There Are Reasons To Feel Uneasy About Ligao FoodsLtd's (SZSE:300973) Returns On Capital
There Are Reasons To Feel Uneasy About Ligao FoodsLtd's (SZSE:300973) Returns On Capital
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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Ligao FoodsLtd (SZSE:300973), it didn't seem to tick all of these boxes.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 已动用资本的百分比。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,当我们查看Ligao FoodsLtd(深圳证券交易所代码:300973)时,它似乎并没有满足所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Ligao FoodsLtd:
对于那些不确定ROCE是什么的人来说,它衡量的是公司从业务中使用的资本中可以产生的税前利润额。分析师使用这个公式来计算 Ligao FoodsLtd 的计算公式:
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)
0.076 = CN¥254m ÷ (CN¥3.9b - CN¥547m) (Based on the trailing twelve months to September 2023).
0.076 = 人民币2.54亿元 ¥( CN¥3.9b-CN¥5.47m) (基于截至2023年9月的过去十二个月)。
Thus, Ligao FoodsLtd has an ROCE of 7.6%. Even though it's in line with the industry average of 7.5%, it's still a low return by itself.
因此,利高食品有限公司的投资回报率为7.6%。尽管它与7.5%的行业平均水平一致,但它本身的回报率仍然很低。
See our latest analysis for Ligao FoodsLtd
查看我们对 Ligao FoodsLtd 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231110/0-43311a57b950c8e9704ab7b2c352d2f4-0-db1e949c168e8e9b32087380f29fd677.png/big)
Above you can see how the current ROCE for Ligao FoodsLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Ligao FoodsLtd.
在上方你可以看到Ligao FoodsLtd当前的投资回报率与其之前的资本回报率相比如何,但从过去你能看出来的只有很多。如果你想了解分析师对未来的预测,你应该查看我们为Ligao FoodsLtd提供的免费报告。
What Can We Tell From Ligao FoodsLtd's ROCE Trend?
我们可以从 Ligao FoodsLtd 的 ROCE 趋势中看出什么?
On the surface, the trend of ROCE at Ligao FoodsLtd doesn't inspire confidence. Around five years ago the returns on capital were 23%, but since then they've fallen to 7.6%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看,Ligao FoodsLtd的投资回报率趋势并不能激发信心。大约五年前,资本回报率为23%,但此后已降至7.6%。尽管鉴于收入和业务使用的资产数量均有所增加,这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
On a side note, Ligao FoodsLtd has done well to pay down its current liabilities to 14% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
顺便说一句,Ligao FoodsLtd在将其流动负债偿还至总资产的14%方面做得很好。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人为企业提供的资金减少了,这降低了某些风险。由于该企业基本上是用自己的资金为更多的业务提供资金,你可能会争辩说,这降低了企业创造投资回报的效率。
In Conclusion...
总之...
In summary, despite lower returns in the short term, we're encouraged to see that Ligao FoodsLtd is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 38% over the last year, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总而言之,尽管短期内回报率较低,但令我们感到鼓舞的是,Ligao FoodsLtd正在进行再投资以实现增长,从而实现了更高的销售额。但是,尽管趋势令人鼓舞,但该股比去年下跌了38%,因此精明的投资者可能有机会。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究这只股票。
Like most companies, Ligao FoodsLtd 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,Ligao FoodsLtd确实存在一些风险,我们发现了两个警告信号,你应该注意。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。