Capital Allocation Trends At Giantec Semiconductor (SHSE:688123) Aren't Ideal
Capital Allocation Trends At Giantec Semiconductor (SHSE:688123) Aren't Ideal
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. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Giantec Semiconductor (SHSE:688123), we don't think it's current trends fit the mold of a multi-bagger.
如果您不確定下一個翻倍器的選擇從哪裏開始，有一些關鍵趨勢您應該密切關注。在完美的世界裏，我們希望看到一家公司將更多資本投入業務中，並且理想情況下，這些資本所獲得的回報也在不斷增加。這向我們展示了它是一個複合機器，能夠不斷地將其收益再投入到業務中，併產生更高的回報。然而，在調查巨特電子股份有限公司（SHSE：688123）之後，我們認爲它當前的趨勢並不符合翻倍者的模式。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Giantec Semiconductor, this is the formula:
對於不確定ROCE是什麼的人來說，它衡量一家公司在其業務中使用的資本創造的稅前利潤的數量。要爲巨特電子股份有限公司計算此指標，使用下面的公式：
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。
0.057 = CN¥113m ÷ (CN¥2.1b - CN¥96m) (Based on the trailing twelve months to March 2024).
0.057 = CN¥113m ÷ (CN¥2.1b - CN¥96m)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Thus, Giantec Semiconductor has an ROCE of 5.7%. In absolute terms, that's a low return, but it's much better than the Semiconductor industry average of 3.9%.
因此，巨特電子股份有限公司的ROCE爲5.7％。以絕對值而言，這是一個較低的回報，但比半導體行業的平均回報3.9％要好得多。
In the above chart we have measured Giantec Semiconductor'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 analyst report for Giantec Semiconductor .
在上面的圖表中，我們比較了巨特電子股份有限公司以前的ROCE與其以前的業績，但未來可謂更爲重要。如果您感興趣，可以在我們爲巨特電子股份有限公司提供的免費分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
In terms of Giantec Semiconductor's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 5.7% from 21% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就巨大半導體的歷史ROCE走勢而言，趨勢並不理想。在過去的五年裏，資本回報率從五年前的21％下降至5.7％。考慮到營業收入下降而資本增加，我們應該謹慎。如果這種情況繼續下去，您可能正在看着一家企圖通過再投資來實現增長，但實際上正在失去市場份額，因爲銷售額沒有增加的公司。
On a side note, Giantec Semiconductor has done well to pay down its current liabilities to 4.6% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
順便提一句，巨特電子股份有限公司已經成功的支付了其流動負債，佔總資產的4.6％。因此我們可以將其與ROCE的下降聯繫起來。實際上，這意味着他們的供應商或短期債權人爲企業的融資提供了較少的資助，從而減少了某些風險因素。由於企業基本上是用自己的資金來資助其經營活動的，所以可以認爲這使得企業在產生ROCE時效率變低了。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
From the above analysis, we find it rather worrisome that returns on capital and sales for Giantec Semiconductor have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 63% return to shareholders over the last three years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
從以上分析中，我們發現巨特電子股份有限公司的資本和銷售回報率下降的趨勢相當令人擔憂，與五年前相比，公司使用的資本還增加了。然而，該股票在過去三年中爲股東提供了63％的回報率，因此投資者可能希望這種趨勢會逆轉。無論如何，目前的基本趨勢對於長期業績來說都不是很樂觀，因此，除非它們逆轉，否則我們將開始尋找其他公司。
If you want to continue researching Giantec Semiconductor, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究巨特電子股份有限公司，您可能會對我們的分析發現的1個警告信號感興趣。
While Giantec Semiconductor 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.
儘管巨特電子股份有限公司當前的回報率可能不是最高的，但我們已編制了一份目前股權回報率超過25％的公司名單。在這裏免費查看此列表。
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