Capital Allocation Trends At GUOMAI Culture & Media (SZSE:301052) Aren't Ideal
Capital Allocation Trends At GUOMAI Culture & Media (SZSE:301052) Aren't Ideal
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 GUOMAI Culture & Media (SZSE:301052) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在簡要地看了這些數字之後,我們認爲國邁文化傳媒(SZSE: 301052)在未來不具備多口袋人的實力,但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on GUOMAI Culture & Media is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。國邁文化傳媒的計算公式爲:
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)
0.058 = CN¥39m ÷ (CN¥776m - CN¥97m) (Based on the trailing twelve months to September 2023).
0.058 = 3900萬元人民幣 ÷(7.76億元人民幣-9700萬元人民幣) (基於截至2023年9月的過去十二個月)。
Therefore, GUOMAI Culture & Media has an ROCE of 5.8%. In absolute terms, that's a low return but it's around the Media industry average of 5.1%.
因此,國邁文化傳媒的投資回報率爲5.8%。從絕對值來看,回報率很低,但約爲媒體行業的平均水平5.1%。
Check out our latest analysis for GUOMAI Culture & Media
查看我們對國邁文化與傳媒的最新分析
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're interested in investigating GUOMAI Culture & Media's past further, check out this free graph of past earnings, revenue and cash flow.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您有興趣進一步調查國邁文化傳媒的過去,請查看這張免費的過去收益、收入和現金流圖表。
What Does the ROCE Trend For GUOMAI Culture & Media Tell Us?
國邁文化與媒體的ROCE趨勢告訴我們什麼?
In terms of GUOMAI Culture & Media's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 14% over the last five 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.
就國邁文化傳媒的歷史ROCE運動而言,這種趨勢並不理想。更具體地說,投資回報率已從過去五年的14%下降。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
Our Take On GUOMAI Culture & Media's ROCE
我們對國邁文化傳媒ROCE的看法
Bringing it all together, while we're somewhat encouraged by GUOMAI Culture & Media's reinvestment in its own business, we're aware that returns are shrinking. Although the market must be expecting these trends to improve because the stock has gained 89% over the last year. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
綜上所述,儘管國邁文化傳媒對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。儘管市場必須預期這些趨勢會有所改善,因爲該股去年上漲了89%。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
One more thing to note, we've identified 1 warning sign with GUOMAI Culture & Media and understanding this should be part of your investment process.
還有一件事需要注意,我們已經向國邁文化傳媒確定了一個警告信號,我們知道這應該是您投資過程的一部分。
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.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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.
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。