JoeoneLtd (SHSE:601566) Could Be At Risk Of Shrinking As A Company
JoeoneLtd (SHSE:601566) Could Be At Risk Of Shrinking As A Company
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. So after glancing at the trends within JoeoneLtd (SHSE:601566), we weren't too hopeful.
如果我们希望避免一项正在衰落的业务,哪些趋势可以提前警告我们?通常,我们会看到这两种情况的趋势退货已使用资本(ROCE)下降,这通常与下降相一致金额已动用资本的比例。这表明,该公司没有增加股东财富,因为回报率在下降,净资产基础在缩水。因此,在浏览了内部的趋势之后JoeoneLtd(上海证券交易所:601566),我们对此不抱太大希望。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
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. The formula for this calculation on JoeoneLtd is:
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。JoeoneLtd的计算公式为:
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)
0.022 = CN¥91m ÷ (CN¥5.7b - CN¥1.6b) (Based on the trailing twelve months to March 2023).
0.022=CN元9100万?(CN元57亿元-CN元16亿元)(根据截至2023年3月的往绩12个月计算)。
So, JoeoneLtd has an ROCE of 2.2%. Ultimately, that's a low return and it under-performs the Luxury industry average of 5.6%.
所以,JoeoneLtd的净资产收益率为2.2%。归根结底,这是一个较低的回报率,表现低于奢侈品行业5.6%的平均水平。
See our latest analysis for JoeoneLtd
查看我们对JoeoneLtd.的最新分析
![roce](https://usnewsfile.moomoo.com/pic/0-12c13325f2549e20d481076416d7ac93-0-6c9c53e4b465c2ef5102ab66a2aa9345.png/big)
Above you can see how the current ROCE for JoeoneLtd 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 JoeoneLtd here for free.
上面你可以看到JoeoneLtd目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果你愿意,你可以在这里查看JoeoneLtd的分析师对免费的。
So How Is JoeoneLtd's ROCE Trending?
那么,JoeoneLtd的ROCE Trending怎么样?
In terms of JoeoneLtd's historical ROCE trend, it isn't fantastic. The company used to generate 9.6% on its capital five years ago but it has since fallen noticeably. What's equally concerning is that the amount of capital deployed in the business has shrunk by 26% over that same period. The fact that both are shrinking is an indication that the business is going through some tough times. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
就JoeoneLtd的历史ROCE趋势而言,这并不是什么了不起的事情。该公司五年前的资本回报率为9.6%,但自那以来已明显下降。同样令人担忧的是,在同一时期,该公司的资本额缩水了26%。这两家公司都在收缩,这一事实表明,该公司正在经历一段艰难时期。通常情况下,表现出这些特征的企业并不是那些倾向于长期成倍增长的企业,因为从统计学上讲,它们已经经历了生命周期的增长阶段。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 29%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 2.2%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
在这个问题上,我们注意到流动负债占总资产的比例上升到29%,这对ROCE造成了影响。如果没有这一增长,净资产收益率很可能会低于2.2%。密切关注这一比率,因为如果这一指标过高,业务可能会遇到一些新的风险。
The Bottom Line On JoeoneLtd's ROCE
JoeoneLtd ROCE的底线
In summary, it's unfortunate that JoeoneLtd is shrinking its capital base and also generating lower returns. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
总而言之,JoeoneLtd正在收缩其资本基础,产生的回报也较低,这是不幸的。而且,该股在过去五年里一直持平,因此投资者似乎也没有太大的印象。在这种情况下,除非潜在趋势恢复到更积极的轨道,否则我们会考虑将目光投向其他地方。
Like most companies, JoeoneLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多数公司一样,JoeoneLtd也有一些风险,我们发现2个警告标志这一点你应该知道。
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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