There Are Reasons To Feel Uneasy About Gaush Meditech's (HKG:2407) Returns On Capital
There Are Reasons To Feel Uneasy About Gaush Meditech's (HKG:2407) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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 Gaush Meditech (HKG:2407), it didn't seem to tick all of these boxes.
我们应该寻找哪些趋势?我们想确定可以长期价值成倍增长的股票?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 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Gaush Meditech(HKG: 2407)时,它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(ROCE)?
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. The formula for this calculation on Gaush Meditech is:
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。在 Gaush Meditech 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)
0.052 = CN¥103m ÷ (CN¥2.8b - CN¥878m) (Based on the trailing twelve months to June 2023).
0.052 = 1.03亿元人民币 ÷(28亿元人民币-8.78亿元人民币) (基于截至 2023 年 6 月的过去十二个月)。
So, Gaush Meditech has an ROCE of 5.2%. In absolute terms, that's a low return and it also under-performs the Medical Equipment industry average of 10%.
因此,Gaush Meditech的投资回报率为5.2%。从绝对值来看,回报率很低,而且表现也低于医疗设备行业10%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240318/0-a0cbd0861f7c07788b7bfbaca7572587-0-3ec69fc3edd1c029e751654e0ed2e79b.png/big)
Above you can see how the current ROCE for Gaush Meditech 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 Gaush Meditech for free.
在上面你可以看到Gaush Meditech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。如果你愿意,你可以免费查看报道Gaush Meditech的分析师的预测。
So How Is Gaush Meditech's ROCE Trending?
那么 Gaush Meditech 的 ROCE 趋势如何呢?
In terms of Gaush Meditech's historical ROCE movements, the trend isn't fantastic. Over the last three years, returns on capital have decreased to 5.2% from 23% three years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就Gaush Meditech的历史投资回报率走势而言,这种趋势并不理想。在过去三年中,资本回报率从三年前的23%降至5.2%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
On a related note, Gaush Meditech has decreased its current liabilities to 31% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是,Gaush Meditech已将其流动负债减少至总资产的31%。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。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
To conclude, we've found that Gaush Meditech is reinvesting in the business, but returns have been falling. Since the stock has declined 58% over the last year, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总而言之,我们发现Gaush Meditech正在对该业务进行再投资,但回报率一直在下降。由于该股去年下跌了58%,因此投资者对这一趋势的改善可能也不太乐观。总而言之,多装袋机的固有趋势并不常见,因此,如果您想要这样做,我们认为您在其他地方可能会有更多的运气。
Like most companies, Gaush Meditech does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,Gaush Meditech确实存在一些风险,我们发现了一个你应该注意的警告信号。
While Gaush Meditech 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Gaush Meditech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。