GalaxyCore (SHSE:688728) Might Be Having Difficulty Using Its Capital Effectively
GalaxyCore (SHSE:688728) Might Be Having Difficulty Using Its Capital Effectively
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. However, after briefly looking over the numbers, we don't think GalaxyCore (SHSE:688728) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在尋找下一款多袋裝機時不確定從哪裏開始,那麼你應該注意一些關鍵趨勢。一種常見的方法是嘗試尋找一家動用資本回報率(ROCE)不斷增加且所用資本不斷增加的公司。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在簡短地查看了這些數字之後,我們認爲GalaxyCore(SHSE: 688728)在未來不具備多口袋玩家的實力,但讓我們來看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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 GalaxyCore:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。分析師使用這個公式來計算 GalaxyCore 的金額:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.017 = CN¥238m ÷ (CN¥22b - CN¥8.0b) (Based on the trailing twelve months to June 2024).
0.017 = 23800萬元人民幣 ÷(220元人民幣-8.0億元人民幣)(基於截至2024年6月的過去十二個月)。
Therefore, GalaxyCore has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.6%.
因此,GalaxyCore的投資回報率爲1.7%。歸根結底,這是一個低迴報,其表現低於半導體行業4.6%的平均水平。
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Above you can see how the current ROCE for GalaxyCore compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for GalaxyCore .
在上面你可以看到GalaxyCore當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們爲GalaxyCore提供的免費分析師報告。
How Are Returns Trending?
退貨趨勢如何?
On the surface, the trend of ROCE at GalaxyCore doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.7% from 33% five years ago. 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. If these investments prove successful, this can bode very well for long term stock performance.
從表面上看,GalaxyCore的投資回報率趨勢並不能激發信心。在過去五年中,資本回報率從五年前的33%下降到1.7%。儘管考慮到該業務的收入和資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了投資回報率的短期下降。如果這些投資被證明是成功的,這對長期股票表現來說是個好兆頭。
On a side note, GalaxyCore has done well to pay down its current liabilities to 37% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
順便說一句,GalaxyCore在將其流動負債償還至總資產的37%方面做得很好。這可以部分解釋投資回報率下降的原因。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。由於該企業基本上是用自己的資金爲其運營提供更多資金,因此您可能會爭辯說,這降低了企業產生投資回報率的效率。
Our Take On GalaxyCore's ROCE
我們對 GalaxyCore 投資回報率的看法
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for GalaxyCore. But since the stock has dived 71% in the last three years, there could be other drivers that are influencing the business' outlook. Regardless, reinvestment can pay off in the long run, so we think astute investors may want to look further into this stock.
儘管短期內資本回報率有所下降,但我們認爲有希望的是,GalaxyCore的收入和使用的資本均有所增加。但是,由於該股在過去三年中下跌了71%,因此可能還有其他驅動因素正在影響該業務的前景。無論如何,從長遠來看,再投資可以獲得回報,因此我們認爲精明的投資者可能希望進一步研究這隻股票。
One final note, you should learn about the 2 warning signs we've spotted with GalaxyCore (including 1 which is a bit unpleasant) .
最後一點是,你應該了解我們在GalaxyCore中發現的2個警告信號(包括一個有點不愉快的警告信號)。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。