<p>在投資的世界裏，找到一家能夠持續增長資本回報率的公司就像發現了一筆隱藏的財富。SUTL 企業（SGX:BHU）就是這樣一顆寶石，以其在資本使用回報率（ROCE）方面的出色表現吸引了投資者的目光。讓我們深入瞭解一下，看看為什麼這家公司值得關注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a758103bd020001.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a758103bd020001.png"/></p>
<p>理解 ROCE</p>
<p>在我們深入探討 SUTL 企業的表現之前，先來了解一下 ROCE 是什麼。ROCE 衡量的是公司從其投入的資本中產生的 “回報”（税前利潤）。其計算公式為：</p>
<p>\[ \text{ROCE} = \frac{\text{息税前利潤（EBIT）}}{\text{總資產 - 流動負債}} \]</p>
<p>對於 SUTL 企業來説，截至 2024 年 12 月的過去十二個月的 ROCE 為 7.7%。單看這個數字可能顯得較低，但與酒店行業的行業平均水平 3.1% 相比，顯然 SUTL 企業做得相當不錯。</p>
<p>增長故事</p>
<p>在過去五年中，SUTL 企業的 ROCE 增長了驚人的 190%。考慮到公司在此期間並沒有顯著增加資本基礎，這一增長顯得尤為令人印象深刻。這表明公司在利用現有資本產生回報方面變得更加高效。</p>
<p>推動增長的關鍵因素</p>
<p>1. 運營效率：SUTL 企業提高了運營效率，使其能夠在不需要額外投資的情況下產生更高的回報。這從公司在過去 12 個月中保持 530 萬新元的正自由現金流中可以看出，儘管資本支出為 149 萬新元。</p>
<p>2. 利潤率：公司的營業收入增加，推動了 ROCE 的提升。例如，截至 2024 年 12 月的過去十二個月，營業收入為 810 萬新元，這在總資產減去流動負債（1.25 億新元 - 2000 萬新元 = 1.05 億新元）中佔據了相當大的比例。</p>
<p>3. 有效的資本配置：SUTL 企業能夠有效地將其收益再投資於業務，從而實現更高的回報。這從公司在過去 12 個月中保持 530 萬新元的正自由現金流中可以看出，儘管資本支出為 149 萬新元。</p>
<p>增長的可持續性</p>
<p>雖然過去的表現令人印象深刻，但增長的可持續性才是投資者應關注的重點。多個因素影響 SUTL 企業增長的可持續性：</p>
<p>1. 持續改進：公司對運營效率持續改進的關注將對維持其 ROCE 至關重要。這需要不斷的創新和適應市場變化。</p>
<p>2. 利潤率：公司維持利潤率的能力將至關重要。這取決於定價能力、成本控制和市場需求等因素。</p>
<p>3. 有效的資本配置：SUTL 企業需要繼續做出明智的投資決策，以確保其資本得到有效利用。這包括投資於那些產生高於資本成本的項目。</p>
<p>4. 市場條件：經濟狀況、監管環境和競爭等外部因素也會影響這些因素的可持續性。例如，酒店行業的低迷可能會對 SUTL 企業的 ROCE 產生負面影響。</p>
<p>結論</p>
<p>SUTL 企業在過去五年中令人印象深刻的 ROCE 增長使其成為一個引人注目的投資機會。公司對運營效率、利潤率和有效資本配置的關注推動了其業績。雖然這種增長的可持續性取決於多個因素，但公司的業績記錄和戰略舉措表明，它在繼續增長資本回報方面處於良好位置。</p>
<p>作為投資者，保持信息靈通並在做出任何投資決策之前進行徹底的盡職調查至關重要。SUTL 企業的表現證明了複利回報的力量，這是一家值得關注的公司。</p>

SUTL企業

<p>SUTL 企業 (SGX:BHU) 在資本回報率 (ROCE) 方面表現出色，2024 年 12 月的過去十二個月 ROCE 達到了 7.7%，顯著高於行業平均水平的 3.1%。該公司在過去五年中 ROCE 增長了驚人的 190%，這得益於運營效率的提升、利潤率的增加以及有效的資本配置。儘管過去的表現強勁，但可持續性依賴於持續改進、保持利潤率、明智的投資決策以及外部市場條件。總體而言，SUTL 企業提供了一個引人注目的投資機會</p>

<p>In the world of investing, finding a company that can consistently grow its returns on capital is like discovering a hidden treasure. SUTL Enterprise (SGX:BHU) is one such gem that has caught the eye of investors with its impressive performance in Return on Capital Employed (ROCE). Let's dive into the details and see why this company is worth your attention.</p>
<div class="lb-trans"><p>在投資的世界裏，找到一家能夠持續增長資本回報率的公司就像發現了一筆隱藏的財富。SUTL 企業（SGX:BHU）就是這樣一顆寶石，以其在資本使用回報率（ROCE）方面的出色表現吸引了投資者的目光。讓我們深入瞭解一下，看看為什麼這家公司值得關注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a758103bd020001.png" alt="" original-src="https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a758103bd020001.png"/></p>
<p>Understanding ROCE</p>
<div class="lb-trans"><p>理解 ROCE</p>
</div><p>Before we delve into SUTL Enterprise's performance, let's understand what ROCE is. ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation is:</p>
