Capital Allocation Trends At Bomin Electronics (SHSE:603936) Aren't Ideal
Capital Allocation Trends At Bomin Electronics (SHSE:603936) 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. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at Bomin Electronics (SHSE:603936), it didn't seem to tick all of these boxes.
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。如果你看到這一點,這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,當我們查看博敏電子(SHSE: 603936)時,它似乎並沒有勾選所有這些方框。
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. Analysts use this formula to calculate it for Bomin Electronics:
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。分析師使用這個公式來計算博敏電子:
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)
0.0058 = CN¥36m ÷ (CN¥8.3b - CN¥2.1b) (Based on the trailing twelve months to September 2023).
0.0058 = 3600萬元人民幣 ≤(CN¥8.3b-CN¥2.1b) (基於截至2023年9月的過去十二個月)。
Thus, Bomin Electronics has an ROCE of 0.6%. Ultimately, that's a low return and it under-performs the Electronic industry average of 5.4%.
因此,博敏電子的投資回報率爲0.6%。歸根結底,這是一個低迴報,其表現低於電子行業5.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-d8d6185a256956f131b31166d46b8346-0-78cd695e37b8a57321ae09ae0d18defc.png/big)
Above you can see how the current ROCE for Bomin Electronics 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 Bomin Electronics for free.
在上面你可以看到博敏電子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,你可以免費查看報道博敏電子的分析師的預測。
What Does the ROCE Trend For Bomin Electronics Tell Us?
博敏電子的投資回報率趨勢告訴我們什麼?
On the surface, the trend of ROCE at Bomin Electronics doesn't inspire confidence. To be more specific, ROCE has fallen from 4.7% 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 may take some time before the company starts to see any change in earnings from these investments.
從表面上看,博敏電子的投資回報率趨勢並不能激發信心。更具體地說,投資回報率已從過去五年的4.7%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。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, Bomin Electronics has decreased 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. 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,博敏電子已將其流動負債減少至總資產的25%。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 Key Takeaway
關鍵要點
In summary, Bomin Electronics is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. Therefore based on the analysis done in this article, we don't think Bomin Electronics has the makings of a multi-bagger.
總而言之,Bomin Electronics正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。此外,該股在過去五年中的股東總回報率一直持平,這並不奇怪。因此,根據本文中的分析,我們認爲博敏電子不具備多袋機的優勢。
If you want to continue researching Bomin Electronics, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果你想繼續研究博敏電子,你可能有興趣了解我們的分析發現的3個警告信號。
While Bomin Electronics 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Bomin Electronics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。在這裏查看這個免費清單。
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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。