Zheneng Jinjiang Environment Holding's (SGX:BWM) Returns On Capital Not Reflecting Well On The Business
Zheneng Jinjiang Environment Holding's (SGX:BWM) Returns On Capital Not Reflecting Well On The Business
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Zheneng Jinjiang Environment Holding (SGX:BWM), it didn't seem to tick all of these boxes.
要找到一個多倍收益的股票，我們應該從業務中尋找哪些基本趨勢呢？首先，我們需要看到已有的資本使用證明。簡而言之，這些類型的企業是複合機器，意味着他們在不斷地以越來越高的回報率再投資他們的收益。考慮到這一點，好時（NYSE:HSY）的ROCE現在看起來很有吸引力，讓我們看看收益的趨勢能告訴我們什麼。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）所有板塊都要遵循以下規則才能產生輸出： - 翻譯必須是完整的簡體中文句子，而不是逐字翻譯。 - 如果您對特定詞彙或短語的翻譯不確定，請使用最接近的近似。 - 注意簡體中文的語法習慣。 - 請記住只提供原始文本的翻譯內容。 - 確保文本中的所有內容都被完全翻譯，不要遺漏任何內容。 - 即使文本中有重複的部分，也要根據其原始內容進行翻譯，不要省略任何內容。 - 必須保留文本的原始格式，包括換行符、html標籤和其他格式。 - 文本中的換行符必須保留。 - 如果文本中有粵語，請將其全部翻譯爲簡體中文。 - 文本中這些單詞需要按照我的要求進行翻譯： 所有板塊應翻譯爲所有板塊 Energy應翻譯爲能源化工 can應翻譯爲can Zheneng Jinjiang應翻譯爲浙能錦江環境控股 All應翻譯爲所有板塊 SGX應翻譯爲新加坡交易所 revenue應翻譯爲營業收入 aware應翻譯爲艾衛公司 industry應翻譯爲行業板塊 business應翻譯爲業務 can應翻譯爲can
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Zheneng Jinjiang Environment Holding:
對於那些不確定ROCE是什麼的人，它衡量的是公司從其業務的資本獲得的稅前利潤的數量。分析師使用這個公式來計算Zheneng Jinjiang Environment Holding的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.062 = CN¥971m ÷ (CN¥22b - CN¥5.7b) (Based on the trailing twelve months to June 2023).
0.062 = CN¥971m ÷ （CN¥22b - CN¥5.7b）(基於截至2023年6月的過去十二個月).
So, Zheneng Jinjiang Environment Holding has an ROCE of 6.2%. On its own, that's a low figure but it's around the 6.9% average generated by the Renewable Energy industry.
因此，Zheneng Jinjiang Environment Holding的ROCE爲6.2%。就單獨而言，這是個較低的數字，但它接近可再生能源行業所產生的6.9%的平均值。
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 Zheneng Jinjiang Environment Holding's past further, check out this free graph covering Zheneng Jinjiang Environment Holding's past earnings, revenue and cash flow.
儘管過去不代表未來，但了解一家公司的歷史表現可能是有幫助的，這就是爲什麼我們有以上的這個圖表。如果你有興趣進一步調查Zheneng Jinjiang Environment Holding的過去，可以查看這個免費圖表，涵蓋了Zheneng Jinjiang Environment Holding過去的收入、營業收入和現金流。
What Can We Tell From Zheneng Jinjiang Environment Holding's ROCE Trend?
從Zheneng Jinjiang Environment Holding的ROCE趨勢中我們能得出什麼結論？
In terms of Zheneng Jinjiang Environment Holding's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 8.2%, but since then they've fallen to 6.2%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.
就Zheneng Jinjiang Environment Holding的歷史ROCE變化而言，趨勢不太好。大約五年前，資本回報率爲8.2%，但此後下降到6.2%。與此同時，企業正在利用更多的資本，但在過去的12個月中這並沒有對銷售業績產生太大的影響，因此這可能反映了更長期的投資。值得關注的是，從這裏開始關注公司的收益情況，看看這些投資是否最終會對底線產生貢獻。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
To conclude, we've found that Zheneng Jinjiang Environment Holding is reinvesting in the business, but returns have been falling. Since the stock has declined 59% over the last five years, investors may not be too optimistic on this trend improving either. 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.
總之，我們發現浙能錦江環境控股正在爲業務進行再投資，但回報率一直在下降。由於該股在過去五年中下跌了59%，投資者對這一趨勢的改善可能不太樂觀。總的來說，內在的趨勢並不符合多重盈利者的典型特徵，所以如果你想要一家這樣的公司，我們認爲你在其他地方可能會更幸運。
On a final note, we found 4 warning signs for Zheneng Jinjiang Environment Holding (3 are potentially serious) you should be aware of.
最後一點，我們發現浙能錦江環境控股有4個警示信號（其中3個是潛在的嚴重問題），你應該注意。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。