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Some Investors May Be Worried About Changzhou Tenglong AutoPartsCo.Ltd's (SHSE:603158) Returns On Capital
Some Investors May Be Worried About Changzhou Tenglong AutoPartsCo.Ltd's (SHSE:603158) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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 briefly looking over the numbers, we don't think Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
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 Changzhou Tenglong AutoPartsCo.Ltd is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.063 = CN¥147m ÷ (CN¥3.7b - CN¥1.4b) (Based on the trailing twelve months to March 2022).
Thus, Changzhou Tenglong AutoPartsCo.Ltd has an ROCE of 6.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.8%.
View our latest analysis for Changzhou Tenglong AutoPartsCo.Ltd
SHSE:603158 Return on Capital Employed June 15th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Changzhou Tenglong AutoPartsCo.Ltd's ROCE against it's prior returns. If you'd like to look at how Changzhou Tenglong AutoPartsCo.Ltd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
What Can We Tell From Changzhou Tenglong AutoPartsCo.Ltd's ROCE Trend?
We weren't thrilled with the trend because Changzhou Tenglong AutoPartsCo.Ltd's ROCE has reduced by 59% over the last five years, while the business employed 147% more capital. That being said, Changzhou Tenglong AutoPartsCo.Ltd raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Changzhou Tenglong AutoPartsCo.Ltd's earnings and if they change as a result from the capital raise.
On a side note, Changzhou Tenglong AutoPartsCo.Ltd's current liabilities have increased over the last five years to 37% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.3%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
The Key Takeaway
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Tenglong AutoPartsCo.Ltd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 23% over the last five years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
One more thing to note, we've identified 4 warning signs with Changzhou Tenglong AutoPartsCo.Ltd and understanding them should be part of your investment process.
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.
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.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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 briefly looking over the numbers, we don't think Changzhou Tenglong AutoPartsCo.Ltd (SHSE:603158) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?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。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。然而,在简单地看了一下数字之后,我们认为常州腾龙汽车零部件有限公司(上海证券交易所:603158)未来有可能成为一个多袋子的人,但让我们看看为什么会这样。
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 Changzhou Tenglong AutoPartsCo.Ltd 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。常州腾龙汽车零部件有限公司的计算公式为:
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)
0.063 = CN¥147m ÷ (CN¥3.7b - CN¥1.4b) (Based on the trailing twelve months to March 2022).
0.063元=1.47亿元?(37亿元-14亿元)(根据截至2022年3月的往绩12个月计算).
Thus, Changzhou Tenglong AutoPartsCo.Ltd has an ROCE of 6.3%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.8%.
因此,常州腾龙汽车零部件有限公司的净资产收益率为6.3%。就其本身而言,这是一个较低的资本回报率,但符合该行业5.8%的平均回报率。
View our latest analysis for Changzhou Tenglong AutoPartsCo.Ltd
查看我们对常州腾龙汽车零部件有限公司的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Changzhou Tenglong AutoPartsCo.Ltd's ROCE against it's prior returns. If you'd like to look at how Changzhou Tenglong AutoPartsCo.Ltd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
在研究一只股票时,历史表现是一个很好的起点,因为在历史表现上方,你可以看到常州腾龙汽车零部件有限公司的ROCE相对于其先前回报的衡量标准。如果你想看看常州腾龙汽车零部件有限公司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。
What Can We Tell From Changzhou Tenglong AutoPartsCo.Ltd's ROCE Trend?
从常州腾龙汽车零部件股份有限公司的ROCE趋势中,我们可以看出什么?
We weren't thrilled with the trend because Changzhou Tenglong AutoPartsCo.Ltd's ROCE has reduced by 59% over the last five years, while the business employed 147% more capital. That being said, Changzhou Tenglong AutoPartsCo.Ltd raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Changzhou Tenglong AutoPartsCo.Ltd's earnings and if they change as a result from the capital raise.
我们对这一趋势并不感到兴奋,因为常州腾龙汽车零部件有限公司的净资产收益率在过去五年里下降了59%,而该业务雇佣的资本增加了147%。话虽如此,常州腾龙汽车零部件有限公司在最新财报发布前筹集了一些资本,这可能在一定程度上解释了资本投入的增加。募集的资金可能还没有投入使用,因此值得关注的是,未来常州腾龙汽车零部件有限公司的收益会发生什么变化,以及这些收益是否会因融资而发生变化。
On a side note, Changzhou Tenglong AutoPartsCo.Ltd's current liabilities have increased over the last five years to 37% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.3%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
另外,常州腾龙汽车零部件有限公司的流动负债在过去五年里增加到总资产的37%,在某种程度上实际上扭曲了ROCE。如果没有这一涨幅,净资产收益率很可能甚至会低于6.3%。虽然目前这一比率不是太高,但值得密切关注,因为如果比率变得特别高,业务可能会面临一些新的风险因素。
The Key Takeaway
关键的外卖
In summary, despite lower returns in the short term, we're encouraged to see that Changzhou Tenglong AutoPartsCo.Ltd is reinvesting for growth and has higher sales as a result. These growth trends haven't led to growth returns though, since the stock has fallen 23% over the last five years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
总而言之,尽管短期内回报较低,但我们感到鼓舞的是,常州腾龙汽车零部件有限公司正在为增长进行再投资,并因此实现了更高的销售额。不过,这些增长趋势并没有带来增长回报,因为该公司股价在过去五年里下跌了23%。因此,我们建议进一步研究这只股票,以揭示该业务的其他基本面可以向我们展示什么。
One more thing to note, we've identified 4 warning signs with Changzhou Tenglong AutoPartsCo.Ltd and understanding them should be part of your investment process.
还有一件事需要注意,我们已经确定了4个警示标志与常州腾龙汽车零部件有限公司合作,了解他们应该是你投资过程的一部分。
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.
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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。
本文由Simply Wall St.撰写,具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。
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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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