MH Robot & Automation (SZSE:301199) Could Be Struggling To Allocate Capital
MH Robot & Automation (SZSE:301199) Could Be Struggling To Allocate Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at MH Robot & Automation (SZSE:301199), it didn't seem to tick all of these boxes.
要找到一個具有潛力大幅增長的業務不容易,但如果我們觀察一些關鍵的財務指標,仍有可能。通常,我們將尋找不斷增長的資本利用率回報率(ROCE)和在此基礎之上,不斷擴大的資本利用率基礎的趨勢。簡而言之,這些類型的企業是複合機器,這意味着他們在利潤率不斷提高的情況下不斷地重新投資他們的收益。儘管如此,當我們研究了MH Robot & Automation(SZSE:301199)時,它似乎沒有完全符合這些條件。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)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. Analysts use this formula to calculate it for MH Robot & Automation:
對於那些不確定什麼是ROCE的人,它衡量公司從其業務的資本利用率中可以產生多少稅前利潤。分析師使用這個公式來計算MH Robot & Automation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。
0.016 = CN¥29m ÷ (CN¥3.2b - CN¥1.3b) (Based on the trailing twelve months to March 2024).
0.016=CN¥ 2,900萬÷(CN¥ 32億 - CN¥ 1.3b)(基於截至2024年3月的過去十二個月)。因此,MH Robot & Automation 的 ROCE 爲1.6%。就絕對值而言,這是一個低迴報,而且它的回報也低於機械行業平均水平5.6%。
Therefore, MH Robot & Automation has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 5.6%.
SZSE:301199 Return on Capital Employed July 16th 2024
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Historical performance is a great place to start when researching a stock so above you can see the gauge for MH Robot & Automation's ROCE against it's prior returns. If you'd like to look at how MH Robot & Automation has performed in the past in other metrics, you can view this free graph of MH Robot & Automation's past earnings, revenue and cash flow.
就 MH Robot & Automation 的歷史 ROCE 走勢而言,趨勢並不理想。更具體地說,ROCE 在過去五年中從14%下降到了現在的水平。然而,鑑於資本利用率和營收均有所增加,目前看來該企業正在追求增長,因短期回報而受到影響。如果增加的資本產生了額外的回報,那麼企業以及股東就會從中受益。
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 MH Robot & Automation's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 14% 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.
在MH Robot & Automation的歷史ROCE走勢方面,趨勢並不太好。 更具體地說,ROCE在過去五年中從14%下降。 然而,考慮到資本使用和營業收入都在增加,似乎當前業務正在追求增長,但這會犧牲短期回報。 如果增加的資本產生額外的回報,那麼業務及其股東將在長期受益。
On a separate but related note, it's important to know that MH Robot & Automation has a current liabilities to total assets ratio of 42%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
我們對 MH Robot & Automation 的 ROCE 的看法:儘管短期回報率下降,但我們發現 MH Robot & Automation 的營收和資本利用率均有所增加,這是一個有希望的跡象。但是,儘管走勢看起來令人鼓舞,股票在過去一年中下跌了14%,因此敏銳的投資者可能會在這裏看到機會。因此,我們認爲進一步了解這支股票的趨勢是值得的。
Our Take On MH Robot & Automation's ROCE
如果您想知道 MH Robot & Automation 面臨的風險,我們已經發現了3個警告信號(其中1個可能非常嚴重!)在投資這裏之前您應該意識到。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for MH Robot & Automation. However, despite the promising trends, the stock has fallen 14% over the last year, so there might be an opportunity here for astute investors. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管資本回報率短期下降,我們仍然發現 MH Robot & Automation 的營收和資本投入均有所增加,這是一個有希望的跡象。然而,儘管趨勢令人鼓舞,該股在過去一年中下跌了14%,因此敏銳的投資者可能會在這裏看到機會。因此,我們認爲了解這支股票的趨勢進一步是值得的。
If you want to know some of the risks facing MH Robot & Automation we've found 3 warning signs (1 is potentially serious!) that you should be aware of before investing here.
如果您想知道 MH Robot & Automation 面臨的風險,我們已經發現了3個警告信號(其中1個可能非常嚴重!)在投資這裏之前您應該意識到。
While MH Robot & Automation isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然 MH Robot & Automation 的回報率不是最高的,但是請查看 earning high returns on equity with solid balance sheets 的這個免費名單中的公司,這些公司擁有可靠的財務狀況。
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。