<div class="lb-trans"><p>在我們深入探討 SUTL 企業的表現之前，先來了解一下 ROCE 是什麼。ROCE 衡量的是公司從其投入的資本中產生的 “回報”（税前利潤）。其計算公式為：</p>
</div><p>\[ \text{ROCE} = \frac{\text{Earnings Before Interest and Tax (EBIT)}}{\text{Total Assets - Current Liabilities}} \]</p>
<div class="lb-trans"><p>\[ \text{ROCE} = \frac{\text{息税前利潤（EBIT）}}{\text{總資產 - 流動負債}} \]</p>
</div><p>For SUTL Enterprise, the ROCE for the trailing twelve months to December 2024 is 7.7%. This might seem low on its own, but when compared to the industry average of 3.1% for the Hospitality sector, it's clear that SUTL Enterprise is doing something right.</p>
<div class="lb-trans"><p>對於 SUTL 企業來説，截至 2024 年 12 月的過去十二個月的 ROCE 為 7.7%。單看這個數字可能顯得較低，但與酒店行業的行業平均水平 3.1% 相比，顯然 SUTL 企業做得相當不錯。</p>
</div><p>The Growth Story</p>
<div class="lb-trans"><p>增長故事</p>
</div><p>SUTL Enterprise has shown a remarkable 190% growth in its ROCE over the past five years. This growth is even more impressive when you consider that the company has managed to achieve this without significantly increasing its capital base. This indicates that the company has become more efficient in generating returns from its existing capital.</p>
<div class="lb-trans"><p>在過去五年中，SUTL 企業的 ROCE 增長了驚人的 190%。考慮到公司在此期間並沒有顯著增加資本基礎，這一增長顯得尤為令人印象深刻。這表明公司在利用現有資本產生回報方面變得更加高效。</p>
</div><p>Key Factors Driving Growth</p>
<div class="lb-trans"><p>推動增長的關鍵因素</p>
</div><p>1. Operational Efficiency: SUTL Enterprise has improved its operational efficiency, allowing it to generate higher returns without needing to make additional investments. This is evident from the company's ability to maintain a positive free cash flow of S$5.34 million in the last 12 months, despite capital expenditures of S$1.49 million.</p>
<div class="lb-trans"><p>1. 運營效率：SUTL 企業提高了運營效率，使其能夠在不需要額外投資的情況下產生更高的回報。這從公司在過去 12 個月中保持 530 萬新元的正自由現金流中可以看出，儘管資本支出為 149 萬新元。</p>
</div><p>2. Profit Margins: The company's operating income has increased, contributing to a higher ROCE. For example, the operating income for the trailing twelve months to December 2024 was S$8.1 million, which is a significant portion of the total assets minus current liabilities (S$125 million - S$20 million = S$105 million).</p>
<div class="lb-trans"><p>2. 利潤率：公司的營業收入增加，推動了 ROCE 的提升。例如，截至 2024 年 12 月的過去十二個月，營業收入為 810 萬新元，這在總資產減去流動負債（1.25 億新元 - 2000 萬新元 = 1.05 億新元）中佔據了相當大的比例。</p>
</div><p>3. Effective Capital Allocation: SUTL Enterprise has been able to reinvest its earnings back into the business effectively, leading to higher returns. This is evident from the company's ability to maintain a positive free cash flow of S$5.34 million in the last 12 months, despite capital expenditures of S$1.49 million.</p>
<div class="lb-trans"><p>3. 有效的資本配置：SUTL 企業能夠有效地將其收益再投資於業務，從而實現更高的回報。這從公司在過去 12 個月中保持 530 萬新元的正自由現金流中可以看出，儘管資本支出為 149 萬新元。</p>
