Here's What's Concerning About Medlive Technology's (HKG:2192) Returns On Capital
Here's What's Concerning About Medlive Technology's (HKG:2192) Returns On Capital
0.014 = CN¥65m ÷ (CN¥4.9b - CN¥190m) Did you know there are some financial metrics that can provide clues of a potential 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. However, after investigating Medlive Technology (HKG:2192), we don't think it's current trends fit the mold of a multi-bagger.
你知道嗎，一些財務指標可以提供潛在的幾倍回報的線索？在一個完美的世界裏，我們希望看到一家公司投資更多資本到業務，理想情況下，從該資本獲得的回報也在增加。簡而言之，這些類型的企業是不斷複合的機器，意味着它們以越來越高的回報率不斷地重新投資他們的收入。然而，當我們調查Medlive Technology (HKG:2192)後，我們認爲其當前的趨勢不符合幾倍回報的標準。
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. To calculate this metric for Medlive Technology, this is the formula:
如果您之前沒有接觸過ROCE，它是衡量一家公司從其業務所使用的資本中產生的“回報”（稅前利潤）的指標。要計算Medlive Technology的這個指標，應使用以下公式：
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。
0.014 = CN¥65m ÷ (CN¥4.9b - CN¥190m) (Based on the trailing twelve months to December 2023).
0.014 = CN¥6500萬 ÷ (CN¥49億 - CN¥190m) (基於過去12個月至2023年12月的數據)。
Thus, Medlive Technology has an ROCE of 1.4%. In absolute terms, that's a low return and it also under-performs the Healthcare Services industry average of 9.7%.
因此，Medlive Technology的ROCE爲1.4%。絕對來說，這是一個較低的回報率，並且表現也不如醫療服務行業的平均水平（9.7%）。
In the above chart we have measured Medlive 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 Medlive Technology .
在上圖中，我們測量了Medlive Technology的以前ROCE與其以前的表現相比，但未來顯然更重要。如果您想了解分析師未來的預測，請查看我們免費的Medlive Technology分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
When we looked at the ROCE trend at Medlive Technology, we didn't gain much confidence. Around five years ago the returns on capital were 41%, but since then they've fallen to 1.4%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們查看Medlive Technology的ROCE趨勢時，我們沒有獲得太多信心。大約五年前，資本回報率爲41%，但自那以後，它們已經下降到1.4%。雖然，鑑於營業收入和資產的數量都有所增加，這可能表明公司正在進行增長投資，並且額外的資金導致了短期的ROCE下降。而如果增加的資本能夠產生額外的回報，業務，以及股東，會在長期中受益。
On a related note, Medlive Technology has decreased its current liabilities to 3.9% of total assets. So we could link some of this to the decrease in ROCE. 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
值得注意的是，Medlive Technology已經將其流動負債減少到總資產的3.9%。因此，我們可以將其中的一些原因與ROCE的下降聯繫起來。更重要的是，這可以降低一些與業務風險相關的方面，因爲現在公司的供應商或短期債權人在資助其業務方面的比例更低了。由於企業基本上是用自己的資金來更多地資助其運營，因此可以認爲其在產生ROCE方面並不那麼有效率。
The Bottom Line On Medlive Technology's ROCE
Medlive Technology的ROCE底線
In summary, despite lower returns in the short term, we're encouraged to see that Medlive Technology is reinvesting for growth and has higher sales as a result. Despite these promising trends, the stock has collapsed 75% over the last three years, so there could be other factors hurting the company's prospects. Therefore, we'd suggest researching the stock further to uncover more about the business.
總之，儘管短期回報較低，我們還是很高興看到Medlive Technology正在進行再投資以推動業務增長，並因此獲得更高的銷售額。儘管這些有望增長的趨勢，但該股票在過去三年中下跌了75%，因此可能還有其他因素影響該公司的前景。因此，我們建議進一步研究該股票以了解更多有關該業務的信息。
Medlive Technology does have some risks, we noticed 3 warning signs (and 2 which don't sit too well with us) we think you should know about.
Medlive Technology確實存在一些風險，我們發現了3個警告標誌（以及2個使我們不太滿意的標誌），我們認爲您應該了解。
While Medlive Technology 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Medlive Technology並不獲得最高回報，但是請查看此具有堅實資產負債表的公司高回報率的免費列表。
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。
