Bestlink TechnologiesLtd (SHSE:603206) Could Be Struggling To Allocate Capital
Bestlink TechnologiesLtd (SHSE:603206) Could Be Struggling To Allocate Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Bestlink TechnologiesLtd (SHSE:603206), it didn't seem to tick all of these boxes.
如果我們想要識別下一個多袋子,有幾個關鍵趨勢需要尋找。一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加,同時也在增長金額已動用資本的比例。歸根結底,這表明它是一家正在以越來越高的回報率對利潤進行再投資的企業。雖然,當我們看到百仕達科技有限公司(SHSE:603206),它似乎並沒有勾選所有這些盒子。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(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. To calculate this metric for Bestlink TechnologiesLtd, this is the formula:
如果你以前沒有使用過ROCE,它衡量的是公司從其業務中使用的資本中產生的“回報”(稅前利潤)。要計算Bestlink TechnologiesLtd的此指標,請使用以下公式:
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)
0.096 = CN¥201m ÷ (CN¥4.9b - CN¥2.8b) (Based on the trailing twelve months to June 2023).
0.096 = 2.01億人民幣(4.9億人民幣-2.8億人民幣)(根據截至2023年6月的往績12個月計算)。
Therefore, Bestlink TechnologiesLtd has an ROCE of 9.6%. In absolute terms, that's a low return, but it's much better than the IT industry average of 3.9%.
所以呢,Bestlink Technologies Ltd的ROCE為9.6%。按絕對值計算,這是一個較低的回報率,但遠好於IT行業3.9%的平均水準。
Check out our latest analysis for Bestlink TechnologiesLtd
查看我們對Bestlink Technologies Ltd的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231025/0-28651de5134af7a00db44452db8ee99f-0-058985822594a30ee109ff75557b5241.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Bestlink TechnologiesLtd, check out these free graphs here.
雖然過去並不能代表未來,但瞭解一家公司的歷史表現可能會有所幫助,這就是為什麼我們有上面的圖表。如果你想深入研究Bestlink Technologies Ltd的歷史收益、收入和現金流,請查看以下內容免費圖表在這裡。
What Does the ROCE Trend For Bestlink TechnologiesLtd Tell Us?
Bestlink Technologies Ltd的ROCE趨勢告訴我們什麼?
On the surface, the trend of ROCE at Bestlink TechnologiesLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 22% over the last four years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
從表面上看,Bestlink Technologies Ltd的ROCE趨勢並沒有激發信心。更具體地說,ROCE在過去四年中從22%下降。另一方面,該公司去年一直在使用更多的資本,但銷售額沒有相應的改善,這可能表明這些投資是長期的。從現在開始,值得關注公司的收益,看看這些投資是否最終有助於提高利潤。
On a related note, Bestlink TechnologiesLtd has decreased its current liabilities to 57% 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. Keep in mind 57% is still pretty high, so those risks are still somewhat prevalent.
與此相關的是,Bestlink Technologies Ltd已將其流動負債降至總資產的57%。因此,我們可以將其中一些與ROCE的下降聯繫起來。實際上,這意味著他們的供應商或短期債權人為業務提供的資金減少了,這降低了一些風險因素。由於該業務基本上是用自己的錢為更多的業務提供資金,你可以說這使得該業務在產生ROCE方面效率較低。請記住,57%仍然很高,所以這些風險仍然很普遍。
The Key Takeaway
關鍵的外賣
In summary, Bestlink TechnologiesLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly, the stock has only gained 6.3% over the last year, which potentially indicates that investors are accounting for this going forward. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總之,Bestlink Technologies Ltd正在將資金重新投入到業務增長中,但不幸的是,銷售額似乎還沒有增加多少。不出所料,該股在過去一年中僅上漲了6.3%,這可能表明投資者正在考慮這一點。因此,如果你正在尋找一個多袋,潛在的趨勢表明,你可能有更好的機會在其他地方。
One final note, you should learn about the 3 warning signs we've spotted with Bestlink TechnologiesLtd (including 1 which shouldn't be ignored) .
最後一個注意事項,您應該瞭解3個警示標誌我們已經發現與Bestlink科技有限公司(包括1個不應該被忽視)。
While Bestlink TechnologiesLtd 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.
儘管Bestlink TechnologiesLtd目前可能沒有獲得最高的回報,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.