MLS (SZSE:002745) Has Some Difficulty Using Its Capital Effectively
MLS (SZSE:002745) Has Some Difficulty Using Its Capital Effectively
When researching a stock for investment, what can tell us that the company is in decline? 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 the company is producing less profit from its investments and its total assets are decreasing. Having said that, after a brief look, MLS (SZSE:002745) we aren't filled with optimism, but let's investigate further.
在研究股票進行投資時,什麼能告訴我們該公司正在衰退?衰落的企業通常有兩個潛在趨勢,首先是衰退 返回 論資本使用率(ROCE)和下降情況 基礎 所用資本的比例。這表明該公司的投資利潤減少了,總資產也在減少。話雖如此,簡短地看了一下,MLS(深圳證券交易所:002745)我們並不樂觀,但讓我們進一步調查一下。
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 MLS 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。在 MLS 上進行此計算的公式爲:
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)
0.0095 = CN¥144m ÷ (CN¥24b - CN¥8.5b) (Based on the trailing twelve months to September 2023).
0.0095 = 1.44億元人民幣 ÷(24億元人民幣-8.5億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, MLS has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 4.2%.
因此,MLS的投資回報率爲0.9%。從絕對值來看,這是一個低迴報,其表現也低於半導體行業4.2%的平均水平。
View our latest analysis for MLS
查看我們對美國職業棒球大聯盟的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-ec831fb29c4f03a7e183e98d492391f1-0-b657e91ab91cd1d2c4dcc819fb156b5a.png/big)
Above you can see how the current ROCE for MLS compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering MLS here for free.
上面你可以看到MLS當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看報道MLS的分析師的預測。
What Can We Tell From MLS' ROCE Trend?
我們可以從美國職業棒球大聯盟的投資回報率趨勢中得出什麼?
We are a bit worried about the trend of returns on capital at MLS. About five years ago, returns on capital were 8.9%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect MLS to turn into a multi-bagger.
我們對MLS的資本回報率趨勢有些擔憂。大約五年前,資本回報率爲8.9%,但現在已大大低於我們在上面看到的水平。在資本使用方面,該企業使用的資本量與當時大致相同。表現出這些屬性的公司往往不會萎縮,但它們可能已經成熟,面臨競爭對利潤的壓力。如果這些趨勢繼續下去,我們預計美國職業棒球大聯盟不會變成一個多口袋。
On a related note, MLS has decreased its current liabilities to 36% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,MLS已將其流動負債減少至總資產的36%。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
Our Take On MLS' ROCE
我們對 MLS ROCE 的看法
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. It should come as no surprise then that the stock has fallen 34% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。因此,該股在過去五年中下跌了34%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。
On a separate note, we've found 3 warning signs for MLS you'll probably want to know about.
另一方面,我們發現了你可能想知道的3種MLS警告信號。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。