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Here's What To Make Of Kunlun Energy's (HKG:135) Decelerating Rates Of Return

Here's What To Make Of Kunlun Energy's (HKG:135) Decelerating Rates Of Return

以下是對崑崙能源(HKG: 135)減速回報率的看法
Simply Wall St ·  05/22 20:13

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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Kunlun Energy (HKG:135) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 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。話雖如此,乍一看崑崙能源(HKG: 135),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. To calculate this metric for Kunlun Energy, this is the formula:

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。要計算崑崙能源的這個指標,公式如下:

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)

0.11 = CN¥12b ÷ (CN¥144b - CN¥35b) (Based on the trailing twelve months to December 2023).

0.11 = 12億元人民幣 ÷(144億元人民幣-35億元人民幣) (基於截至2023年12月的過去十二個月)

So, Kunlun Energy has an ROCE of 11%. In absolute terms, that's a satisfactory return, but compared to the Gas Utilities industry average of 8.4% it's much better.

因此,崑崙能源的投資回報率爲11%。從絕對值來看,這是一個令人滿意的回報,但與天然氣公用事業行業平均水平的8.4%相比,回報要好得多。

roce
SEHK:135 Return on Capital Employed May 23rd 2024
SEHK: 135 2024 年 5 月 23 日動用資本回報率

Above you can see how the current ROCE for Kunlun Energy compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Kunlun Energy for free.

在上面你可以看到崑崙能源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。如果你願意,你可以免費查看報道崑崙能源的分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

Things have been pretty stable at Kunlun Energy, with its capital employed and returns on that capital staying somewhat the same for the last five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Kunlun Energy in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. With fewer investment opportunities, it makes sense that Kunlun Energy has been paying out a decent 47% of its earnings to shareholders. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.

崑崙能源的情況一直相當穩定,在過去五年中,其資本使用率和資本回報率基本保持不變。這告訴我們該公司沒有對自己進行再投資,因此它已經過了增長階段是合理的。因此,除非我們看到崑崙能源在投資回報率方面發生重大變化並進行額外投資,否則我們不會屏住呼吸成爲一家多袋公司。由於投資機會較少,崑崙能源向股東支付了可觀的47%的收益是有道理的。除非企業有極具吸引力的增長機會,否則他們通常會向股東返還一些錢。

The Bottom Line On Kunlun Energy's ROCE

崑崙能源投資回報率的底線

We can conclude that in regards to Kunlun Energy's returns on capital employed and the trends, there isn't much change to report on. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 102% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.

我們可以得出結論,就崑崙能源的已動用資本回報率和趨勢而言,沒有太大變化可報告。投資者一定認爲會有更好的事情發生,因爲該股已經脫穎而出,爲在過去五年中持股的股東帶來了102%的收益。但是,如果這些潛在趨勢的發展軌跡繼續下去,我們認爲從現在起它成爲多股勢力的可能性並不高。

On a separate note, we've found 1 warning sign for Kunlun Energy you'll probably want to know about.

另一方面,我們發現了你可能想知道的崑崙能源的1個警告信號。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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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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