Returns On Capital At Sanjiang Shopping ClubLtd (SHSE:601116) Paint A Concerning Picture
Returns On Capital At Sanjiang Shopping ClubLtd (SHSE:601116) Paint A Concerning Picture
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. Having said that, from a first glance at Sanjiang Shopping ClubLtd (SHSE:601116) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想確定下一個多袋裝機，有幾個關鍵趨勢需要尋找。除其他事項外，我們希望看到兩件事情; 首先，越來越多 返回 就用資本（ROCE），其次是在公司的擴張 量 所使用的資本。簡而言之，這些類型的企業正在複合機器，這意味著他們不斷以更高的回報率再投資收益。話雖如此，從第一眼看 三江購物會 （SHSEE：601116）我們不是因為回報趨勢而跳出椅子，但讓我們更深入地了解。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率（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. Analysts use this formula to calculate it for Sanjiang Shopping ClubLtd:
只是為了澄清您是否不確定，ROCE 是評估公司從投資於其業務的資本中賺取多少稅前收入（以百分比計算）的指標。分析師使用這個公式來計算三江購物會 TD：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.017 = CN¥57m ÷ (CN¥5.0b - CN¥1.6b) (Based on the trailing twelve months to September 2022).
0.017 = 人民幣 57 百萬元 ÷（離岸幣 5 億元兌人民幣 1.6 億元） (以截至 2022 年 9 月為止的最近十二個月計算)。
Thus, Sanjiang Shopping ClubLtd has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Consumer Retailing industry average of 9.3%.
因此， 三江購物會所的投資總額為 1.7%。 最終，這是一個低回報，它的表現低於消費零售行業的平均 9.3％。
Check out our latest analysis for Sanjiang Shopping ClubLtd
查看我們的三江購物會最新分析
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Sanjiang Shopping ClubLtd's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去並不代表未來，但了解公司在歷史上的表現可能會有所幫助，這就是為什麼我們在上面有這張圖表的原因。如果您有興趣進一步調查三江購物會的過去，請查看此處 自由 過去的收入，收入和現金流的圖表。
How Are Returns Trending?
回報趨勢如何？
On the surface, the trend of ROCE at Sanjiang Shopping ClubLtd doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.7% from 8.2% five years ago. However it looks like Sanjiang Shopping ClubLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.
表面上看，三江購物會 ROCE 的趨勢並不能激發信心。過去五年，資本回報率由五年前的 8.2% 下降至 1.7%。然而，看起來三江購物會 TD 可能正在重新投資以實現長期增長，因為儘管資本已經增加，但在過去 12 個月中，該公司的銷售額並沒有太大變化。值得關注公司從這裡開始的收益，看看這些投資是否確實最終導致了底線。
The Bottom Line
底線
Bringing it all together, while we're somewhat encouraged by Sanjiang Shopping ClubLtd's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 43% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
將所有這些結合在一起，雖然三江購物會對自己業務的再投資感到有些鼓舞，但我們知道回報正在減少。投資者似乎猶豫不決，趨勢將回升，因為股票在過去五年中下跌了 43％。總而言之，固有的趨勢並不是多重裝袋的典型趨勢，因此，如果這是您所追求的，我們認為您在其他地方可能會有更多的運氣。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Sanjiang Shopping ClubLtd (of which 1 is a bit unpleasant!) 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 三江購物會的 2 個警告標誌 TD （其中 1 有點不愉快！）你應該知道的。
While Sanjiang Shopping ClubLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然三江購物會 TD 沒有獲得最高回報，但看看這個 自由 正在與穩固的資產負債表賺取高回報的公司名單。
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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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這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法，根據歷史數據和分析師預測提供評論，我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議，也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
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