Some Investors May Be Worried About Nanjing Xinjiekou Department Store's (SHSE:600682) Returns On Capital
Some Investors May Be Worried About Nanjing Xinjiekou Department Store's (SHSE:600682) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. However, after briefly looking over the numbers, we don't think Nanjing Xinjiekou Department Store (SHSE:600682) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一隻多袋裝箱的股票，我們應該在企業中尋找哪些潛在趨勢？一種常見的方法是嘗試找一家公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 所用資本的比例。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是，在簡要地看了這些數字之後，我們認爲南京新街口百貨大樓（SHSE: 600682）未來不具備多口袋商的實力，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？
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 Nanjing Xinjiekou Department Store:
對於那些不確定ROCE是什麼的人，它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。分析師使用這個公式來計算南京新街口百貨大樓的利潤：
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）
0.038 = CN¥763m ÷ (CN¥26b - CN¥5.9b) (Based on the trailing twelve months to September 2023).
0.038 = 7.63億元人民幣 ÷（26億元人民幣-59億元人民幣） （基於截至2023年9月的過去十二個月）。
Thus, Nanjing Xinjiekou Department Store has an ROCE of 3.8%. Ultimately, that's a low return and it under-performs the Healthcare industry average of 11%.
因此，南京新街口百貨的投資回報率爲3.8％。歸根結底，這是一個低迴報，其表現低於醫療保健行業11％的平均水平。
Above you can see how the current ROCE for Nanjing Xinjiekou Department Store 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 analyst report for Nanjing Xinjiekou Department Store .
上面你可以看到南京新街口百貨目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，可以在我們的南京新街口百貨免費分析師報告中查看分析師的預測。
So How Is Nanjing Xinjiekou Department Store's ROCE Trending?
那麼南京新街口百貨的ROCE趨勢如何呢？
On the surface, the trend of ROCE at Nanjing Xinjiekou Department Store doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.8% from 20% five years ago. 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.
從表面上看，南京新街口百貨的ROCE趨勢並不能激發信心。在過去五年中，資本回報率從五年前的20％下降到3.8％。同時，該業務正在使用更多的資本，但在過去的12個月中，這並沒有對銷售產生太大影響，因此這可能反映出長期投資。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 side note, Nanjing Xinjiekou Department Store has done well to pay down its current liabilities to 23% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
順便說一句，南京新街口百貨在償還其流動負債佔總資產的23％方面表現良好。因此，我們可以將其中一些與投資回報率的下降聯繫起來。實際上，這意味着他們的供應商或短期債權人減少了對企業的融資，從而降低了某些風險因素。由於該企業基本上是用自己的資金爲其運營提供更多資金，因此您可能會爭辯說，這降低了企業產生投資回報率的效率。
What We Can Learn From Nanjing Xinjiekou Department Store's ROCE
我們可以從南京新街口百貨的ROCE中學到什麼
In summary, Nanjing Xinjiekou Department Store is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 51% 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.
總而言之，南京新街口百貨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。投資者似乎對趨勢的回升猶豫不決，因爲該股在過去五年中下跌了51％。總而言之，多裝袋機的固有趨勢並不常見，因此，如果您想要這樣做，我們認爲您在其他地方可能會有更多的運氣。
If you want to continue researching Nanjing Xinjiekou Department Store, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想繼續研究南京新街口百貨，你可能有興趣了解我們的分析發現的1個警告信號。
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。
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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。
譯文內容由第三人軟體翻譯。