Mandarin Oriental International (SGX:M04) Shareholders Will Want The ROCE Trajectory To Continue
Mandarin Oriental International (SGX:M04) Shareholders Will Want The ROCE Trajectory To Continue
0.029 = US$96m ÷ (US$3.6b - US$175m) What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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 on that note, Mandarin Oriental International (SGX:M04) looks quite promising in regards to its trends of return on capital.
如果我們想要識別長期內能夠增值的股票，我們應該關注什麼趨勢？理想情況下，一個企業將表現出兩種趨勢；首先是不斷增長的資本僱傭回報率（ROCE），其次是越來越多的資本僱用。基本上，這意味着公司有盈利的計劃，可以繼續投資，這是一個複利機器的特徵。因此，新加坡文華東方國際酒店（SGX:M04）在資本回報率方面看起來相當有前途。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Mandarin Oriental International is:
如果你以前沒有接觸過ROCE，它衡量的是公司從資本僱用中產生的「回報」（稅前利潤）。在新加坡文華東方國際酒店的計算公式爲：
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。
0.029 = US$96m ÷ (US$3.6b - US$175m) (Based on the trailing twelve months to June 2024).
0.029 = 9600萬美元 ÷ （360億美元 - 1.75億美元）（截至2024年6月的過去十二個月）。
Thus, Mandarin Oriental International has an ROCE of 2.9%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 5.5%.
因此，新加坡文華東方國際酒店的ROCE爲2.9%。最終，這是一個很低的回報率，低於酒店行業的平均水平5.5%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Mandarin Oriental International's ROCE against it's prior returns. If you're interested in investigating Mandarin Oriental International's past further, check out this free graph covering Mandarin Oriental International's past earnings, revenue and cash flow.
歷史業績是研究股票的好起點，所以上方您可以看到文華東方國際( Mandarin Oriental International) 的ROCE指標與其之前的回報相比。如果您對文華東方國際的過去感興趣，可以查看這個免費圖表，涵蓋了文華東方國際的過去收益、營業收入和現金流。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The data shows that returns on capital have increased by 73% over the trailing five years. That's not bad because this tells for every dollar invested (capital employed), the company is increasing the amount earned from that dollar. Speaking of capital employed, the company is actually utilizing 32% less than it was five years ago, which can be indicative of a business that's improving its efficiency. A business that's shrinking its asset base like this isn't usually typical of a soon to be multi-bagger company.
雖然ROCE在絕對值上仍然較低，但看到它朝正確的方向發展是好的。數據顯示，過去五年，資本回報率增加了73%。這不錯，因爲它告訴我們每投資一美元（使用的資本），公司從這一美元中獲得的收益增加了。說到使用的資本，公司實際上比五年前少使用了32%，這可能表明公司正在提高效率。這樣縮小資產基礎的公司通常不是即將成爲多倍贏家的典型公司。
What We Can Learn From Mandarin Oriental International's ROCE
我們可以從文華東方國際的ROCE中了解到什麼
In summary, it's great to see that Mandarin Oriental International has been able to turn things around and earn higher returns on lower amounts of capital. Considering the stock has delivered 21% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term.
總結一下，看到文華東方國際能夠扭虧爲盈，並在較小的資本額上獲得較高回報是很好的。考慮到過去五年股票爲股東創造了21%的回報，可以認爲投資者可能還沒有完全意識到這些有前途的趨勢。鑑於此，我們將進一步研究這支股票，以了解它是否具有更多可能在長期內實現倍增的特點。
One more thing to note, we've identified 1 warning sign with Mandarin Oriental International and understanding it should be part of your investment process.
還有一件事要注意的是，我們已經發現了關於文華東方國際的一個警示信號，了解它應該成爲您投資過程的一部分。
While Mandarin Oriental International 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.
雖然文華東方國際目前可能沒有獲得最高的回報，但我們已經編制了一份目前獲得超過25%股權回報率的公司名單。請在這裏查看這個免費名單。
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