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Returns Are Gaining Momentum At Singapore Airlines (SGX:C6L)

Returns Are Gaining Momentum At Singapore Airlines (SGX:C6L)

新加坡航空(SGX: C6L)的退貨勢頭增強
Simply Wall St ·  05/21 12:11

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Speaking of which, we noticed some great changes in Singapore Airlines' (SGX:C6L) returns on capital, so let's have a look.

如果你在尋找下一款多袋裝機時不確定從哪裏開始,那麼你應該注意一些關鍵趨勢。在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。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。說到這裏,我們注意到新加坡航空(SGX: C6L)的資本回報率發生了一些重大變化,所以讓我們來看看吧。

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. Analysts use this formula to calculate it for Singapore Airlines:

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。分析師使用這個公式來計算新加坡航空的利潤:

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)

0.087 = S$2.8b ÷ (S$44b - S$13b) (Based on the trailing twelve months to March 2024).

0.087 = 28億新元 ÷(440億新元-130億新元) (基於截至2024年3月的過去十二個月)

Therefore, Singapore Airlines has an ROCE of 8.7%. In absolute terms, that's a low return but it's around the Airlines industry average of 8.4%.

因此,新加坡航空的投資回報率爲8.7%。從絕對值來看,回報率很低,但約爲航空業平均水平的8.4%。

roce
SGX:C6L Return on Capital Employed May 21st 2024
新加坡證券交易所:C6L 已動用資本回報率 2024 年 5 月 21 日

Above you can see how the current ROCE for Singapore Airlines compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Singapore Airlines for free.

上面你可以看到新加坡航空當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。如果你願意,你可以免費查看報道新加坡航空的分析師的預測。

So How Is Singapore Airlines' ROCE Trending?

那麼,新加坡航空的投資回報率趨勢如何?

Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. Over the last five years, returns on capital employed have risen substantially to 8.7%. Basically the business is earning more per dollar of capital invested and in addition to that, 37% more capital is being employed now too. So we're very much inspired by what we're seeing at Singapore Airlines thanks to its ability to profitably reinvest capital.

儘管投資回報率的絕對值仍然很低,但很高興看到它正朝着正確的方向前進。在過去五年中,已動用資本回報率大幅上升至8.7%。基本上,企業每投資1美元的資本就能獲得更多的收入,除此之外,現在使用的資本也增加了37%。因此,由於新加坡航空能夠盈利地進行資本再投資,我們在新加坡航空所看到的情況給我們帶來了極大的啓發。

In Conclusion...

總之...

To sum it up, Singapore Airlines has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the stock has only returned 15% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term.

總而言之,新加坡航空已經證明它可以對業務進行再投資,並從所使用的資本中獲得更高的回報,這太棒了。由於該股在過去五年中僅給股東帶來了15%的回報,因此前景良好的基本面可能尚未得到投資者的認可。有鑑於此,我們將進一步研究這隻股票,以防它具有更多可以使其長期成倍增長的特徵。

If you'd like to know more about Singapore Airlines, we've spotted 2 warning signs, and 1 of them doesn't sit too well with us.

如果您想進一步了解新加坡航空,我們發現了 2 個警告標誌,其中 1 個不太適合我們。

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.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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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