Allied Machinery (SHSE:605060) Is Reinvesting At Lower Rates Of Return
Allied Machinery (SHSE:605060) Is Reinvesting At Lower Rates Of Return
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Allied Machinery (SHSE:605060) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。話雖如此,乍一看Allied Machinery(SHSE: 605060),我們並不是對回報趨勢不屑一顧,但讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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. Analysts use this formula to calculate it for Allied Machinery:
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。分析師使用以下公式來計算盟軍機械的計算公式:
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)
0.13 = CN¥287m ÷ (CN¥2.5b - CN¥269m) (Based on the trailing twelve months to September 2023).
0.13 = 2.87億元人民幣 ÷(2.5億元人民幣-2.69億元人民幣) (基於截至2023年9月的過去十二個月)。
So, Allied Machinery has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 6.0% it's much better.
因此,聯合機械的投資回報率爲13%。從絕對值來看,這是一個令人滿意的回報,但與機械行業6.0%的平均水平相比,回報要好得多。
In the above chart we have measured Allied Machinery's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Allied Machinery for free.
在上圖中,我們將Allied Machinery先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,你可以免費查看報道Allied Machinery的分析師的預測。
So How Is Allied Machinery's ROCE Trending?
那麼聯合機械的投資回報率趨勢如何呢?
On the surface, the trend of ROCE at Allied Machinery doesn't inspire confidence. Around five years ago the returns on capital were 28%, but since then they've fallen to 13%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
從表面上看,聯合機械的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲28%,但此後已降至13%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東都將受益。
On a side note, Allied Machinery has done well to pay down its current liabilities to 11% 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.
順便說一句,聯合機械在將其流動負債償還至總資產的11%方面做得很好。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。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Allied Machinery is reinvesting for growth and has higher sales as a result. In light of this, the stock has only gained 17% over the last three years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
總而言之,儘管短期內回報率較低,但令我們感到鼓舞的是,Allied Machinery正在進行再投資以實現增長,從而提高了銷售額。有鑑於此,該股在過去三年中僅上漲了17%。因此,如果其他基本面被證明是合理的,那麼這隻股票可能仍然是一個有吸引力的投資機會。
If you'd like to know about the risks facing Allied Machinery, we've discovered 1 warning sign that you should be aware of.
如果你想了解盟軍機械面臨的風險,我們發現了一個你應該注意的警告信號。
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.
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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。