Be Wary Of Peric Special Gases (SHSE:688146) And Its Returns On Capital
Be Wary Of Peric Special Gases (SHSE:688146) And Its 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. 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Peric Special Gases (SHSE:688146), we don't think it's current trends fit the mold of a multi-bagger.
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。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。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。但是,在研究了Peric特殊氣體(SHSE: 688146)之後,我們認爲其當前的趨勢不符合多袋機的模式。
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. The formula for this calculation on Peric Special Gases is:
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。在 Peric 特殊氣體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)
0.059 = CN¥331m ÷ (CN¥5.9b - CN¥323m) (Based on the trailing twelve months to March 2024).
0.059 = 3.31億元人民幣 ÷(59億元人民幣-3.23億元人民幣) (基於截至2024年3月的過去十二個月)。
Therefore, Peric Special Gases has an ROCE of 5.9%. Even though it's in line with the industry average of 5.8%, it's still a low return by itself.
因此,Peric特殊氣體的投資回報率爲5.9%。儘管它與行業平均水平的5.8%一致,但其本身的回報率仍然很低。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240422/0-7a3bc2b587208ec2d1f2de9727bd18e0-0-fed165a7f2b518b4203c3b9618b92679.png/big)
In the above chart we have measured Peric Special Gases' 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 Peric Special Gases .
在上圖中,我們將Peric Special Gases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Peric特殊氣體分析師報告中查看分析師的預測。
What Can We Tell From Peric Special Gases' ROCE Trend?
我們可以從Peric Special Gases的投資回報率趨勢中得出什麼?
On the surface, the trend of ROCE at Peric Special Gases doesn't inspire confidence. Around four years ago the returns on capital were 11%, but since then they've fallen to 5.9%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
從表面上看,Peric Special Gases的投資回報率趨勢並不能激發信心。大約四年前,資本回報率爲11%,但此後已降至5.9%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。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 related note, Peric Special Gases has decreased its current liabilities to 5.4% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,Peric特殊氣體已將其流動負債減少至總資產的5.4%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報率的效率,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 Bottom Line
底線
In summary, we're somewhat concerned by Peric Special Gases' diminishing returns on increasing amounts of capital. Long term shareholders who've owned the stock over the last year have experienced a 44% depreciation in their investment, so it appears the market might not like these trends either. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總而言之,我們對Peric Special Gases隨着資本金額的增加而產生的回報減少感到有些擔憂。去年持有該股的長期股東的投資貶值了44%,因此看來市場可能也不喜歡這些趨勢。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。
On a final note, we've found 1 warning sign for Peric Special Gases that we think you should be aware of.
最後,我們發現了一個Peric特殊氣體的警告信號,我們認爲您應該注意這一點。
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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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。