Capital Allocation Trends At Shandong Mining Machinery Group (SZSE:002526) Aren't Ideal
Capital Allocation Trends At Shandong Mining Machinery Group (SZSE:002526) Aren't Ideal
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Having said that, from a first glance at Shandong Mining Machinery Group (SZSE:002526) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一個multi-bagger,有一些事情要注意。理想情況下,一家公司會顯示兩個趨勢; 首先是不斷增長的資本投入。如果你看到這一點,通常意味着這是一家擁有出色商業模式和大量盈利再投資機會的公司。因此,在這一點上,電科網安(深圳證券交易所:002268)在資本回報趨勢方面似乎相當有前途。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。簡言之,這些類型的企業是複利機器,意味着他們不斷地以更高的回報率再投資自己的收益。話雖如此,首先看山東礦機集團(SZSE:002526)的回報率走勢並未讓我們驚喜,但讓我們深入了解一下。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Shandong Mining Machinery Group:
如果您不確定,ROCE是用於評估公司在其業務中投資的資本所獲得的稅前收入數量(以百分比計)。分析師利用這個公式計算山東礦機集團的ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.058 = CN¥181m ÷ (CN¥5.0b - CN¥1.9b) (Based on the trailing twelve months to March 2024).
0.058 = 1.81億÷(50億-19億)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
Thus, Shandong Mining Machinery Group has an ROCE of 5.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.6%.
因此,山東礦機集團的ROCE爲5.8%。這單獨來看,是一個低迴報率,但它符合行業平均回報率5.6%。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Shandong Mining Machinery Group's ROCE against it's prior returns. If you'd like to look at how Shandong Mining Machinery Group has performed in the past in other metrics, you can view this free graph of Shandong Mining Machinery Group's past earnings, revenue and cash flow.
歷史業績是研究一支股票的好起點,因此您可以看到山東礦機集團的ROCE相對於其先前回報的表現。如果您想查看山東礦機集團在其他指標上過去的表現,則可以查看這份免費的山東礦機集團過去盈利、營業收入和現金流的圖表。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
In terms of Shandong Mining Machinery Group's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 5.8% from 8.9% five years ago. 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.
在山東礦機集團歷史ROCE的變化中,這種趨勢並不理想。在過去五年中,資本回報率從五年前的8.9%下降到5.8%。然而,鑑於僱用資本和營業收入都增加了,似乎業務當前正在追求增長,以短期回報爲代價。如果增加的資本帶來額外的回報,業務和股東將從中受益。
On a side note, Shandong Mining Machinery Group's current liabilities have increased over the last five years to 38% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
順便說一句,山東礦機集團的流動負債在過去五年中增加到總資產的38%,有效地扭曲了ROCE。如果流動負債沒有增加那麼多,ROCE實際上可能會更低。請注意這個比率,因爲如果這個指標過高,該業務可能會遇到一些新的風險。
What We Can Learn From Shandong Mining Machinery Group's ROCE
我們可以從山東礦機集團的ROCE中學到什麼
In summary, despite lower returns in the short term, we're encouraged to see that Shandong Mining Machinery Group is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 19% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總之,儘管短期回報率較低,但我們鼓勵看到山東礦機集團正在爲增長再投資並獲得更高的銷售業績。這些趨勢已經被投資者所認可,因爲該股票已經在過去五年爲持有股票的股東提供了19%的回報。因此,我們建議進一步了解這個股票是否具備良好的投資品質。
Shandong Mining Machinery Group does come with some risks though, we found 4 warning signs in our investment analysis, and 2 of those are concerning...
山東礦機集團確實帶有一些風險,我們在投資分析中發現了4個警示信號,其中兩個令人擔憂...
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.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。