Capital Allocation Trends At Impro Precision Industries (HKG:1286) Aren't Ideal
Capital Allocation Trends At Impro Precision Industries (HKG:1286) Aren't Ideal
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Impro Precision Industries (HKG:1286) and its ROCE trend, we weren't exactly thrilled.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?在一個完美的世界裡,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中賺取的回報也在增加。基本上,這意味著一家公司有盈利的舉措,可以繼續進行再投資,這是復合機器的一個特點。有鑒於此,當我們看到ImproPrecision Industries(HKG:1286)和它的ROCE趨勢,我們並不是很興奮。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
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 Impro Precision Industries, this is the formula:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。要計算Impro Precision Industries的此指標,公式如下:
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)
0.12 = HK$762m ÷ (HK$8.1b - HK$2.0b) (Based on the trailing twelve months to June 2023).
0.12=7.62億港元?(81億港元-20億港元)(根據截至2023年6月的往績12個月計算)。
So, Impro Precision Industries has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 7.1% generated by the Machinery industry.
所以,ImproPrecision Industries的淨資產收益率為12%。就其本身而言,這是一個標準回報率,但它比機械行業7.1%的回報率要好得多。
View our latest analysis for Impro Precision Industries
查看我們對ImproPrecision Industries的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231026/0-514755c4bf0f7372f07c29c1cee724d8-0-0428bef83c9251eb22e0f0186b4dc511.png/big)
Above you can see how the current ROCE for Impro Precision Industries compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Impro Precision Industries here for free.
上面你可以看到Impro Precision Industries目前的淨資產收益率(ROCE)與其先前的資本回報率相比如何,但你只能從過去知道這麼多。如果你願意,你可以在這裡查看Impro Precision Industries分析師的預測免費的。
So How Is Impro Precision Industries' ROCE Trending?
那麼,ImproPrecision Industries的ROCE趨勢如何呢?
On the surface, the trend of ROCE at Impro Precision Industries doesn't inspire confidence. To be more specific, ROCE has fallen from 18% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
從表面上看,ImproPrecision Industries的ROCE趨勢並沒有激發人們的信心。更具體地說,ROCE在過去五年中從18%下降。然而,鑑於已動用資本和收入都有所增加,該業務目前似乎正在追求增長,這是短期回報的結果。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。
What We Can Learn From Impro Precision Industries' ROCE
我們可以從IMPRO精密工業的ROCE中學到什麼
In summary, despite lower returns in the short term, we're encouraged to see that Impro Precision Industries is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 12% gain to shareholders who've held over the last three years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總而言之,儘管短期內回報較低,但我們感到鼓舞的是,Impro Precision Industries正在為增長進行再投資,並因此實現了更高的銷售額。這些趨勢開始得到投資者的認可,因為該股在過去三年裡為持有該股的股東帶來了12%的收益。因此,我們建議進一步研究這只股票,以確認它是否具備良好的投資條件。
One more thing to note, we've identified 1 warning sign with Impro Precision Industries and understanding this should be part of your investment process.
還有一件事需要注意,我們已經確定了1個個警告標誌與Impro Precision Industries合作,瞭解這一點應該是您投資過程的一部分。
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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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.