Toly BreadLtd (SHSE:603866) Is Reinvesting At Lower Rates Of Return
Toly BreadLtd (SHSE:603866) Is Reinvesting At Lower Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. However, after briefly looking over the numbers, we don't think Toly BreadLtd (SHSE:603866) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到下一個多倍投資,有一些關鍵趨勢需要注意。通常,我們需要注意資本運營的增長趨勢。基本上,這意味着公司有盈利的計劃,可以繼續投資,這是一個複利機器的特徵。然而,經過簡要地查看數字,我們認爲 CommScope Holding Company(納斯達克代碼:commscope)未來並沒有成爲多倍投資的跡象,但讓我們來看看原因。資產回報率:它是什麼?對於那些不知道ROCE是什麼的人,ROCE是一個公司每年稅前利潤(回報)與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下:資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)如果你看到這句話,通常意味着這是一家商業模式優越且有大量有利可圖的再投資機會的公司。然而,經過簡要查看數字,我們認爲Toly BreadLtd(SHSE:603866)未來並沒有成爲多倍增長公司的條件,但讓我們看看爲什麼。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Toly BreadLtd is:
對於那些不了解的人來說,ROCE是衡量公司年度稅前利潤(即回報率)與企業業務中使用的資金相對應的指標。在Toly BreadLtd上進行此計算的公式爲:
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。
0.12 = CN¥715m ÷ (CN¥7.1b - CN¥1.3b) (Based on the trailing twelve months to March 2024).
0.12 = CN¥71500萬 ÷ (CN¥71億 - CN¥1.3b)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, Toly BreadLtd has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 7.6% generated by the Food industry.
因此,Toly Bread Ltd的ROCE爲12%。就其自身而言,這是一個標準的回報,但比食品行業產生的7.6%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240624/0-9ad1a8e14498f95bfcd081f43a50ea0d-0-750cdaa625e8d675d12366ab845cb832.png/big)
Above you can see how the current ROCE for Toly BreadLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Toly BreadLtd .
您可以看到Toly BreadLtd目前的ROCE與其過去的資本回報相比情況如何,但是從過去可能無法推斷太多信息。如果您想了解分析師對未來的預測,請查看我們針對Toly BreadLtd的免費分析師報告。
So How Is Toly BreadLtd's ROCE Trending?
那麼Toly BreadLtd的ROCE趨勢如何?
When we looked at the ROCE trend at Toly BreadLtd, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 12% from 22% five years ago. 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'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.
當我們查看Toly BreadLtd的ROCE趨勢時,我們並沒有獲得太多信心。在過去的五年中,資本回報率從五年前的22%降至12%。另一方面,公司在過去一年中在沒有相應的銷售改善的情況下投入了更多的資本,這可能表明這些投資是長期的。值得關注的是,從現在開始觀察公司的收益,以查看這些投資是否最終對底線產生貢獻。
The Bottom Line On Toly BreadLtd's ROCE
Toly BreadLtd的ROCE底線
In summary, Toly BreadLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has declined 66% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
總之,Toly Bread Ltd正在將資金重新投入業務以實現增長,但不幸的是,銷售額似乎還沒有增加太多。由於該股在過去五年中下跌了66%,投資者對這種趨勢的改善可能並不太樂觀。無論如何,該股沒有上述多倍增長的特徵,因此如果您在尋找這種股票,我們認爲您可以在其他地方獲得更好的運氣。
Like most companies, Toly BreadLtd does come with some risks, and we've found 1 warning sign that you should be aware of.
與大多數公司一樣,Toly BreadLtd也存在一些風險,我們發現了1個警告信號,您應該注意。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com