Returns On Capital At BestoreLtd (SHSE:603719) Paint A Concerning Picture
Returns On Capital At BestoreLtd (SHSE:603719) Paint A Concerning Picture
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at BestoreLtd (SHSE:603719), it didn't seem to tick all of these boxes.
如果我们想找到潜在的多袋装袋机,通常有一些潜在的趋势可以提供线索。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 所用资本的比例。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。但是,当我们查看BestoreLTD(SHSE: 603719)时,它似乎并没有勾选所有这些方框。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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. The formula for this calculation on BestoreLtd is:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。在 BestoreLTD 上进行此计算的公式为:
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)
0.051 = CN¥154m ÷ (CN¥5.1b - CN¥2.1b) (Based on the trailing twelve months to September 2023).
0.051 = 1.54亿元人民币 ÷(51亿元人民币-21亿元人民币) (基于截至2023年9月的过去十二个月)。
So, BestoreLtd has an ROCE of 5.1%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.6%.
因此,BestoreLtd的投资回报率为5.1%。从绝对值来看,回报率很低,也低于食品行业7.6%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240310/0-b82fb0d182f5a0b1038fa7035830ef66-0-64cd612c83432deb54dea781fd893df8.png/big)
Above you can see how the current ROCE for BestoreLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for BestoreLtd .
在上面你可以看到BestoreLTD当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们的免费BestoreLTD分析师报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at BestoreLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 23% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
当我们查看BestoreLTD的投资回报率趋势时,我们并没有获得太大的信心。更具体地说,投资回报率已从过去五年的23%下降。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,但由于销售额没有增加,实际上正在失去市场份额的公司。
On a related note, BestoreLtd has decreased its current liabilities to 41% of total assets. That could partly explain why the ROCE has dropped. 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. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
与此相关的是,BestoreLtd已将其流动负债减少至总资产的41%。这可以部分解释投资回报率下降的原因。实际上,这意味着他们的供应商或短期债权人减少了对企业的融资,从而降低了某些风险因素。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。不管怎样,它们仍然处于相当高的水平,所以如果可能的话,我们希望看到它们进一步下跌。
The Bottom Line On BestoreLtd's ROCE
BestoreLtd 投资回报率的底线
From the above analysis, we find it rather worrisome that returns on capital and sales for BestoreLtd have fallen, meanwhile the business is employing more capital than it was five years ago. Investors haven't taken kindly to these developments, since the stock has declined 69% from where it was three years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
从上述分析来看,我们发现令人担忧的是,BestoreLTD的资本回报率和销售额有所下降,同时该业务使用的资本比五年前还要多。投资者对这些事态发展并不友善,因为该股已比三年前下跌了69%。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing, we've spotted 2 warning signs facing BestoreLtd that you might find interesting.
还有一件事,我们发现了BestoreLtd面临的两个警告信号,你可能会觉得有趣。
While BestoreLtd 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BestoreLtd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。