RoadMainTLtd (SHSE:603860) Might Be Having Difficulty Using Its Capital Effectively
RoadMainTLtd (SHSE:603860) Might Be Having Difficulty Using Its Capital Effectively
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. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 RoadMainTLtd (SHSE:603860) and its ROCE trend, we weren't exactly thrilled.
寻找具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。有鉴于此,当我们研究RoadMaintLTD(上海证券交易所代码:603860)及其投资回报率趋势时,我们并不感到非常兴奋。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. Analysts use this formula to calculate it for RoadMainTLtd:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用这个公式来计算 RoadmaintLTD 的值:
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)
0.06 = CN¥45m ÷ (CN¥838m - CN¥82m) (Based on the trailing twelve months to September 2023).
0.06 = 4500万元人民币 ÷(8.38亿元人民币-82万元人民币) (基于截至2023年9月的过去十二个月)。
Therefore, RoadMainTLtd has an ROCE of 6.0%. Even though it's in line with the industry average of 5.5%, it's still a low return by itself.
因此,RoadMaintLtd的投资回报率为6.0%。尽管它与行业平均水平的5.5%一致,但其本身的回报率仍然很低。
See our latest analysis for RoadMainTLtd
查看我们对 RoadmaintLTD 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240130/0-17bc8f79b12f48ee143cc600be954440-0-c2058c3bd1f8e1440f71393e03802461.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for RoadMainTLtd's ROCE against it's prior returns. If you'd like to look at how RoadMainTLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
历史表现是研究股票的绝佳起点,因此您可以在上方看到RoadmaintLTD的投资回报率与先前回报的对比。如果你想在其他指标中查看RoadmaintLTD过去的表现,你可以查看这张过去收益、收入和现金流的免费图表。
What Does the ROCE Trend For RoadMainTLtd Tell Us?
RoadmaintLTD 的投资回报率趋势告诉我们什么?
On the surface, the trend of ROCE at RoadMainTLtd doesn't inspire confidence. Around five years ago the returns on capital were 8.4%, but since then they've fallen to 6.0%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看,RoadmaintLTD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8.4%,但此后已降至6.0%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。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。
In Conclusion...
总之...
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for RoadMainTLtd. And the stock has followed suit returning a meaningful 45% to shareholders over the last five years. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
尽管短期内资本回报率有所下降,但我们认为RoadmaintLtd的收入和使用的资本均有所增加,这很有希望。在过去五年中,该股紧随其后,向股东带来了可观的45%的回报。因此,尽管投资者已经可以解释潜在的趋势,但我们仍然认为这只股票值得进一步研究。
If you'd like to know about the risks facing RoadMainTLtd, we've discovered 2 warning signs that you should be aware of.
如果你想了解RoadmaintLTD面临的风险,我们发现了两个你应该注意的警告信号。
While RoadMainTLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管RoadmaintLTD的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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。