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MECOM Power and Construction (HKG:1183) Could Be Struggling To Allocate Capital
MECOM Power and Construction (HKG:1183) Could Be Struggling To Allocate Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Looking at MECOM Power and Construction (HKG:1183), it does have a high ROCE right now, but lets see how returns are trending.
Return On Capital Employed (ROCE): What is it?
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 MECOM Power and Construction is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.32 = MO$142m ÷ (MO$683m - MO$235m) (Based on the trailing twelve months to December 2021).
Therefore, MECOM Power and Construction has an ROCE of 32%. That's a fantastic return and not only that, it outpaces the average of 8.5% earned by companies in a similar industry.
View our latest analysis for MECOM Power and Construction
SEHK:1183 Return on Capital Employed May 4th 2022While 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 MECOM Power and Construction has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
How Are Returns Trending?
On the surface, the trend of ROCE at MECOM Power and Construction doesn't inspire confidence. While it's comforting that the ROCE is high, five years ago it was 50%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, MECOM Power and Construction has done well to pay down its current liabilities to 34% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
Our Take On MECOM Power and Construction's ROCE
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for MECOM Power and Construction. And the stock has done incredibly well with a 350% return over the last three years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
MECOM Power and Construction could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
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.
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Looking at MECOM Power and Construction (HKG:1183), it does have a high ROCE right now, but lets see how returns are trending.
我们应该寻找什么样的趋势,我们想要找出能够长期成倍增值的股票?首先,我们希望看到一个经过验证的返回关于已使用资本(ROCE)的增长,其次是扩张基座已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。看着Mecom动力与建筑(HKG:1183),它目前的净资产收益率确实很高,但让我们看看回报趋势如何。
Return On Capital Employed (ROCE): What is it?
资本回报率(ROCE):它是什么?
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 MECOM Power and Construction is:
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。Mecom Power and Construction的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.32 = MO$142m ÷ (MO$683m - MO$235m) (Based on the trailing twelve months to December 2021).
0.32=MO$1.42亿?(MO$6.83亿-MO$2.35亿)(根据截至2021年12月的往绩12个月计算).
Therefore, MECOM Power and Construction has an ROCE of 32%. That's a fantastic return and not only that, it outpaces the average of 8.5% earned by companies in a similar industry.
所以呢,Mecom Power and Construction的净资产收益率为32%。这是一个惊人的回报,不仅如此,它还超过了同类行业公司8.5%的平均回报率。
View our latest analysis for MECOM Power and Construction
查看我们对Mecom Power and Construction的最新分析
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 MECOM Power and Construction has performed in the past in other metrics, you can view this free graph of 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上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想看看Mecom Power and Construction过去在其他指标上的表现,你可以查看以下内容免费过去收益、收入和现金流的图表。
How Are Returns Trending?
回报趋势如何?
On the surface, the trend of ROCE at MECOM Power and Construction doesn't inspire confidence. While it's comforting that the ROCE is high, five years ago it was 50%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
从表面上看,Mecom Power and Construction的ROCE趋势并没有激发人们的信心。虽然令人欣慰的是,ROCE很高,但五年前是50%。尽管,考虑到收入和业务中使用的资产数量都有所增加,这可能表明该公司正在投资于增长,而额外的资本导致了ROCE的短期下降。如果这些投资被证明是成功的,这可能是长期股票表现的好兆头。
On a side note, MECOM Power and Construction has done well to pay down its current liabilities to 34% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另一方面,Mecom Power and Construction在偿还当前负债至总资产的34%方面做得很好。这可能在一定程度上解释了ROCE下降的原因。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。一些人会说,这降低了企业产生净资产收益率的效率,因为它现在用自己的钱为更多的运营提供资金。
Our Take On MECOM Power and Construction's ROCE
我们对Mecom Power and Construction的ROCE的看法
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for MECOM Power and Construction. And the stock has done incredibly well with a 350% return over the last three years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
尽管资本回报率在短期内下降,但我们发现,Mecom Power和Construction的收入和使用的资本都有所增加,这是有希望的。在过去的三年里,该股的表现令人难以置信地取得了350%的回报率,因此,长期投资者无疑会对这一结果欣喜若狂。因此,尽管投资者似乎正在认识到这些充满希望的趋势,但我们会进一步研究这只股票,以确保其他指标证明这种积极观点是合理的。
MECOM Power and Construction could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
Mecom Power and Construction在其他方面的交易价格可能很有吸引力,因此您可能会发现我们的自由内在价值估计在我们的平台上相当有价值。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果你想搜索更多高回报的股票,看看这个免费资产负债表稳健,股本回报率也很高的股票名单。
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.
对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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