Amlogic (Shanghai)Ltd's (SHSE:688099) Returns On Capital Not Reflecting Well On The Business
Amlogic (Shanghai)Ltd's (SHSE:688099) 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. 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 briefly looking over the numbers, we don't think Amlogic (Shanghai)Ltd (SHSE:688099) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你正在寻找一个多袋子,有几个东西需要注意。在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。然而,在简单地看了一下数字之后,我们认为安赛乐士(上海)有限公司(上海证券交易所:688099)未来有可能成为一个多袋子的人,但让我们看看为什么会这样。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
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 Amlogic (Shanghai)Ltd, this is the formula:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算AMLOGIC(上海)有限公司的此指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.0018 = CN¥9.5m ÷ (CN¥6.2b - CN¥773m) (Based on the trailing twelve months to June 2023).
0.0018=CN元950万?(CN元62亿-CN元7.73亿)(根据截至2023年6月的往绩12个月计算)。
Therefore, Amlogic (Shanghai)Ltd has an ROCE of 0.2%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 4.1%.
所以呢,安盛(上海)有限公司的净资产收益率为0.2%。归根结底,这是一个较低的回报率,表现低于半导体行业4.1%的平均水平。
View our latest analysis for Amlogic (Shanghai)Ltd
查看我们对安智(上海)有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230925/0-385cbf201a841ac16675b3500369bdb6-0-d2e490d462d0293378b7660175b21550.png/big)
In the above chart we have measured Amlogic (Shanghai)Ltd'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 report for Amlogic (Shanghai)Ltd.
在上面的图表中,我们衡量了Amlogic(Shanghai)Ltd之前的净资产收益率(ROCE)与其先前的业绩,但可以说未来更重要。如果您想查看分析师对未来的预测,您应该查看我们的免费AMLOGIC(上海)有限公司报告
How Are Returns Trending?
回报趋势如何?
In terms of Amlogic (Shanghai)Ltd's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 20%, but since then they've fallen to 0.2%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就Amlogic(Shanghai)Ltd历史上的ROCE运动而言,这一趋势并不美妙。大约五年前,资本回报率为20%,但自那以来已降至0.2%。考虑到在雇佣更多资本的同时收入有所下降,我们会持谨慎态度。这可能意味着企业正在失去其竞争优势或市场份额,因为虽然更多的资金被投入到风险投资中,但实际上它产生的回报更低--本身就是“更少的回报”。
On a side note, Amlogic (Shanghai)Ltd has done well to pay down its current liabilities to 13% of total assets. That could partly explain why the ROCE has dropped. 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.
另外,Amlogic(Shanghai)Ltd在偿还当前负债至总资产的13%方面做得很好。这可能在一定程度上解释了ROCE下降的原因。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
What We Can Learn From Amlogic (Shanghai)Ltd's ROCE
我们可以从Amlogic(Shanghai)Ltd的ROCE中学到什么
We're a bit apprehensive about Amlogic (Shanghai)Ltd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. In spite of that, the stock has delivered a 4.4% return to shareholders who held over the last three years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
我们对安盛(上海)有限公司有点担心,因为尽管有更多的资本投入到业务中,但资本回报率和销售额都有所下降。尽管如此,该股仍为过去三年持有的股东带来了4.4%的回报率。无论哪种方式,我们都不是当前趋势的狂热粉丝,因此我们认为你可能会在其他地方找到更好的投资。
If you'd like to know about the risks facing Amlogic (Shanghai)Ltd, we've discovered 2 warning signs that you should be aware of.
如果您想了解安盛(上海)有限公司面临的风险,我们发现2个警告标志这一点你应该知道。
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.
对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。
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