The Returns On Capital At KINGSEMI (SHSE:688037) Don't Inspire Confidence
The Returns On Capital At KINGSEMI (SHSE:688037) Don't Inspire Confidence
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. 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 KINGSEMI (SHSE:688037) and its ROCE trend, we weren't exactly thrilled.
我们如何找到一只能够在长期内创造多倍收益的股票呢?首先,我们需要看到资本使用回报率(ROCE)在不断提高,其次,还要看到资本使用基数在不断扩大。这体现了一家企业正在以不断提高的回报率再投资获得利润。因此,当我们观察到KINGSEMI(SHSE:688037)和它的ROCE趋势时,我们并不十分满意。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. The formula for this calculation on KINGSEMI is:
对于不了解ROCE的人来说,它是衡量公司每年税前利润(即回报)与企业所使用资本的相对值。KINGSEMI的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.05 = CN¥149m ÷ (CN¥4.3b - CN¥1.4b) (Based on the trailing twelve months to March 2024).
0.05 = CN¥14900万 ÷ (CN¥43亿 - CN¥1.4b) (截至2024年3月的过去12个月期间)。
Thus, KINGSEMI has an ROCE of 5.0%. In absolute terms, that's a low return, but it's much better than the Semiconductor industry average of 3.9%.
因此,KINGSEMI的ROCE为5.0%。虽然绝对值偏低,但比半导体行业平均水平(3.9%)要好。
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Above you can see how the current ROCE for KINGSEMI 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 analyst report for KINGSEMI .
上面您可以看到KINGSEMI当前的ROCE与以前的资本回报率相比如何,但是过去能够揭示给我们的信息有限。如果您想看看分析师对未来的预测,可以查看我们为KINGSEMI提供的免费分析师报告。
What Can We Tell From KINGSEMI's ROCE Trend?
从KINGSEMI的ROCE趋势中我们可以得到什么信息?
In terms of KINGSEMI's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 5.0% from 6.8% five years ago. 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.
就KINGSEMI历史上的ROCE波动趋势而言,情况并不太好。在过去的五年中,资本回报率从五年前的6.8%下降到5.0%。尽管营业收入和业务中使用的资产净值都增加了,但这可能表明公司正在投资于增长,而额外的资本却导致了ROCE的短期降低。如果增加的资本产生了额外的收益,则业务和股东长期受益。
Our Take On KINGSEMI's ROCE
我们对KINGSEMI的资本使用回报率的看法
While returns have fallen for KINGSEMI in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 42% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
尽管KINGSEMI最近的回报率下降了,我们仍然看到了营业收入的增长和企业在运营上的再投资。但是,尽管势头看好,股票在过去三年中下跌了42%,因此明智的投资者可能会看到机会。因此,我们建议进一步研究这只股票,以了解该企业其他基本面的信息。
On a separate note, we've found 2 warning signs for KINGSEMI you'll probably want to know about.
另外,我们发现了KINGSEMI的2个警告信号,您可能想知道这些信号。
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.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。