Investors Met With Slowing Returns on Capital At Farsoon Technologies (SHSE:688433)
Investors Met With Slowing Returns on Capital At Farsoon Technologies (SHSE:688433)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Farsoon Technologies (SHSE:688433), it didn't seem to tick all of these boxes.
要找到一个多倍股,我们在业务中应该寻找哪些潜在趋势?一个常见的方法是寻找一家资本雇用回报率(ROCE)增长,并且资本雇用额不断增加的公司。如果你看到这一点,通常意味着这是一家具有很好商业模式和许多有利可图的再投资机会的公司。不过,当我们观察Farsoon Technologies(SHSE:688433)时,并没有完全符合这些条件。
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 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. The formula for this calculation on Farsoon Technologies is:
对于那些不确定ROCE是什么的人,它衡量的是一家公司从其业务中雇用的资本中可以产生多少税前利润。这个计算公式在Farsoon Technologies上是:
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。
0.056 = CN¥115m ÷ (CN¥2.3b - CN¥236m) (Based on the trailing twelve months to March 2024).
0.056 = 11500万人民币 ÷ (230000万人民币 - 2360万人民币)(基于截至2024年3月的过去十二个月)。
So, Farsoon Technologies has an ROCE of 5.6%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.6%.
因此,Farsoon Technologies的ROCE为5.6%。单独来看,这是一个较低的资本回报率,但与行业平均回报率5.6%相符。
![1724630740005](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240826/42840256-0-9699575f6bd9f5a37bdc86ef6e4eca34.webp/bigjpg)
Above you can see how the current ROCE for Farsoon Technologies compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Farsoon Technologies for free.
从上面可以看出,Farsoon Technologies目前的ROCE与之前的资本回报相比如何,但过去只能告诉你一些信息。如果你愿意,你可以免费查看覆盖Farsoon Technologies的分析师的预测。
So How Is Farsoon Technologies' ROCE Trending?
那么Farsoon Technologies的ROCE趋势如何?
There are better returns on capital out there than what we're seeing at Farsoon Technologies. Over the past four years, ROCE has remained relatively flat at around 5.6% and the business has deployed 546% 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.
目前市场上有比Farsoon Technologies更好的资本回报率。在过去的四年中,ROCE基本保持在5.6%左右,业务投入的资本增加了546%。这种较低的ROCE当前并不能给人以信心,并且随着投入资本的增加,很明显,该企业没有将资金投入高回报的投资中。
On a side note, Farsoon Technologies has done well to reduce current liabilities to 10% of total assets over the last four years. 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.
此外,Farsoon Technologies在过去四年中,成功将流动负债降至总资产的10%。这可以消除一些运营中的风险,因为与此前相比,企业对供应商和短期债权人的未结义务更少。
The Bottom Line On Farsoon Technologies' ROCE
关于Farsoon Technologies的ROCE的最终结论
In conclusion, Farsoon Technologies has been investing more capital into the business, but returns on that capital haven't increased. And investors appear hesitant that the trends will pick up because the stock has fallen 46% in the last year. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总之,Farsoon Technologies一直在为企业投入更多资本,但资本的回报率并没有增加。投资者似乎对趋势是否会改善持有观望态度,因为该股在过去一年中下跌了46%。总的来说,这些趋势与倍增股票不太典型,所以如果您追求的是这种股票,我们认为您在其他地方可能会更幸运。
One more thing to note, we've identified 1 warning sign with Farsoon Technologies and understanding it should be part of your investment process.
还有一件需要注意的事情是,我们已经发现了一项与法森科技有关的警示信号,了解这一点应该是你的投资过程的一部分。
While Farsoon Technologies 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.
尽管法森科技目前可能没有获得最高回报率,但我们已经编制了一份目前获得25%以上回报率的公司名单。请在此处查看这个免费的名单。
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