DHC SoftwareLtd's (SZSE:002065) Returns On Capital Not Reflecting Well On The Business
DHC SoftwareLtd's (SZSE:002065) Returns On Capital Not Reflecting Well On The Business
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. 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 DHC SoftwareLtd (SZSE:002065), we don't think it's current trends fit the mold of a multi-bagger.
如果你在尋找多倍回報的投資,有幾個事項需要關注。除了其他因素外,我們想看到兩件事;首先是資本回報率(ROCE)的增長,其次是公司投入的資本量的擴張。簡單來說,這類業務是複利機器,意味着它們不斷以越來越高的回報率再投資其收益。然而,在調查DHC軟體有限公司(SZSE:002065)後,我們認爲它當前的趨勢不符合多倍回報的模式。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for DHC SoftwareLtd:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報)相對於企業投入資本的指標。分析師使用這個公式爲DHC軟體有限公司計算:
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)
0.049 = CN¥599m ÷ (CN¥24b - CN¥12b) (Based on the trailing twelve months to September 2024).
0.049 = CN¥59900萬 ÷ (CN¥240億 - CN¥12b)(基於截至2024年9月的最近十二個月數據)。
Therefore, DHC SoftwareLtd has an ROCE of 4.9%. In absolute terms, that's a low return, but it's much better than the IT industry average of 3.7%.
因此,DHC軟體有限公司的ROCE爲4.9%。從絕對值來看,這是一個較低的回報,但比行業平均的3.7%要好得多。
Historical performance is a great place to start when researching a stock so above you can see the gauge for DHC SoftwareLtd's ROCE against it's prior returns. If you're interested in investigating DHC SoftwareLtd's past further, check out this free graph covering DHC SoftwareLtd's past earnings, revenue and cash flow.
歷史表現是研究股票時一個很好的起點,因此您可以在上面看到DHC SoftwareLtd的資本回報率(ROCE)與其過往回報的比較。如果您有興趣進一步調查DHC SoftwareLtd的過去,請查看這張免費的圖表,涵蓋DHC SoftwareLtd過去的收益、營業收入和現金流。
What The Trend Of ROCE Can Tell Us
ROCE的趨勢可以告訴我們什麼
When we looked at the ROCE trend at DHC SoftwareLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 9.5% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看DHC SoftwareLtd的ROCE趨勢時,我們並沒有獲得太多信心。更具體地說,ROCE在過去五年中下降了9.5%。另一方面,公司在過去一年中投入了更多資本,但銷售並沒有相應改善,這可能表明這些投資是長期的。值得關注的是,公司的收益是否會因此而貢獻到底線。
On a separate but related note, it's important to know that DHC SoftwareLtd has a current liabilities to total assets ratio of 49%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外值得注意的是,DHC SoftwareLtd的流動負債與總資產的比率爲49%,我們認爲這個比率相當高。這可能帶來一些風險,因爲公司基本上是在相當依賴其供應商或其他短期債權人的情況下運營。雖然這並不一定是一件壞事,但如果這個比率更低則會更有利。
What We Can Learn From DHC SoftwareLtd's ROCE
我們可以從DHC SoftwareLtd的ROCE中學到什麼
In summary, DHC SoftwareLtd is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 18% in the last five years. 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.
總之,DHC SoftwareLtd正在將資金重新投資到業務中以實現增長,但不幸的是,銷售似乎還沒有增加。此外,投資者似乎對趨勢能否改善持謹慎態度,因爲該股票在過去五年中已經下跌了18%。總體而言,這種內在趨勢並不典型於多倍收益者,因此如果這是您所追求的,我們認爲您可能在其他地方會更有運氣。
If you want to know some of the risks facing DHC SoftwareLtd we've found 3 warning signs (1 is a bit unpleasant!) that you should be aware of before investing here.
如果你想了解DHC軟體有限公司面臨的一些風險,我們發現了3個警告信號(其中1個有點不太愉快!)在投資之前你應該了解這些。
While DHC SoftwareLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然DHC軟體有限公司當前可能不是最高回報的公司,但我們編制了一份目前回報率超過25%的公司的名單。請查看這裏的免費名單。
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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.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。