Capital Allocation Trends At Jiangxi Guoguang Commercial Chains (SHSE:605188) Aren't Ideal
Capital Allocation Trends At Jiangxi Guoguang Commercial Chains (SHSE:605188) Aren't Ideal
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Jiangxi Guoguang Commercial Chains (SHSE:605188), we don't think it's current trends fit the mold of a multi-bagger.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 已動用資本的百分比。如果你看到這一點,那通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,在調查了江西國光商業連鎖公司(SHSE: 605188)之後,我們認爲它目前的趨勢不符合多袋機的模式。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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 Jiangxi Guoguang Commercial Chains is:
對於那些不確定ROCE是什麼的人來說,它衡量的是公司從業務中使用的資本中可以產生的稅前利潤額。江西國光商業連鎖店的計算公式爲:
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)
0.014 = CN¥25m ÷ (CN¥2.8b - CN¥1.0b) (Based on the trailing twelve months to September 2023).
0.014 = 2500萬元人民幣 ≤(CN¥2.8b-CN¥1.0b) (基於截至2023年9月的過去十二個月)。
So, Jiangxi Guoguang Commercial Chains has an ROCE of 1.4%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 7.0%.
因此,江西國光商業連鎖的投資回報率爲1.4%。從絕對值來看,這是一個低迴報,而且表現也低於消費零售行業7.0%的平均水平。
View our latest analysis for Jiangxi Guoguang Commercial Chains
查看我們對江西國光商業連鎖店的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231123/0-08d47d5b5ee5962667251a5b337ca332-0-55832b4e9f724f00f280d5f13f6a5ce6.png/big)
Historical performance is a great place to start when researching a stock so above you can see the gauge for Jiangxi Guoguang Commercial Chains' ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Jiangxi Guoguang Commercial Chains, check out these free graphs here.
在研究股票時,歷史表現是一個不錯的起點,因此在上方你可以看到江西國光商業連鎖的投資回報率與先前回報率的衡量標準。如果您想深入了解江西國光商業連鎖店的歷史收益、收入和現金流,請在此處查看這些免費圖表。
What Can We Tell From Jiangxi Guoguang Commercial Chains' ROCE Trend?
我們可以從江西國光商業連鎖的投資回報率趨勢中看出什麼?
When we looked at the ROCE trend at Jiangxi Guoguang Commercial Chains, we didn't gain much confidence. To be more specific, ROCE has fallen from 16% over the last five years. However it looks like Jiangxi Guoguang Commercial Chains might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
當我們查看江西國光商業連鎖的投資回報率走勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的16%有所下降。但是,看來江西國光商業連鎖店可能會進行再投資以實現長期增長,因爲儘管資本使用量有所增加,但該公司的銷售在過去12個月中並沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
On a related note, Jiangxi Guoguang Commercial Chains has decreased its current liabilities to 36% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
與此相關的是,江西國光商業連鎖已將其流動負債減少至總資產的36%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在該公司的供應商或短期債權人爲其運營提供的資金減少了。由於該企業基本上是用自己的資金爲更多的業務提供資金,你可能會爭辯說,這降低了企業創造投資回報的效率。
In Conclusion...
總之...
To conclude, we've found that Jiangxi Guoguang Commercial Chains is reinvesting in the business, but returns have been falling. Unsurprisingly, the stock has only gained 5.6% over the last three 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.
總而言之,我們發現江西國光商業連鎖正在對該業務進行再投資,但回報一直在下降。毫不奇怪,該股在過去三年中僅上漲了5.6%,這可能表明未來投資者正在考慮這一點。因此,如果你正在尋找一款多功能裝袋機,我們建議你考慮其他選擇。
If you want to know some of the risks facing Jiangxi Guoguang Commercial Chains we've found 3 warning signs (1 shouldn't be ignored!) that you should be aware of before investing here.
如果你想知道江西國光商業連鎖店面臨的一些風險,我們發現了三個警告標誌(其中一個不容忽視!)在這裏投資之前,你應該意識到這一點。
While Jiangxi Guoguang Commercial Chains 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.
儘管江西國光商業連鎖目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這份免費清單。
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。