There Are Reasons To Feel Uneasy About Shandong Fiberglass Group's (SHSE:605006) Returns On Capital
There Are Reasons To Feel Uneasy About Shandong Fiberglass Group's (SHSE:605006) Returns On Capital
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Shandong Fiberglass Group (SHSE:605006) and its ROCE trend, we weren't exactly thrilled.
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。首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們查看山東玻璃纖維集團(SHSE: 605006)及其投資回報率趨勢時,我們並不十分興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Shandong Fiberglass Group is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。對山東玻璃纖維集團進行此次計算的公式爲:
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)
0.0016 = CN¥6.8m ÷ (CN¥5.7b - CN¥1.4b) (Based on the trailing twelve months to September 2023).
0.0016 = 680萬元人民幣 ÷(57億元人民幣-14億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Shandong Fiberglass Group has an ROCE of 0.2%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.6%.
因此,山東玻璃纖維集團的投資回報率爲0.2%。歸根結底,這是一個低迴報,其表現低於化工行業5.6%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240227/0-8ec1636da97cfcf975948bfa2e628b41-0-a9ee8828e1ae9ad3b8f200650e9ad7d5.png/big)
Above you can see how the current ROCE for Shandong Fiberglass Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shandong Fiberglass Group .
上面你可以看到山東玻璃纖維集團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。如果你想了解分析師對未來的預測,你應該查看我們爲山東玻璃纖維集團提供的免費分析師報告。
So How Is Shandong Fiberglass Group's ROCE Trending?
那麼山東玻璃纖維集團的投資回報率如何走勢呢?
In terms of Shandong Fiberglass Group's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 14% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就山東玻璃纖維集團的歷史ROCE走勢而言,這一趨勢並不理想。更具體地說,投資回報率已從過去五年的14%下降。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。
On a side note, Shandong Fiberglass Group has done well to pay down its current liabilities to 25% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
順便說一句,山東玻璃纖維集團在償還其流動負債佔總資產的25%方面表現良好。因此,我們可以將其中一些與投資回報率的下降聯繫起來。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。
The Key Takeaway
關鍵要點
We're a bit apprehensive about Shandong Fiberglass Group because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 40% over the last three years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
我們對山東玻璃纖維集團有點擔心,因爲儘管向該業務投入了更多資金,但該資本的回報率和銷售額都下降了。因此,該股在過去三年中下跌了40%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。
One more thing: We've identified 4 warning signs with Shandong Fiberglass Group (at least 1 which is potentially serious) , and understanding them would certainly be useful.
還有一件事:我們已經向山東玻璃纖維集團確定了4個警告標誌(至少有1個可能很嚴重),了解它們肯定會很有用。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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