Returns On Capital At Far East Smarter Energy (SHSE:600869) Have Hit The Brakes
Returns On Capital At Far East Smarter Energy (SHSE:600869) Have Hit The Brakes
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at Far East Smarter Energy (SHSE:600869) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一支多倍股，我們應該在一個業務中看到什麼樣的趨勢？典型情況下，我們希望注意有逐漸增長的資本回報率(ROCE)趨勢，並伴隨着越來越多的資本投入基礎。這基本上意味着公司有盈利倡議，可以繼續投資，這是一個複合機器的特點。話雖如此，第一眼看遠東智能能源(SHSE:600869)，我們對回報率的趨勢並不十分滿意，但讓我們深入研究一下。
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. To calculate this metric for Far East Smarter Energy, this is the formula:
如果您以前沒有使用過ROCE，那麼它是一種衡量政府資本投入到業務中的回報率(稅前利潤)的方式。要計算遠東智能能源的這一指標，可以使用以下公式：
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。
0.08 = CN¥515m ÷ (CN¥21b - CN¥15b) (Based on the trailing twelve months to March 2024).
0.08 = CN¥51500萬 ÷ (CN¥210億 - CN¥15b) (基於截至2024年3月的最近12個月)。
So, Far East Smarter Energy has an ROCE of 8.0%. In absolute terms, that's a low return, but it's much better than the Electrical industry average of 6.0%.
因此，遠東智能能源的ROCE爲8.0%。從絕對值上看，這是一個低迴報率，但它比電氣行業的平均水平6.0%要好得多。
In the above chart we have measured Far East Smarter Energy's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Far East Smarter Energy .
在上面的圖表中，我們已經將遠東智能能源之前的ROCE與其之前的表現進行了比較，但未來可能更爲重要。如果您感興趣，可以在我們的遠東智能能源免費分析師報告中查看分析師的預測。
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。
Over the past five years, Far East Smarter Energy's ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So don't be surprised if Far East Smarter Energy doesn't end up being a multi-bagger in a few years time.
在過去的五年中，遠東智能能源的ROCE和資本投入基本保持不變。當觀察一個成熟和穩定的企業沒有再投資其利潤，因爲它已經過了這個業務週期的階段，這是很常見的。因此，如果遠東智能能源在未來幾年內沒有成爲多倍股，也不要感到驚訝。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 69% of total assets, this reported ROCE would probably be less than8.0% because total capital employed would be higher.The 8.0% ROCE could be even lower if current liabilities weren't 69% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
還有一點要注意，我們發現公司在過去五年中增加了流動負債。這是令人感興趣的，因爲如果流動負債沒有增加到總資產的69%，報告的ROCE可能會低於8.0%，因爲資本總額會更高。如果流動負債不佔總資產的69%，則8.0%的ROCE可能會更低，因爲公式將顯示更大的總資本。此外，這種高水平的流動負債並不理想，因爲這意味着公司的供應商(或短期債權人)實際上資助了公司的大部分業務。
What We Can Learn From Far East Smarter Energy's ROCE
我們可以從遠東智能能源的ROCE中了解到什麼?
In a nutshell, Far East Smarter Energy has been trudging along with the same returns from the same amount of capital over the last five years. Since the stock has declined 20% over the last five years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
簡而言之，遠東智能能源在過去五年中一直以相同數量的資本獲得相同的回報。由於股票在過去五年中下跌了20%，投資者對這種趨勢的改善可能並不太樂觀。總的來說，這些內在趨勢並不是多倍股所典型的，因此如果您想要多倍股，我們認爲您可能會在其他地方獲得更多的運氣。
One final note, you should learn about the 5 warning signs we've spotted with Far East Smarter Energy (including 1 which doesn't sit too well with us) .
最後，您應該了解我們發現的遠東智能能源5個警告信號之一(包括1個對我們來說不太好的信號)。
While Far East Smarter Energy isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然遠東智能能源的回報率並不是最高的，但請查看這個免費公司列表，這些公司的股權回報率高，財務狀況堅實。
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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。