Capital Allocation Trends At KTK Group (SHSE:603680) Aren't Ideal
Capital Allocation Trends At KTK Group (SHSE:603680) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at KTK Group (SHSE:603680) and its ROCE trend, we weren't exactly thrilled.
找到一家具有大幅增长潜力的企业并非易事,但如果我们看看几个关键的财务指标,这是可能的。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。有鉴于此,当我们看到KTK集团(上海证券交易所:603680)和它的ROCE趋势,我们并不是很兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for KTK Group, this is the formula:
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。要计算KTK Group的此指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.024 = CN¥128m ÷ (CN¥9.1b - CN¥3.7b) (Based on the trailing twelve months to March 2023).
0.024=人民币1.28亿元?(人民币91亿元-人民币37亿元)(根据截至2023年3月的往绩12个月计算)。
So, KTK Group has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.
所以,KTK集团的净资产收益率为2.4%。按绝对值计算,这是一个较低的回报率,也低于机械行业6.1%的平均水平。
Check out our latest analysis for KTK Group
查看我们对KTK集团的最新分析
![roce](https://usnewsfile.moomoo.com/pic/0-87a0e98041ab2c414a76d69ac94de3a1-0-bdb2b60471c1cad0ab93ed20a4904fb7.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for KTK Group's ROCE against it's prior returns. If you'd like to look at how KTK Group has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
当研究一只股票时,历史表现是一个很好的起点,因此在上面你可以看到KTK集团相对于其先前回报的ROCE的衡量标准。如果你想看看KTK Group过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
What Can We Tell From KTK Group's ROCE Trend?
我们能从KTK集团的ROCE趋势中看出什么?
On the surface, the trend of ROCE at KTK Group doesn't inspire confidence. To be more specific, ROCE has fallen from 15% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
从表面上看,KTK集团的ROCE趋势并没有激发信心。更具体地说,ROCE在过去五年中从15%下降。另一方面,该公司一直在使用更多的资本,但去年的销售额没有相应的改善,这可能表明这些投资是更长期的投资。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
Another thing to note, KTK Group has a high ratio of current liabilities to total assets of 41%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一点值得注意的是,KTK集团的流动负债与总资产之比很高,为41%。这可能会带来一些风险,因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
The Bottom Line
底线
To conclude, we've found that KTK Group is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 37% in the last five years. Therefore based on the analysis done in this article, we don't think KTK Group has the makings of a multi-bagger.
总而言之,我们发现KTK集团正在对该业务进行再投资,但回报一直在下降。投资者似乎对趋势是否会回升犹豫不决,因为该股在过去五年里下跌了37%。因此,根据本文的分析,我们认为KTK集团不具备多管齐下的条件。
If you'd like to know more about KTK Group, we've spotted 3 warning signs, and 1 of them is a bit unpleasant.
如果你想了解更多关于KTK集团的信息,我们已经发现3个警示标志,其中1个有点令人不快。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。