Returns On Capital At Sinocare (SZSE:300298) Have Stalled
Returns On Capital At Sinocare (SZSE:300298) Have Stalled
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. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Sinocare (SZSE:300298), 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。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,当我们查看Sinocare(深圳证券交易所代码:300298)时,它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. To calculate this metric for Sinocare, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算Sinocare的这个指标,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)
0.093 = CN¥441m ÷ (CN¥6.0b - CN¥1.2b) (Based on the trailing twelve months to September 2023).
0.093 = 4.41亿元人民币 ÷(60亿元人民币-12亿元人民币) (基于截至2023年9月的过去十二个月)。
So, Sinocare has an ROCE of 9.3%. In absolute terms, that's a low return but it's around the Medical Equipment industry average of 8.0%.
因此,Sinocare的投资回报率为9.3%。从绝对值来看,回报率很低,但约为医疗设备行业的平均水平8.0%。
See our latest analysis for Sinocare
查看我们对Sinocare的最新分析
In the above chart we have measured Sinocare's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中,我们将Sinocare先前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
How Are Returns Trending?
退货趋势如何?
There are better returns on capital out there than what we're seeing at Sinocare. The company has employed 82% more capital in the last five years, and the returns on that capital have remained stable at 9.3%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
那里的资本回报率比我们在Sinocare看到的要好。在过去五年中,该公司雇用的资本增加了82%,该资本的回报率一直稳定在9.3%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。
The Bottom Line
底线
In summary, Sinocare has simply been reinvesting capital and generating the same low rate of return as before. Yet to long term shareholders the stock has gifted them an incredible 159% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
总而言之,Sinocare只是在对资本进行再投资,并产生了与以前一样低的回报率。然而,对于长期股东来说,该股在过去五年中为他们带来了令人难以置信的159%的回报,因此市场似乎对其未来持乐观态度。但是,如果这些潜在趋势的发展轨迹继续下去,我们认为从现在起它成为多股势力的可能性并不高。
If you want to continue researching Sinocare, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果你想继续研究Sinocare,你可能有兴趣了解我们的分析发现的1个警告信号。
While Sinocare may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管Sinocare目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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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。