Digital China Information Service Group (SZSE:000555) Has Some Difficulty Using Its Capital Effectively
Digital China Information Service Group (SZSE:000555) Has Some Difficulty Using Its Capital Effectively
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after glancing at the trends within Digital China Information Service Group (SZSE:000555), we weren't too hopeful.
忽略一家公司的股價,哪些潛在趨勢告訴我們,一家公司已經過了成長期?衰退中的企業通常有兩個潛在趨勢,第一,衰退退貨論資本充足率(ROCE)與衰退基地已動用資本的比例。這向我們表明,該業務不僅在收縮其淨資產規模,而且其回報也在下降。因此,在瀏覽了內部的趨勢之後數位中國資訊服務集團(SZSE:000555),我們並不抱太大希望。
Understanding Return On Capital Employed (ROCE)
瞭解資本回報率(ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Digital China Information Service Group is:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。數位中國資訊服務集團的這一計算公式為:
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)
0.026 = CN¥168m ÷ (CN¥12b - CN¥5.3b) (Based on the trailing twelve months to June 2023).
0.026=人民幣1.68億?(人民幣120億元-人民幣53億元)(根據截至2023年6月的往績12個月計算)。
Therefore, Digital China Information Service Group has an ROCE of 2.6%. Ultimately, that's a low return and it under-performs the IT industry average of 3.9%.
所以呢,數位中國資訊服務集團淨資產收益率為2.6%。歸根結底,這是一個較低的回報率,表現低於IT行業3.9%的平均水準。
View our latest analysis for Digital China Information Service Group
查看我們對數字中國資訊服務集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231021/0-59781decd0134b0272bbe733cde84bb1-0-78f32ed83958dc1865682d25796e9b82.png/big)
In the above chart we have measured Digital China Information Service Group's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Digital China Information Service Group here for free.
在上面的圖表中,我們衡量了數位中國資訊服務集團之前的淨資產收益率與其之前的業績,但可以說,未來更重要。如果你願意,你可以在這裡查看數位中國資訊服務集團分析師的預測免費的。
What Can We Tell From Digital China Information Service Group's ROCE Trend?
從數位中國資訊服務集團的ROCE趨勢中我們能看出什麼?
We are a bit worried about the trend of returns on capital at Digital China Information Service Group. To be more specific, the ROCE was 6.8% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Digital China Information Service Group to turn into a multi-bagger.
我們對數字中國資訊服務集團的資本回報率走勢有點擔心。具體地說,五年前的ROCE是6.8%,但此後明顯下降。最重要的是,值得注意的是,企業內部使用的資金量保持了相對穩定。由於回報率在下降,而該公司擁有相同數量的資產,這可能表明它是一項成熟的業務,在過去五年中沒有太大增長。如果這些趨勢繼續下去,我們不會指望數位中國資訊服務集團變成一個多袋子。
On a side note, Digital China Information Service Group's current liabilities are still rather high at 45% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外,數位中國資訊服務集團的流動負債仍相當高,佔總資產的45%。這可能會帶來一些風險,因為該公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人運營的。理想情況下,我們希望看到這一比例降低,因為這將意味著承擔風險的債務更少。
The Bottom Line On Digital China Information Service Group's ROCE
數位中國資訊服務集團ROCE的底線
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Despite the concerning underlying trends, the stock has actually gained 18% over the last five years, so it might be that the investors are expecting the trends to reverse. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
歸根結底,同樣數額的資本回報率下降的趨勢,通常並不意味著我們看到的是一隻成長型股票。儘管存在令人擔憂的潛在趨勢,但該股在過去五年中實際上上漲了18%,因此投資者可能預計趨勢會逆轉。無論哪種方式,我們都不是當前趨勢的狂熱粉絲,因此我們認為你可能會在其他地方找到更好的投資。
One more thing, we've spotted 1 warning sign facing Digital China Information Service Group that you might find interesting.
還有一件事,我們發現了1個個警告標誌面對數位中國資訊服務群,你可能會感興趣。
While Digital China Information Service Group 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.
雖然數位中國資訊服務集團目前的回報率可能不是最高的,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裡列出。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.