Here's What's Concerning About Tech Semiconductors' (SZSE:300046) Returns On Capital
Here's What's Concerning About Tech Semiconductors' (SZSE:300046) Returns On Capital
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. And from a first read, things don't look too good at Tech Semiconductors (SZSE:300046), so let's see why.
假如你正在关注一个成熟企业,已经超过了增长阶段,那么有哪些潜在趋势会出现呢?通常我们会看到资本雇用回报率(ROCE)的趋势下降,这通常与资本雇用金额的减少相一致。最终意味着公司赚取的每个投资美元都减少了,而且还在缩小其资本雇用的基础。就首次阅读而言,台基股份(SZSE:300046)的情况并不好,所以让我们看看为什么。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Tech Semiconductors, this is the formula:
对于那些不了解的人,ROCE是公司年税前利润(其回报),相对于业务中使用的资本的一个度量。要计算台基股份的这个指标,此公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.015 = CN¥16m ÷ (CN¥1.2b - CN¥84m) (Based on the trailing twelve months to March 2024).
0.015 = CN¥1600万 ÷ (CN¥12亿 - CN¥84m)(基于截至2024年3月的过去十二个月)。
So, Tech Semiconductors has an ROCE of 1.5%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 3.9%.
因此,台基股份的ROCE为1.5%。绝对来说,这是一个较低的回报,并且也低于半导体行业的平均水平3.9%。
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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'd like to look at how Tech Semiconductors has performed in the past in other metrics, you can view this free graph of Tech Semiconductors' past earnings, revenue and cash flow.
虽然过去并不代表未来,但了解一家公司历史表现有时会有所帮助,这就是为什么我们有上面的图表。如果您想查看台基股份在其他指标上过去的表现,您可以查看该免费图表,其中包括台基股份的过去盈利,营业收入和现金流。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
In terms of Tech Semiconductors' historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 9.6% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Tech Semiconductors becoming one if things continue as they have.
就台基股份的历史ROCE趋势而言,这个趋势并不鼓舞人心。不幸的是,资本回报率从五年前的9.6%开始下降。而在资本雇用方面,企业的资本雇用大约与当时相同。由于回报正在下降,企业使用的资产相同,这表明它是一个成熟企业,在过去五年中没有太多的增长。因此,因为这些趋势不通常有助于创造出色的业绩,如果情况继续下去,我们不会抱太多希望,认为台基股份会成为一个高成长的企业。
The Key Takeaway
重要提示
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总的来说,相同资本雇用的较低回报并不是复利机器的迹象。此外,股票在过去五年中保持平稳,因此投资者似乎也不太满意。在这些领域的潜在趋势不太好的情况下,我们应考虑寻找其他投资机会。
If you'd like to know about the risks facing Tech Semiconductors, we've discovered 1 warning sign that you should be aware of.
如果您想了解台基股份面临的风险,我们发现了1个警告信号,您应该了解一下。
While Tech Semiconductors 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.
虽然台基股份目前可能无法获得最高回报,但我们已经编制了一份目前获得超过25%权益回报的公司列表。在这里查看该免费列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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