Returns At Coupang (NYSE:CPNG) Are On The Way Up
Returns At Coupang (NYSE:CPNG) Are On The Way Up
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So when we looked at Coupang (NYSE:CPNG) and its trend of ROCE, we really liked what we saw.
如果我們想找到一個潛在的多倍股，通常有一些潛在趨勢可以提供線索。一般來說，我們將要注意到投入資本回報率（ROCE）增長的趨勢，並伴隨着擴大的投入資本。基本上，這意味着一個公司擁有盈利的舉措，可以繼續投資，這是複合機器的特徵。因此，當我們看到Coupang（紐交所：CPNG）的ROCE趨勢時，我們真的很喜歡我們所看到的。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Coupang:
對於那些不確定ROCE是什麼的人，它衡量的是公司運營資金投資所能產生的稅前利潤。分析師使用這個公式來計算Coupang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 = US$464m ÷ (US$15b - US$7.4b) (Based on the trailing twelve months to March 2024).
0.062 = US $46400 million ÷（US $15 billion-US $7.4b）（基於截至2024年3月的過去十二個月）。因此，Coupang的ROCE爲6.2％。就絕對值而言，這是一種低迴報，而且也低於多元零售行業的平均水平11％。
Therefore, Coupang has an ROCE of 6.2%. In absolute terms, that's a low return and it also under-performs the Multiline Retail industry average of 11%.
因此，Coupang的ROCE爲6.2％。就絕對值而言，這是一種低迴報，而且也低於多元零售行業的平均水平11％。
Above you can see how the current ROCE for Coupang compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Coupang .
您可以看到Coupang目前的ROCE與其以前的資本回報率相比如何，但過去只能得出有限的結論。如果您想了解分析師未來的預測，您應該查看我們爲Coupang撰寫的免費分析師報告。
What Does the ROCE Trend For Coupang Tell Us?
Coupang的ROCE趨勢告訴我們什麼？
Coupang has recently broken into profitability so their prior investments seem to be paying off. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 6.2% on its capital. In addition to that, Coupang is employing 1,707% more capital than previously which is expected of a company that's trying to break into profitability. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
Coupang最近實現了盈利，因此他們以前的投資似乎正在得到回報。股東無疑會對此感到滿意，因爲該公司在5年前還虧損，但現在在其資本上產生6.2％的利潤。此外，Coupang的投入資本增長了1707％，這是試圖實現盈利的公司所期望的。這表明內部投資資本的機會很多，而且投資回報率越來越高，這是多倍股的通常特徵。
On a related note, the company's ratio of current liabilities to total assets has decreased to 50%, which basically reduces it's funding from the likes of short-term creditors or suppliers. This tells us that Coupang has grown its returns without a reliance on increasing their current liabilities, which we're very happy with. Nevertheless, there are some potential risks the company is bearing with current liabilities that high, so just keep that in mind.
在相關消息中，公司流動負債與總資產的比率降低至50％，這基本上減少了來自短期債權人或供應商的資金。這告訴我們，Coupang增加了回報率，而不依賴於增加其流動負債，我們對此非常滿意。然而，公司目前的負債水平存在一些潛在風險，所以請注意。
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。
In summary, it's great to see that Coupang has managed to break into profitability and is continuing to reinvest in its business. Given the stock has declined 49% in the last three years, this could be a good investment if the valuation and other metrics are also appealing. So researching this company further and determining whether or not these trends will continue seems justified.
總之，看到Coupang成功實現了盈利並繼續對其業務進行投資是一件好事。考慮到股票在過去三年中下跌了49％，如果估值和其他指標也吸引人，這可能是一個不錯的投資。因此，繼續研究這家公司並確定這些趨勢是否會繼續是合理的。
Like most companies, Coupang does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，Coupang也存在一些風險，我們發現了1個警告信號，您應該注意。
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。
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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。
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譯文內容由第三人軟體翻譯。