率为12％。从绝对值来看，这是一个相当正常的回报，与消费者服务行业10％的平均水平略有接近。
View our latest analysis for Scholar Education Group
查看我们对学者教育集团的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Scholar Education Group's ROCE against it's prior returns. If you'd like to look at how Scholar Education Group has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究股票时，历史表现是一个不错的起点，因此在上方你可以看到学者教育集团的投资回报率与先前回报率的衡量标准。如果您想查看Scholar Education Group过去在其他指标中的表现，可以查看这张免费的过去收益、收入和现金流图表。
What Does the ROCE Trend For Scholar Education Group Tell Us?
学者教育集团ROCE趋势告诉我们什么？
On the surface, the trend of ROCE at Scholar Education Group doesn't inspire confidence. Around five years ago the returns on capital were 54%, but since then they've fallen to 12%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
从表面上看，学者教育集团的投资回报率趋势并不能激发信心。大约五年前，资本回报率为54％，但此后已降至12％。另一方面，去年，该公司一直在使用更多资金，但销售额没有相应改善，这可能表明这些投资是长期投资。值得关注该公司的收益，看看这些投资最终能否为利润做出贡献。
On a side note, Scholar Education Group has done well to pay down its current liabilities to 31% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一句，学者教育集团在将其流动负债偿还至总资产的31％方面做得很好。因此，我们可以将其中一些与投资回报率的下降联系起来。更重要的是，这可以降低企业风险的某些方面，因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为更多的业务提供资金，你可能会争辩说，这降低了企业创造投资回报的效率。
Our Take On Scholar Education Group's ROCE
我们对学者教育集团的看法 ROCE
To conclude, we've found that Scholar Education Group is reinvesting in the business, but returns have been falling. And investors may be expecting the fundamentals to get a lot worse because the stock has crashed 87% over the last three years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之，我们发现Scholar Education Group正在对该业务进行再投资，但回报一直在下降。投资者可能预计基本面会变得更糟，因为该股在过去三年中暴跌了87％。总的来说，我们并没有受到潜在趋势的启发，我们认为在其他地方找到多功能机型的可能性可能更大。
Scholar Education Group does have some risks, we noticed 3 warning signs (and 2 which shouldn't be ignored) we think you should know about.
Scholar Education Group确实存在一些风险，我们注意到我们认为你应该知道的3个警告信号（还有2个不容忽视）。
While Scholar Education Group 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.
尽管Scholar Education Group目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这份免费清单。
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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。