There Are Reasons To Feel Uneasy About NCS Testing Technology's (SZSE:300797) Returns On Capital
There Are Reasons To Feel Uneasy About NCS Testing Technology's (SZSE:300797) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at NCS Testing Technology (SZSE:300797), it didn't seem to tick all of these boxes.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,當我們研究NCS測試技術(深圳證券交易所代碼:300797)時,它似乎並沒有勾選所有這些方框。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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 NCS Testing Technology, this is the formula:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算 NCS 測試技術的這個指標,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)
0.047 = CN¥58m ÷ (CN¥1.7b - CN¥477m) (Based on the trailing twelve months to September 2023).
0.047 = 5800萬元人民幣 ÷(17億元人民幣-4.77億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, NCS Testing Technology has an ROCE of 4.7%. On its own, that's a low figure but it's around the 5.5% average generated by the Professional Services industry.
因此,NCS測試技術的投資回報率爲4.7%。就其本身而言,這是一個很低的數字,但約爲專業服務行業的平均5.5%。
See our latest analysis for NCS Testing Technology
查看我們對 NCS 測試技術的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240120/0-3808a227fb6201f37b2cb8723e72afcd-0-a88abb82afd914fe4cc6922ae3badc9d.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 NCS Testing Technology, 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NCS測試技術的歷史收益、收入和現金流,請在此處查看這些免費圖表。
What Does the ROCE Trend For NCS Testing Technology Tell Us?
NCS測試技術的投資回報率趨勢告訴我們什麼?
In terms of NCS Testing Technology's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.7% from 10% five years ago. 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.
就NCS Testing Technology的歷史投資回報率走勢而言,這一趨勢並不理想。在過去五年中,資本回報率從五年前的10%下降到4.7%。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。而且,如果增加的資本產生額外的回報,那麼從長遠來看,企業乃至股東將受益。
The Bottom Line
底線
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for NCS Testing Technology. In light of this, the stock has only gained 9.7% 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.
儘管短期內資本回報率有所下降,但我們認爲有希望的是,NCS測試技術的收入和所用資本均有所增加。有鑑於此,該股在過去三年中僅上漲了9.7%。因此,我們建議進一步研究這隻股票,以確認它是否具有良好的投資價值。
If you want to know some of the risks facing NCS Testing Technology we've found 2 warning signs (1 shouldn't be ignored!) that you should be aware of before investing here.
如果你想了解NCS測試技術面臨的一些風險,我們發現了2個警告信號(其中一個不容忽視!)在這裏投資之前,您應該注意這一點。
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。