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ComfortDelGro (SGX:C52) Is Finding It Tricky To Allocate Its Capital

ComfortDelGro (SGX:C52) Is Finding It Tricky To Allocate Its Capital

ComfortDelGro(新加坡證券交易所股票代碼:C52)發現分配資本很棘手
Simply Wall St ·  05/21 15:16

When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. So after we looked into ComfortDelGro (SGX:C52), the trends above didn't look too great.

在投資方面,有一些有用的財務指標可以在企業可能遇到麻煩時向我們發出警告。通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。歸根結底,這意味着該公司每投資1美元的收入減少了,最重要的是,它正在縮小其使用的資本基礎。因此,在我們調查了ComfortDelGro(新加坡證券交易所股票代碼:C52)之後,上述趨勢看起來並不太好。

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 ComfortDelGro, 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 ComfortDelGro 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)

0.074 = S$266m ÷ (S$4.7b - S$1.1b) (Based on the trailing twelve months to December 2023).

0.074 = 2.66億新元 ÷(47億新元-11億新元) (基於截至2023年12月的過去十二個月)

Therefore, ComfortDelGro has an ROCE of 7.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.6%.

因此,ComfortDelGro的投資回報率爲7.4%。這本身就是很低的資本回報率,但與該行業6.6%的平均回報率一致。

roce
SGX:C52 Return on Capital Employed May 21st 2024
新加坡證券交易所:C52 2024 年 5 月 21 日動用資本回報率

In the above chart we have measured ComfortDelGro's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering ComfortDelGro for free.

在上圖中,我們將ComfortDelGro先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你願意,你可以免費查看報道ComfortdelGro的分析師的預測。

What Does the ROCE Trend For ComfortDelGro Tell Us?

ComfortDelgro 的投資回報率趨勢告訴我們什麼?

In terms of ComfortDelGro's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 11% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect ComfortDelGro to turn into a multi-bagger.

就ComfortDelGro的歷史ROCE運動而言,這種趨勢並不能激發信心。不幸的是,資本回報率已從五年前的11%有所下降。在資本使用方面,該企業使用的資本量與當時大致相同。這種組合可能表明一家成熟的企業仍有資金部署的領域,但由於新的競爭或利潤率降低,獲得的回報並不那麼高。如果這些趨勢繼續下去,我們預計ComfortDelGro不會變成多袋機。

What We Can Learn From ComfortDelGro's ROCE

我們可以從 ComfortDelGro 的 ROCE 中學到什麼

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 31% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。因此,該股在過去五年中下跌了31%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

On a final note, we've found 1 warning sign for ComfortDelGro that we think you should be aware of.

最後,我們發現了ComfortDelGro的1個警告信號,我們認爲你應該注意這個信號。

While ComfortDelGro may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

儘管ComfortDelGro目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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