Be Wary Of ValiantLtd (SZSE:002643) And Its Returns On Capital
Be Wary Of ValiantLtd (SZSE:002643) And Its Returns On Capital
0.082 = CN¥733m ÷ (CN¥11b - CN¥1.5b) To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Having said that, from a first glance at ValiantLtd (SZSE:002643) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一支潜力股票，我们应该关注企业中的哪些潜在趋势？首先，我们希望看到资本运用回报率（ROCE）在增加，其次是资本运用基础在扩大。如果您看到这一点，通常意味着这家公司拥有出色的商业模式和大量有利可图的再投资机会。话虽如此，从第一眼看ValiantLtd（SZSE:002643），我们对回报趋势并没有特别激动，但让我们深入了解一下。
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 ValiantLtd is:
如果您之前没有接触过ROCE，它衡量的是企业从资本运用中生成的“回报”（税前利润）。在ValiantLtd的计算公式上是：
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。
0.082 = CN¥733m ÷ (CN¥11b - CN¥1.5b) (Based on the trailing twelve months to June 2024).
0.082 = 73300万人民币 ÷ （110亿人民币 - 15亿人民币）（基于截至2024年6月的过去十二个月）。
Thus, ValiantLtd has an ROCE of 8.2%. On its own that's a low return, but compared to the average of 5.5% generated by the Chemicals industry, it's much better.
因此，ValiantLtd的ROCE为8.2%。单看这个数字，这是一个较低的回报，但与化学品行业平均5.5%的回报相比，它要好得多。
Above you can see how the current ROCE for ValiantLtd compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for ValiantLtd .
您可以看到ValiantLtd当前的ROCE与其过去资本回报率的比较，但过去只能告诉您有限的信息。如果您想查看分析师对未来的预测，您应该查看我们为ValiantLtd提供的免费分析师报告。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
On the surface, the trend of ROCE at ValiantLtd doesn't inspire confidence. To be more specific, ROCE has fallen from 11% over the last five years. However it looks like ValiantLtd might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
表面上看，ValiantLtd的ROCE趋势并不令人信心满满。 更具体地说，过去五年中ROCE已经下降了11%。然而，看起来ValiantLtd可能正在进行长期增长的再投资，因为尽管投入资本已增加，但公司的销售额在过去12个月内并没有太大变化。也许在公司开始从这些投资中看到任何盈利变化之前需要一些时间。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To conclude, we've found that ValiantLtd is reinvesting in the business, but returns have been falling. And in the last five years, the stock has given away 26% so the market doesn't look too hopeful on these trends strengthening any time soon. 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.
总的来说，我们发现ValiantLtd正在对业务进行再投资，但回报率一直在下降。在过去的五年中，该股票下跌了26%，因此市场对这些趋势很快加强并不持乐观态度。 总的来说，所蕴含的趋势并不典型于多倍增长股，因此如果您追求这种股票，我们认为您可能在其他地方更有好运。
ValiantLtd does have some risks though, and we've spotted 1 warning sign for ValiantLtd that you might be interested in.
不过，ValiantLtd确实存在一些风险，我们发现ValiantLtd有1个警告迹象可能会引起您的兴趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业，可以免费查看以下公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。