Return Trends At TKD Science and TechnologyLtd (SHSE:603738) Aren't Appealing
Return Trends At TKD Science and TechnologyLtd (SHSE:603738) Aren't Appealing
There are a few key trends to look for if we want to identify the next multi-bagger. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating TKD Science and TechnologyLtd (SHSE:603738), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要找到下一隻難得的股票,有幾個關鍵趨勢需要留意,包括兩個方面:首先,資本運營回報率(ROCE)的增長,其次,公司資本運營規模的擴大。這表明它是一臺複利機器,能夠不斷地將收益再投資到業務中,併產生更高的回報。然而,經過調查科大訊飛(SHSE:603738),我們認爲它當前的趨勢不符合多倍增長的特點。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on TKD Science and TechnologyLtd is:
如果你以前沒有接觸過ROCE,它是衡量公司在業務中運用的資本所產生的‘回報’(稅前利潤)的指標。在TKD科技(SHSE:603738)的計算公式爲:
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。
0.043 = CN¥80m ÷ (CN¥2.0b - CN¥163m) (Based on the trailing twelve months to March 2024).
0.043 = 8000萬元 ÷ (20億 - 1.63億)(截至2024年3月的過去十二個月)。
Thus, TKD Science and TechnologyLtd has an ROCE of 4.3%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
這樣,TKD科技的ROCE爲4.3%。最終,這是一個較低的回報率,低於電氣行業的平均水平6.0%。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for TKD Science and TechnologyLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of TKD Science and TechnologyLtd.
研究股票時,歷史表現是一個很好的起點,因此您可以看到TKD科技的ROCE與以前的回報對比。如果您想深入了解歷史收益,請查看這些免費圖表,詳細說明TKD科技的營業收入和現金流表現。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
In terms of TKD Science and TechnologyLtd's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 4.3% and the business has deployed 105% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就TKD科技的歷史ROCE趨勢而言,它並沒有引人注目。在過去的五年中,ROCE保持相對穩定,在4.3%左右,企業將多達105%的資本投入到了運營中。這種低迴報率現在並不鼓舞人心,而且隨着投入資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 8.1% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
還有一件事需要注意:儘管過去五年ROCE保持相對穩定,但將流動負債降至總資產的8.1%,從業主的角度來看,這是個好現象。這可以消除一些運營中存在的風險,因爲企業的未償債務比以前少。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
As we've seen above, TKD Science and TechnologyLtd's returns on capital haven't increased but it is reinvesting in the business. Since the stock has gained an impressive 51% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
正如我們上面所看到的,TKD科技的資本回報率並沒有增加,但它正在重投資業務中。由於股票在過去五年中已經漲了51%,投資者肯定認爲更好的事情即將到來。然而,除非這些潛在趨勢變得更加積極,否則我們不會抬高期望。
If you want to continue researching TKD Science and TechnologyLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究TKD科技,您可能會對我們的分析發現的1個警告信號感興趣。
While TKD Science and TechnologyLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然TKD科技目前的回報率並不是最高的,但我們已經編制了一份超過25%回報率的公司名單。 在這裏查看這個免費列表。
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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?關注內容?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
對本文有反饋? 對內容感到擔憂? 請直接與我們聯繫。 或者,發送電子郵件至editorial-team@simplywallst.com。