Foshan Electrical and LightingLtd (SZSE:000541) Is Reinvesting At Lower Rates Of Return
Foshan Electrical and LightingLtd (SZSE:000541) Is Reinvesting At Lower Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Foshan Electrical and LightingLtd (SZSE:000541) and its ROCE trend, we weren't exactly thrilled.
如何寻找一只多倍增长股票?我们应该寻找什么样的业务趋势?一般来说,我们需要注意资本雇用回报率(ROCE)的增长趋势,以及资本雇用基数的扩大。如果您看到这种情况,通常意味着这是一家拥有出色的商业模式和大量盈利再投资机会的公司。基于此,当我们看Foshan Electrical和LightingLtd(SZSE:000541)及其ROCE趋势时,并不是非常令人兴奋。
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. Analysts use this formula to calculate it for Foshan Electrical and LightingLtd:
对于那些不知道的人,ROCE衡量的是一家公司年度税前利润(其回报)相对于业务中资本雇用的程度。分析师使用这个公式来计算Foshan Electrical和LightingLtd的ROCE:
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。
0.024 = CN¥253m ÷ (CN¥17b - CN¥6.3b) (Based on the trailing twelve months to March 2024).
0.024 = CN¥25300万 ÷ (CN¥170亿 - CN¥6.3b)(截至2024年3月的过去十二个月为基础)。
Therefore, Foshan Electrical and LightingLtd has an ROCE of 2.4%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
因此,Foshan Electrical和LightingLtd的ROCE为2.4%。归根结底,这是一种较低的回报,低于电气行业的平均回报6.0%。
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Above you can see how the current ROCE for Foshan Electrical and LightingLtd 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 Foshan Electrical and LightingLtd .
您可以看到Foshan Electrical和LightingLtd目前的ROCE与其以往资本回报率的比较情况,但是从过去的情况中只能了解到有限的信息。如果您有兴趣,可以在我们免费的Foshan Electrical和LightingLtd分析师报告中查看分析师的预测。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
The trend of ROCE doesn't look fantastic because it's fallen from 6.5% five years ago, while the business's capital employed increased by 119%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Foshan Electrical and LightingLtd probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不理想,因为五年前它从6.5%下降,而业务的资本雇用增加了119%。然而,资本雇用的增加可能归因于最新报告期前完成的新资本募集,因此在查看ROCE的下降时请记住这一点。Foshan Electrical和LightingLtd可能还没有从筹集的新资金获得完整的一年收益,因此这些数字应该带有谨慎的态度。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 38%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 2.4%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
在这方面,我们注意到流动负债与总资产之比已经增加到38%,这影响了ROCE。如果没有这种增长,ROCE可能会更低。因此,请注意这个指标,因为如果这个度量标准太高,业务可能会遇到一些新的风险。
In Conclusion...
最后,同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好,因此投资者不太可能表现友好。自五年前以来,该股下跌了32%。除非这些指标朝着更积极的轨迹转变,否则我们将继续寻找其他股票。
To conclude, we've found that Foshan Electrical and LightingLtd is reinvesting in the business, but returns have been falling. Unsurprisingly, the stock has only gained 3.7% over the last five years, which potentially indicates that investors are accounting for this going forward. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
总而言之,我们发现Foshan Electrical和LightingLtd正在重投资业务,但回报率正在下降。毫不奇怪,这只股票在过去五年中仅上涨了3.7%,这可能意味着投资者对未来的盈利已经计算在内。因此,如果您正在寻找一种多倍增长的股票,我们建议您看看其他选择。
On a separate note, we've found 3 warning signs for Foshan Electrical and LightingLtd you'll probably want to know about.
另外,我们已经发现Foshan Electrical和LightingLtd有3个警告信号,您可能想知道这些信号。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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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。