Investors Will Want Piotech's (SHSE:688072) Growth In ROCE To Persist
Investors Will Want Piotech's (SHSE:688072) Growth In ROCE To Persist
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Piotech (SHSE:688072) and its trend of ROCE, we really liked what we saw.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。因此,當我們研究Piotech(上海證券交易所代碼:688072)及其投資回報率趨勢時,我們真的很喜歡我們所看到的。
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 Piotech 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。在 Piotech 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)
0.13 = CN¥731m ÷ (CN¥8.8b - CN¥3.3b) (Based on the trailing twelve months to December 2023).
0.13 = 7.31億元人民幣 ÷(8.8億元人民幣-3.3億元人民幣) (基於截至2023年12月的過去十二個月)。
Thus, Piotech has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 5.1% generated by the Semiconductor industry.
因此,Piotech的投資回報率爲13%。就其本身而言,這是標準回報,但要比半導體行業產生的5.1%好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240415/0-07a21732ad77eb0af1ae40e3e3807b56-0-abf4e0fd222a4d564b96eb61f43a05fd.png/big)
In the above chart we have measured Piotech's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Piotech .
在上圖中,我們將Piotech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。如果您有興趣,可以在我們的免費Piotech分析師報告中查看分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
We're delighted to see that Piotech is reaping rewards from its investments and is now generating some pre-tax profits. Shareholders would no doubt be pleased with this because the business was loss-making four years ago but is is now generating 13% on its capital. Not only that, but the company is utilizing 548% more capital than before, but that's to be expected from a company trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
我們很高興看到Piotech正在從其投資中獲得回報,現在正在產生一些稅前利潤。毫無疑問,股東們會對此感到滿意,因爲該企業在四年前虧損,但現在的資本收益爲13%。不僅如此,該公司使用的資本比以前增加了548%,對於一家試圖實現盈利的公司來說,這是意料之中的。我們喜歡這種趨勢,因爲它告訴我們公司有有利可圖的再投資機會,如果這種趨勢繼續向前發展,則可能帶來多重業績。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 38% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
順便說一句,我們注意到,投資回報率的改善似乎部分是由流動負債的增加推動的。流動負債已增加到總資產的38%,因此該業務現在更多地由供應商或短期債權人等機構提供資金。值得關注這個問題,因爲隨着流動負債佔總資產的百分比的增加,風險的某些方面也會增加。
The Key Takeaway
關鍵要點
To the delight of most shareholders, Piotech has now broken into profitability. And since the stock has fallen 41% over the last year, there might be an opportunity here. With that in mind, we believe the promising trends warrant this stock for further investigation.
令大多數股東高興的是,Piotech現已實現盈利。而且,由於該股在去年下跌了41%,因此這裏可能有機會。考慮到這一點,我們認爲前景樂觀的趨勢值得對該股進行進一步調查。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for 688072 that compares the share price and estimated value.
但是,在得出任何結論之前,我們需要知道當前股價將獲得什麼價值。在這裏,您可以查看我們對688072的免費內在價值估算,其中比較了股價和估計價值。
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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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。