Investors Could Be Concerned With MLOptic's (SHSE:688502) Returns On Capital
Investors Could Be Concerned With MLOptic's (SHSE:688502) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at MLOptic (SHSE:688502), it didn't seem to tick all of these boxes.
我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?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。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,當我們查看MLOptic(SHSE: 688502)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)?
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. Analysts use this formula to calculate it for MLOptic:
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。分析師使用這個公式來計算 mLOptic 的值:
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)
0.029 = CN¥35m ÷ (CN¥1.4b - CN¥149m) (Based on the trailing twelve months to December 2023).
0.029 = 3500萬元人民幣 ÷(14億元人民幣-1.49億元人民幣) (基於截至2023年12月的過去十二個月)。
Therefore, MLOptic has an ROCE of 2.9%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 5.4%.
因此,MLOptic的投資回報率爲2.9%。從絕對值來看,這是一個低迴報,其表現也低於電子行業5.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240402/0-850070b1ef47345c834a8ef921f1eccb-0-7da1331191c200c0f206452f5e7a5a32.png/big)
In the above chart we have measured MLOptic's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for MLOptic .
在上圖中,我們將MLOptic先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果您想了解分析師對未來的預測,則應查看我們的MLOptic免費分析師報告。
What Can We Tell From MLOptic's ROCE Trend?
我們可以從MLOptic的投資回報率趨勢中得出什麼?
On the surface, the trend of ROCE at MLOptic doesn't inspire confidence. Around five years ago the returns on capital were 26%, but since then they've fallen to 2.9%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,mLOptic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26%,但此後已降至2.9%。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a side note, MLOptic 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,MLOptic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ROCE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,因此你可以爭辯說,這降低了企業產生投資回報的效率。
What We Can Learn From MLOptic's ROCE
我們可以從 mLOptic 的 ROCE 中學到什麼
To conclude, we've found that MLOptic is reinvesting in the business, but returns have been falling. Since the stock has declined 49% over the last year, investors may not be too optimistic on this trend improving either. Therefore based on the analysis done in this article, we don't think MLOptic has the makings of a multi-bagger.
總而言之,我們發現MLOptic正在對該業務進行再投資,但回報率一直在下降。由於該股去年下跌了49%,因此投資者對這一趨勢的改善可能也不太樂觀。因此,根據本文中的分析,我們認爲mLOptic不具備多袋機的優勢。
One more thing to note, we've identified 2 warning signs with MLOptic and understanding them should be part of your investment process.
還有一件事需要注意,我們已經確定了mLOptic的兩個警告信號,並了解它們應該是您投資過程的一部分。
While MLOptic 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MLOptic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。