COFCO Biotechnology (SZSE:000930) May Have Issues Allocating Its Capital
COFCO Biotechnology (SZSE:000930) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Having said that, from a first glance at COFCO Biotechnology (SZSE:000930) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一個多袋子,有幾個東西需要注意。首先,我們想要確定一個不斷增長的退貨在已使用資本(ROCE)上,然後在此基礎上,不斷增加基地已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。話雖如此,從第一眼看中糧生物科技(SZSE:000930)我們不會因為回報率的趨勢而從椅子上跳起來,但讓我們更深入地看看。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
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 COFCO Biotechnology:
對於那些不確定ROCE是什麼的人,它衡量的是一家公司可以從其業務中使用的資本產生的稅前利潤。分析師用這個公式來計算中糧生物科技的價格:
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)
0.0046 = CN¥54m ÷ (CN¥20b - CN¥8.4b) (Based on the trailing twelve months to June 2023).
0.0046=CN元5400萬?(CN元200B-CN元84B)(根據截至2023年6月的往績12個月計算)。
Therefore, COFCO Biotechnology has an ROCE of 0.5%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.8%.
所以呢,中糧生物科技的淨資產收益率為0.5%。歸根結底,這是一個較低的回報率,表現遜於5.8%的化工行業平均水準。
View our latest analysis for COFCO Biotechnology
查看我們對中糧生物科技的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231022/0-31b934d636082820f712e7fe4a39d019-0-3b9aca3c6ab49f6cfb4fe699277cef6e.png/big)
Above you can see how the current ROCE for COFCO Biotechnology compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上圖中,你可以看到中糧生物科技目前的淨資產收益率與之前的資本回報率相比如何,但你只能從過去了解到這麼多。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
When we looked at the ROCE trend at COFCO Biotechnology, we didn't gain much confidence. To be more specific, ROCE has fallen from 41% over the last five years. 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.
當我們觀察中糧生物科技的ROCE趨勢時,我們並沒有獲得太多信心。更具體地說,ROCE在過去五年中從41%下降。考慮到在僱傭更多資本的同時收入有所下降,我們會持謹慎態度。這可能意味著企業正在失去其競爭優勢或市場份額,因為雖然更多的資金被投入到風險投資中,但實際上它產生的回報更低--本身就是“更少的回報”。
On a related note, COFCO Biotechnology has decreased its current liabilities to 42% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
與此相關的是,中糧生物科技已將目前的負債降至總資產的42%。因此,我們可以將其中一些因素與淨資產收益率的下降聯繫起來。實際上,這意味著它們的供應商或短期債權人減少了對業務的融資,這降低了一些風險因素。一些人會說,這降低了企業產生淨資產收益率的效率,因為它現在用自己的錢為更多的運營提供資金。無論如何,它們仍處於相當高的水準,所以如果可能的話,我們希望看到它們進一步下跌。
What We Can Learn From COFCO Biotechnology's ROCE
我們可以從中糧生物科技的ROCE中學到什麼
We're a bit apprehensive about COFCO Biotechnology because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 11% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
我們對中糧生物科技有點擔心,因為儘管在這項業務上部署了更多的資本,但這些資本的回報和銷售額都有所下降。因此,該股在過去五年中下跌了11%也就不足為奇了,所以看起來投資者正在意識到這些變化。在這種情況下,除非潛在趨勢恢復到更積極的軌道,否則我們會考慮將目光投向其他地方。
On a final note, we've found 1 warning sign for COFCO Biotechnology that we think you should be aware of.
最後一點,我們發現中糧生物科技的1個警示標誌我們認為你應該意識到.
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想尋找收入豐厚的可靠公司,看看這個免費擁有良好資產負債表和可觀股本回報率的公司名單。
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