Streamax Technology (SZSE:002970) Could Be Struggling To Allocate Capital
Streamax Technology (SZSE:002970) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Streamax Technology (SZSE:002970) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您想找一隻長期回報倍增的股票,您應該關注哪些趨勢?在完美的世界裏,我們希望看到公司投入更多資本到其業務中,最好的情況是這些資本回報率也在不斷提高。簡單來說,這些類型的企業是複合機器,這意味着它們在不斷地以越來越高的回報率再投資其收益。然而,經過簡短的數字分析後,我們並不認爲銳明技術股票(SZSE:002970)未來可能成爲多倍增長者的標誌,但讓我們看看爲什麼。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
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. To calculate this metric for Streamax Technology, this is the formula:
對於那些不知道ROCE是什麼的人,ROCE是一個公司每年的利潤(其回報)與在業務中所使用的資本相對應的衡量標準。爲了計算這個指標,我們使用以下公式來計算Streamax Technology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。
0.066 = CN¥104m ÷ (CN¥2.5b - CN¥979m) (Based on the trailing twelve months to March 2024).
0.066 = CN¥10400萬 ÷ (CN¥25億 - CN¥979m)(基於截至2024年3月的過去十二個月)
Therefore, Streamax Technology has an ROCE of 6.6%. Even though it's in line with the industry average of 6.9%, it's still a low return by itself.
因此,銳明技術的ROCE爲6.6%。儘管其與行業平均水平6.9%處於同一水平線上,但從其自身來看,這仍是一個較低的回報率。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-af7a8e16e50d6fb8c48e8c9cdbdcd3e9-0-202ebd7a188e8d1191ab6a53a200c6ff.png/big)
In the above chart we have measured Streamax Technology'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 Streamax Technology .
在上圖中,我們測量了Streamax Technology之前的ROCE與其之前業績的對比情況,但未來可能更爲重要。如果您想了解分析師們未來的預測,您應該查看我們爲Streamax Technology提供的免費分析師報告。
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 Streamax Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 32% over the last five years. 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.
就銳明技術的歷史ROCE變動而言,趨勢並不理想。具體而言,ROCE在過去五年中已經下降了32%。然而,鑑於使用的資本和營業收入都在增加,看起來該企業目前正在追求增長,但會犧牲短期回報。如果增加的資本產生額外的回報,長遠來看,企業和股東將從中受益。
The Bottom Line On Streamax Technology's ROCE
關於銳明技術的ROCE的底線
In summary, despite lower returns in the short term, we're encouraged to see that Streamax Technology 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 1.6% gain to shareholders who've held over the last three years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總的來說,儘管短期回報較低,我們仍然看好銳明技術爲增長而進行再投資,並因此擁有更高的收入。這些趨勢正在被投資者所認可,因爲股票在過去三年中爲持股人帶來了1.6%的收益。因此,我們建議進一步研究該股票,以確定其是否有良好的投資價值。
Like most companies, Streamax Technology 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,銳明技術也存在風險,我們發現了1個警告信號,您應該注意。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。