Be Wary Of KTK Group (SHSE:603680) And Its Returns On Capital
Be Wary Of KTK Group (SHSE:603680) And Its Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. In light of that, when we looked at KTK Group (SHSE:603680) and its ROCE trend, we weren't exactly thrilled.
我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們研究KTK集團(SHSE: 603680)及其投資回報率趨勢時,我們並不十分興奮。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
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. To calculate this metric for KTK Group, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算KTK集團的這個指標,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)
0.034 = CN¥199m ÷ (CN¥9.1b - CN¥3.3b) (Based on the trailing twelve months to September 2023).
0.034 = 1.99 億元人民幣 ÷(9.1億元人民幣-3.3億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, KTK Group has an ROCE of 3.4%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 6.1%.
因此,KTK集團的投資回報率爲3.4%。從絕對值來看,這是一個低迴報,其表現也低於機械行業6.1%的平均水平。
See our latest analysis for KTK Group
查看我們對KTK集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-391f23b2676165f9214b19644a571dfc-0-6003a8391729403c5c25735a90be2dec.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of KTK Group, check out these free graphs here.
雖然過去並不能代表未來,但了解一家公司的歷史表現可能會有所幫助,這就是我們上面有這張圖表的原因。如果您想深入了解KTK集團的歷史收益、收入和現金流,請在此處查看這些免費圖表。
What Can We Tell From KTK Group's ROCE Trend?
我們可以從KTK集團的投資回報率趨勢中得出什麼?
In terms of KTK Group's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 12%, but since then they've fallen to 3.4%. 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.
就KTK集團的歷史ROCE走勢而言,這一趨勢並不理想。大約五年前,資本回報率爲12%,但此後已降至3.4%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
The Bottom Line
底線
Bringing it all together, while we're somewhat encouraged by KTK Group's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 25% 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.
綜上所述,儘管KTK集團對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。投資者似乎對趨勢能否回升猶豫不決,因爲該股在過去五年中下跌了25%。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。
If you want to know some of the risks facing KTK Group we've found 2 warning signs (1 is potentially serious!) that you should be aware of before investing here.
如果你想了解KTK集團面臨的一些風險,我們發現了2個警告信號(1個可能很嚴重!)在這裏投資之前,您應該注意這一點。
While KTK Group 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.
儘管KTK集團目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。