Some Investors May Be Worried About Inner Mongolia ERDOS ResourcesLtd's (SHSE:900936) Returns On Capital
Some Investors May Be Worried About Inner Mongolia ERDOS ResourcesLtd's (SHSE:900936) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Inner Mongolia ERDOS ResourcesLtd (SHSE:900936) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
你知道嗎，有一些財務指標可以提供潛在的多管齊下的線索？通常，我們會注意到一種增長的趨勢退貨關於已使用資本(ROCE)以及與之相伴隨的是不斷擴大的基地已動用資本的比例。基本上，這意味著一家公司有盈利的舉措，可以繼續進行再投資，這是復合機器的一個特點。然而，在簡單地看了一下數位之後，我們認為內蒙古鄂爾多斯資源有限公司(上海證券交易所：900936)未來有可能成為一個多袋子的人，但讓我們看看為什麼會這樣。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(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. To calculate this metric for Inner Mongolia ERDOS ResourcesLtd, this is the formula:
如果您不確定，只需澄清一下，ROCE是一種評估公司投資於其業務的資本獲得多少稅前收入(按百分比計算)的指標。要計算內蒙古鄂爾多斯資源有限公司的此指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)？(總資產-流動負債)
0.13 = CN¥3.9b ÷ (CN¥48b - CN¥17b) (Based on the trailing twelve months to June 2023).
0.13=人民幣39億？(人民幣48億元-人民幣170億元)(根據截至2023年6月的往績12個月計算)。
So, Inner Mongolia ERDOS ResourcesLtd has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.4% it's much better.
所以,內蒙古鄂爾多斯資源有限公司的淨資產收益率為13%。就絕對值而言，這是一個令人滿意的回報率，但與金屬和礦業6.4%的平均回報率相比，這要好得多。
See our latest analysis for Inner Mongolia ERDOS ResourcesLtd
查看我們對內蒙古鄂爾多斯資源有限公司的最新分析
In the above chart we have measured Inner Mongolia ERDOS ResourcesLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Inner Mongolia ERDOS ResourcesLtd.
在上面的圖表中，我們比較了內蒙古鄂爾多斯資源有限公司之前的淨資產收益率和之前的業績，但可以說，未來更重要。如果您想查看分析師對未來的預測，您應該查看我們的免費內蒙古鄂爾多斯資源有限公司報告。
What Can We Tell From Inner Mongolia ERDOS ResourcesLtd's ROCE Trend?
從內蒙古鄂爾多斯資源有限公司的ROCE趨勢中我們可以看出什麼？
On the surface, the trend of ROCE at Inner Mongolia ERDOS ResourcesLtd doesn't inspire confidence. Around five years ago the returns on capital were 17%, but since then they've fallen to 13%. And considering revenue has dropped while employing more capital, we'd be cautious. 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.
從表面上看，內蒙古鄂爾多斯資源有限公司的ROCE走勢並沒有激發人們的信心。大約五年前，資本回報率為17%，但自那以來已降至13%。考慮到在僱傭更多資本的同時收入有所下降，我們會持謹慎態度。如果這種情況持續下去，你可能會看到這樣一家公司，它正試圖通過再投資實現增長，但由於銷售額沒有增長，實際上正在失去市場份額。
On a related note, Inner Mongolia ERDOS ResourcesLtd has decreased its current liabilities to 35% of total assets. So we could link some of this to the decrease in ROCE. 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.
另外，內蒙古鄂爾多斯資源有限公司已將流動負債降至總資產的35%。因此，我們可以將其中一些因素與淨資產收益率的下降聯繫起來。實際上，這意味著它們的供應商或短期債權人減少了對業務的融資，這降低了一些風險因素。由於企業基本上是用自有資金為更多的運營提供資金，你可以說這降低了企業產生淨資產收益率的效率。
In Conclusion...
總之..。
We're a bit apprehensive about Inner Mongolia ERDOS ResourcesLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 162%. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我們對內蒙古鄂爾多斯資源有限公司有點擔心，因為儘管有更多的資本投入到這項業務中，但資本回報率和銷售額都有所下降。市場對該股的前景肯定是樂觀的，因為儘管潛在趨勢不太樂觀，但該股已飆升162%。無論如何，我們對基本面感到不太舒服，所以我們現在會避開這只股票。
On a separate note, we've found 2 warning signs for Inner Mongolia ERDOS ResourcesLtd you'll probably want to know about.
另外，我們發現內蒙古鄂爾多斯資源有限公司的2個警告標誌你可能會想知道。
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.
如果你想尋找收入豐厚的可靠公司，看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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