</div><p>Sustainability of Growth</p>
<div class="lb-trans"><p>增長的可持續性</p>
</div><p>While the past performance is impressive, the sustainability of this growth is what investors should be focusing on. Several factors contribute to the sustainability of SUTL Enterprise's growth:</p>
<div class="lb-trans"><p>雖然過去的表現令人印象深刻，但增長的可持續性才是投資者應關注的重點。多個因素影響 SUTL 企業增長的可持續性：</p>
</div><p>1. Continuous Improvement: The company's focus on continuous improvement in operational efficiency will be crucial in maintaining its ROCE. This requires continuous innovation and adaptation to market changes.</p>
<div class="lb-trans"><p>1. 持續改進：公司對運營效率持續改進的關注將對維持其 ROCE 至關重要。這需要不斷的創新和適應市場變化。</p>
</div><p>2. Profit Margins: The company's ability to maintain its profit margins will be crucial. This depends on factors such as pricing power, cost control, and market demand.</p>
<div class="lb-trans"><p>2. 利潤率：公司維持利潤率的能力將至關重要。這取決於定價能力、成本控制和市場需求等因素。</p>
</div><p>3. Effective Capital Allocation: SUTL Enterprise needs to continue making smart investment decisions to ensure that its capital is used effectively. This includes investing in projects that generate returns higher than the cost of capital.</p>
<div class="lb-trans"><p>3. 有效的資本配置：SUTL 企業需要繼續做出明智的投資決策，以確保其資本得到有效利用。這包括投資於那些產生高於資本成本的項目。</p>
</div><p>4. Market Conditions: External factors such as economic conditions, regulatory environment, and competition can also impact the sustainability of these factors. For instance, a downturn in the hospitality industry could negatively affect SUTL Enterprise's ROCE.</p>
<div class="lb-trans"><p>4. 市場條件：經濟狀況、監管環境和競爭等外部因素也會影響這些因素的可持續性。例如，酒店行業的低迷可能會對 SUTL 企業的 ROCE 產生負面影響。</p>
</div><p>Conclusion</p>
<div class="lb-trans"><p>結論</p>
</div><p>SUTL Enterprise's impressive ROCE growth over the past five years makes it a compelling investment opportunity. The company's focus on operational efficiency, profit margins, and effective capital allocation has driven its performance. While the sustainability of this growth depends on several factors, the company's track record and strategic initiatives suggest that it is well-positioned to continue growing its returns on capital.</p>
<div class="lb-trans"><p>SUTL 企業在過去五年中令人印象深刻的 ROCE 增長使其成為一個引人注目的投資機會。公司對運營效率、利潤率和有效資本配置的關注推動了其業績。雖然這種增長的可持續性取決於多個因素，但公司的業績記錄和戰略舉措表明，它在繼續增長資本回報方面處於良好位置。</p>
</div><p>As an investor, it's crucial to stay informed and conduct thorough due diligence before making any investment decisions. SUTL Enterprise's performance is a testament to the power of compounding returns, and it's a company worth keeping an eye on.</p>
<div class="lb-trans"><p>作為投資者，保持信息靈通並在做出任何投資決策之前進行徹底的盡職調查至關重要。SUTL 企業的表現證明了複利回報的力量，這是一家值得關注的公司。</p>
</div>

SUTL 企業：一個複利增長的機器