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Capital Allocation Trends At Hefei Department Store GroupLtd (SZSE:000417) Aren't Ideal

Capital Allocation Trends At Hefei Department Store GroupLtd (SZSE:000417) Aren't Ideal

合肥百貨集團有限公司(深圳證券交易所代碼:000417)的資本配置趨勢並不理想
Simply Wall St ·  02/02 00:54

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Hefei Department Store GroupLtd (SZSE:000417) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,在簡要地看了這些數字之後,我們認爲合肥百貨集團有限公司(SZSE: 000417)未來不具備多袋裝貨商的實力,但讓我們來看看爲什麼會這樣。

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

資本使用回報率(ROCE):這是什麼?

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 Hefei Department Store GroupLtd:

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計算合肥百貨集團有限公司的利潤:

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)

0.029 = CN¥213m ÷ (CN¥14b - CN¥6.3b) (Based on the trailing twelve months to September 2023).

0.029 = 2.13億元人民幣 ÷(14億元人民幣-63億元人民幣) (基於截至2023年9月的過去十二個月)

So, Hefei Department Store GroupLtd has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Multiline Retail industry average of 5.3%.

因此,合肥百貨集團有限公司的投資回報率爲2.9%。歸根結底,這是一個低迴報,其表現低於多線零售行業5.3%的平均水平。

roce
SZSE:000417 Return on Capital Employed February 2nd 2024
SZSE: 000417 2024 年 2 月 2 日動用資本回報率

Above you can see how the current ROCE for Hefei Department Store GroupLtd 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 report on analyst forecasts for the company.

上面你可以看到合肥百貨集團有限公司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,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。

So How Is Hefei Department Store GroupLtd's ROCE Trending?

那麼合肥百貨集團有限公司的ROCE走勢如何?

On the surface, the trend of ROCE at Hefei Department Store GroupLtd doesn't inspire confidence. Around five years ago the returns on capital were 5.8%, but since then they've fallen to 2.9%. 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.

從表面上看,合肥百貨集團有限公司的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲5.8%,但此後已降至2.9%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。

On a separate but related note, it's important to know that Hefei Department Store GroupLtd has a current liabilities to total assets ratio of 46%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.

另一方面,重要的是要知道合肥百貨集團有限公司的流動負債與總資產的比率爲46%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。理想情況下,我們希望看到這種情況減少,因爲這將意味着減少承擔風險的債務。

The Bottom Line

底線

In summary, Hefei Department Store GroupLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly, the stock has only gained 11% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

總而言之,合肥百貨集團有限公司正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。毫不奇怪,該股在過去五年中僅上漲了11%,這可能表明投資者正在考慮未來的情況。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。

If you'd like to know more about Hefei Department Store GroupLtd, we've spotted 3 warning signs, and 1 of them is potentially serious.

如果您想進一步了解合肥百貨集團有限公司,我們已經發現了3個警告標誌,其中一個可能很嚴重。

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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