Beauty Farm Medical and Health Industry (HKG:2373) Will Want To Turn Around Its Return Trends
Beauty Farm Medical and Health Industry (HKG:2373) Will Want To Turn Around Its Return Trends
There are a few key trends to look for if we want to identify the next multi-bagger. 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. So when we looked at Beauty Farm Medical and Health Industry (HKG:2373), they do have a high ROCE, but we weren't exactly elated from how returns are trending.
如果我們想找到下一個多倍者,需要關注一些關鍵趨勢。在一個完美的世界裏,我們希望看到一家公司把更多的資本投入到其業務中,理想情況下,從這些資本中獲得的回報也在增加。簡單地說,這些類型的企業是複利機器,這意味着他們不斷地以越來越高的回報率不斷地再投資他們的盈利。因此,當我們看到了美健醫療保健行業(HKG:2373)時,他們確實擁有較高的ROCE,但我們並不滿意回報的趨勢。
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。
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 Beauty Farm Medical and Health Industry is:
如果您之前沒有接觸過ROCE,ROCE量度一家公司從其業務中使用的資本所創造的“回報”(稅前利潤)。該計算公式對於 Beauty Farm Medical and Health Industry 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。
0.22 = CN¥269m ÷ (CN¥3.3b - CN¥2.1b) (Based on the trailing twelve months to December 2023).
0.22 = CN¥26900萬 ÷ (CN¥33億 - CN¥2.1b) (基於截至2023年12月的過去12個月)。
So, Beauty Farm Medical and Health Industry has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此,美健醫療保健行業的ROCE爲22%。這是一個很棒的回報,而且不僅如此,它還超過了類似行業公司所賺取的平均回報12%。
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Above you can see how the current ROCE for Beauty Farm Medical and Health Industry compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Beauty Farm Medical and Health Industry .
您可以看到上面比較了美健醫療保健行業當前ROCE與其過去的資本回報,但是從過去的歷史數據無法得出太多結論。如果您有興趣,可以查看我們的免費分析師報告,了解美健醫療保健行業的分析師預測。
What Does the ROCE Trend For Beauty Farm Medical and Health Industry Tell Us?
美健醫療保健行業的ROCE趨勢告訴我們什麼?
When we looked at the ROCE trend at Beauty Farm Medical and Health Industry, we didn't gain much confidence. To be more specific, while the ROCE is still high, it's fallen from 41% where it was four 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.
當我們觀察美健醫療保健行業的ROCE趨勢時,並沒有給我們帶來太多信心。更具體地說,儘管ROCE仍然很高,但它跌到了四年前的41%。然而,考慮到資本和營業收入都在增長,它似乎正在追求未來的成長,因此短期回報有所犧牲。如果增加的資本帶來了更多的回報,則該企業以及股東將從中受益。另外,美健醫療保健行業償還了其目前負債總額的62%,這可以部分解釋爲什麼ROCE下降了。此外,這也可以降低公司供應商或短期債權人資助其運營的風險。一些人會認爲這降低了企業產生ROCE的效率,因爲它現在正在用自己的資本來資助其更多的業務。但是請記住,62%仍然相當高,因此這些風險仍然存在。
On a side note, Beauty Farm Medical and Health Industry has done well to pay down its current liabilities to 62% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Keep in mind 62% is still pretty high, so those risks are still somewhat prevalent.
雖然短期內投資回報率下降,但我們發現美健醫療保健行業的營業收入和資本投入都有所增長是值得期待的。儘管如此,這些增長趨勢並沒有帶來更多的回報,因爲該股票在過去一年中下跌了18%。因此,我們認爲,鑑於這些趨勢看起來令人鼓舞,繼續深入研究該股票是值得的。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Beauty Farm Medical and Health Industry. These growth trends haven't led to growth returns though, since the stock has fallen 18% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
美健醫療保健行業的營業收入和資本投入都有所增長,儘管短期內投資回報率有所下降。這些增長趨勢尚未帶來更多的回報,因爲該股票在過去一年中下跌了18%。因此,我們認爲,鑑於這些趨勢看起來令人鼓舞,繼續深入研究該股票是值得的。
Beauty Farm Medical and Health Industry could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for 2373 on our platform quite valuable.
Beauty Farm Medical and Health Industry在其他方面可能正在以有吸引力的價格交易,因此您可能會發現我們平台上對2373的自由內在價值估計非常有價值。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素,因此請查看我們的免費股票列表,其中列出了盈利能力強、資產負債表堅實的股票。
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。