Return Trends At TKD Science and TechnologyLtd (SHSE:603738) Aren't Appealing
Return Trends At TKD Science and TechnologyLtd (SHSE:603738) Aren't Appealing
There are a few key trends to look for if we want to identify the next multi-bagger. 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. However, after investigating TKD Science and TechnologyLtd (SHSE:603738), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想要找到下一只难得的股票,有几个关键趋势需要留意,包括两个方面:首先,资本运营回报率(ROCE)的增长,其次,公司资本运营规模的扩大。这表明它是一台复利机器,能够不断地将收益再投资到业务中,并产生更高的回报。然而,经过调查科大讯飞(SHSE:603738),我们认为它当前的趋势不符合多倍增长的特点。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on TKD Science and TechnologyLtd is:
如果你以前没有接触过ROCE,它是衡量公司在业务中运用的资本所产生的‘回报’(税前利润)的指标。在TKD科技(SHSE:603738)的计算公式为:
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。
0.043 = CN¥80m ÷ (CN¥2.0b - CN¥163m) (Based on the trailing twelve months to March 2024).
0.043 = 8000万元 ÷ (20亿 - 1.63亿)(截至2024年3月的过去十二个月)。
Thus, TKD Science and TechnologyLtd has an ROCE of 4.3%. Ultimately, that's a low return and it under-performs the Electrical industry average of 6.0%.
这样,TKD科技的ROCE为4.3%。最终,这是一个较低的回报率,低于电气行业的平均水平6.0%。
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Historical performance is a great place to start when researching a stock so above you can see the gauge for TKD Science and TechnologyLtd's ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of TKD Science and TechnologyLtd.
研究股票时,历史表现是一个很好的起点,因此您可以看到TKD科技的ROCE与以前的回报对比。如果您想深入了解历史收益,请查看这些免费图表,详细说明TKD科技的营业收入和现金流表现。
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 TKD Science and TechnologyLtd's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 4.3% and the business has deployed 105% more capital into its operations. 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.
就TKD科技的历史ROCE趋势而言,它并没有引人注目。在过去的五年中,ROCE保持相对稳定,在4.3%左右,企业将多达105%的资本投入到了运营中。这种低回报率现在并不鼓舞人心,而且随着投入资本的增加,很明显企业并没有将资金投入到高回报的投资中。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 8.1% of total assets, is good to see from a business owner's perspective. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
还有一件事需要注意:尽管过去五年ROCE保持相对稳定,但将流动负债降至总资产的8.1%,从业主的角度来看,这是个好现象。这可以消除一些运营中存在的风险,因为企业的未偿债务比以前少。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
As we've seen above, TKD Science and TechnologyLtd's returns on capital haven't increased but it is reinvesting in the business. Since the stock has gained an impressive 51% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
正如我们上面所看到的,TKD科技的资本回报率并没有增加,但它正在重投资业务中。由于股票在过去五年中已经涨了51%,投资者肯定认为更好的事情即将到来。然而,除非这些潜在趋势变得更加积极,否则我们不会抬高期望。
If you want to continue researching TKD Science and TechnologyLtd, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想继续研究TKD科技,您可能会对我们的分析发现的1个警告信号感兴趣。
While TKD Science and TechnologyLtd 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TKD科技目前的回报率并不是最高的,但我们已经编制了一份超过25%回报率的公司名单。 在这里查看这个免费列表。
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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。