We Like These Underlying Return On Capital Trends At Piotech (SHSE:688072)
We Like These Underlying Return On Capital Trends At Piotech (SHSE:688072)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Speaking of which, we noticed some great changes in Piotech's (SHSE:688072) returns on capital, so let's have a look.
如果我們想要找到下一個暴漲的股票,有一些關鍵趨勢需要留意。通常來說,我們需要注意資本運作回報率(ROCE)不斷增長的趨勢,同時伴隨着資本運作基數的擴大。基本上這意味着公司有盈利的舉措可以繼續投資,這是一個複利機器的特徵。說到這一點,我們注意到Piotech(SHSE:688072)的資本回報率有一些很大的變化,讓我們來看看。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Piotech, this is the formula:
如果您不確定的話,ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比表示)的指標。要爲Piotech計算這個指標,這是公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.03 = CN¥239m ÷ (CN¥13b - CN¥5.3b) (Based on the trailing twelve months to September 2024).
0.03 = 23900萬元人民幣 ÷ (130億元人民幣 - 53億元人民幣)(截至2024年9月的過去十二個月)。
So, Piotech has an ROCE of 3.0%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.8%.
因此,Piotech的ROCE爲3.0%。最終,這是一個較低的回報率,低於半導體行業平均水平4.8%。
In the above chart we have measured Piotech's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Piotech for free.
在上面的圖表中,我們已經衡量了Piotech之前的ROCE與其之前的表現,但未來可能更重要。如果您願意,可以免費查看覆蓋Piotech的分析師的預測。
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。
Piotech has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 3.0% which is a sight for sore eyes. In addition to that, Piotech is employing 837% more capital than previously which is expected of a company that's trying to break into profitability. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
Piotech最近開始盈利,因此他們之前的投資似乎正在取得回報。五年前,該公司虧損,但現在利潤率爲3.0%,這令人振奮。除此之外,Piotech比以前多使用了837%的資本,這符合一家正試圖實現盈利的公司的預期。這可能表明存在豐富的內部投資機會,並且以更高的利率,這都是一家潛力倍增股的共同特徵。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 40% of the business, which is more than it was five years ago. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
順便說一下,我們注意到ROCE改善似乎部分來源於流動負債的增加。實際上,這意味着供應商或短期債權人現在爲公司提供40%的資金,這比五年前要多。鑑於其相當高的比率,我們提醒投資者,在某些企業中,擁有這些水平的流動負債可能帶來一些風險。
The Bottom Line
最終結論
Overall, Piotech gets a big tick from us thanks in most part to the fact that it is now profitable and is reinvesting in its business. Considering the stock has delivered 4.5% to its stockholders over the last year, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
總的來說,Piotech由於盈利並重新投資於業務主要因素,我們對其給予很高評價。考慮到該股過去一年爲股東提供了4.5%的回報,也許可以認爲投資者尚未完全意識到這些有前途的趨勢。因此,深入了解該股票可能會揭示一個良機,如果估值和其他指標達標的話。
One final note, you should learn about the 2 warning signs we've spotted with Piotech (including 1 which doesn't sit too well with us) .
最後注意,你應該學習關於我們發現的 Piotech 的 2 個警告信號(其中一個讓我們感到不安)。
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.
對於喜歡投資穩健公司的人,請查看這份具有穩健資產負債表和高權益回報的公司免費列表。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。