Returns On Capital At Sinocare (SZSE:300298) Have Stalled
Returns On Capital At Sinocare (SZSE:300298) Have Stalled
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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at Sinocare (SZSE:300298), it didn't seem to tick all of these boxes.
如果您在尋找下一個多倍股票時不確定從哪裏開始,以下是您應該關注的幾個關鍵趨勢。我們將想要看到兩個方面,首先是不斷擴大的資本使用規模;其次,能夠持續將收益再投入業務併產生更高的回報。這就是爲什麼當我們簡要分析了中國科培教育集團(HKG:1890)的ROCE趨勢時,我們對所見到的感到相當滿意。資產回報率:它是什麼?如果您不確定ROCE是什麼,它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數,使用以下公式:0.054 = 1.24億美元÷(31億美元 - 8.53億美元)ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。資本利用率指標顯示它是一臺複合機,能夠持續將其收益再投入業務併產生更高的回報。雖然在我們研究 Sinocare(深圳證券交易所:300298)時,它似乎沒有完全符合這些方面。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Sinocare, this is the formula:
ROCE是一種評估公司在其業務中投入的資本所獲得的稅前收入(按百分比計算)的指標。要計算 Sinocare 的這個指標,應該使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.093 = CN¥441m ÷ (CN¥6.0b - CN¥1.2b) (Based on the trailing twelve months to September 2023).
0.093 = 人民幣4.41億 ÷ (人民幣60億 - 人民幣12億)因此,金鉬股份的ROCE爲22%。絕對而言,這是一個很好的回報,甚至比貴金屬礦業行業板塊的平均水平6.2%還要好。.
So, Sinocare has an ROCE of 9.3%. In absolute terms, that's a low return but it's around the Medical Equipment industry average of 8.0%.
因此,Sinocare 的 ROCE 是 9.3%。絕對來看是一個較低的回報,但它約等於醫療器械行業的平均水平 8.0%。
See our latest analysis for Sinocare
請看我們最新的針對 Sinocare 的分析。
In the above chart we have measured Sinocare's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的圖表中,我們對 Sinocare 前任 ROCE 進行了衡量,並對其未來前景進行了辯論。如果您感興趣,您可以在我們的免費報告上查看分析師對該公司的預測。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
There are better returns on capital out there than what we're seeing at Sinocare. The company has employed 82% more capital in the last five years, and the returns on that capital have remained stable at 9.3%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
市場上有比我們在 Sinocare 看到的更好的資本回報率。公司在過去的五年中投入了 82% 的更多資本,而這些資本的回報率僅保持在 9.3% 左右。這種差勁的 ROCE 目前並沒能激發我們信心,而隨着資本的增加,很顯然該公司並未將資金投入高回報的投資領域。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
In summary, Sinocare has simply been reinvesting capital and generating the same low rate of return as before. Yet to long term shareholders the stock has gifted them an incredible 159% return in the last five years, so the market appears to be rosy about its future. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總的來說,Sinocare 只是在不斷地重新投資,產生了與之前相同的低迴報率。但對於長期股東來說,在過去的五年中,該股票帶來了驚人的 159% 的回報,因此市場似乎對其未來充滿信心。但如果這些潛在的趨勢持續下去,我們認爲它不太可能是一個多賺幾倍的股票。
If you want to continue researching Sinocare, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究 Sinocare,您可能會對我們的分析發現的 1 個警告標誌感興趣。
While Sinocare 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.
雖然 Sinocare 目前可能沒有賺取最高回報率,但我們已經編制了一份目前獲得 25% 以上股本回報率的公司清單。在這裏查看免費清單。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。