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There Are Reasons To Feel Uneasy About Pony Testing's (SZSE:300887) Returns On Capital
There Are Reasons To Feel Uneasy About Pony Testing's (SZSE:300887) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Pony Testing (SZSE:300887) and its ROCE trend, we weren't exactly thrilled.
Return On Capital Employed (ROCE): What is it?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Pony Testing, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.077 = CN¥259m ÷ (CN¥4.2b - CN¥888m) (Based on the trailing twelve months to March 2022).
Thus, Pony Testing has an ROCE of 7.8%. In absolute terms, that's a low return but it's around the Professional Services industry average of 6.6%.
See our latest analysis for Pony Testing
SZSE:300887 Return on Capital Employed June 29th 2022Above you can see how the current ROCE for Pony Testing 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 report for Pony Testing.
The Trend Of ROCE
The trend of ROCE doesn't look fantastic because it's fallen from 18% five years ago, while the business's capital employed increased by 457%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Pony Testing probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
The Bottom Line
In summary, despite lower returns in the short term, we're encouraged to see that Pony Testing 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 14% over the last year. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Pony Testing (of which 1 shouldn't be ignored!) that you should know about.
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.
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Pony Testing (SZSE:300887) and its ROCE trend, we weren't exactly thrilled.
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?在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。有鉴于此,当我们看到小马测试(SZSE:300887)和它的ROCE趋势,我们并不是很兴奋。
Return On Capital Employed (ROCE): What is it?
资本回报率(ROCE):它是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Pony Testing, this is the formula:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算用于Pony测试的此指标,请使用以下公式:
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)
0.077 = CN¥259m ÷ (CN¥4.2b - CN¥888m) (Based on the trailing twelve months to March 2022).
0.077=人民币2.59亿元?(人民币42亿元-人民币8.88亿元)(根据截至2022年3月的往绩12个月计算).
Thus, Pony Testing has an ROCE of 7.8%. In absolute terms, that's a low return but it's around the Professional Services industry average of 6.6%.
因此,小马测试的净资产收益率为7.8%。按绝对值计算,这是一个较低的回报率,但约为专业服务行业6.6%的平均水平。
See our latest analysis for Pony Testing
查看我们对小马测试的最新分析
Above you can see how the current ROCE for Pony Testing 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 report for Pony Testing.
上面你可以看到目前Pony测试的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您想查看分析师对未来的预测,您应该查看我们的免费小马测试报告。
The Trend Of ROCE
ROCE的发展趋势
The trend of ROCE doesn't look fantastic because it's fallen from 18% five years ago, while the business's capital employed increased by 457%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. Pony Testing probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趋势看起来并不美妙,因为它比五年前的18%有所下降,而企业的资本投入却增加了457%。然而,已使用资本的增加可能部分归因于最近在其最新报告期之前完成的资本筹集,因此在查看ROCE下降时请记住这一点。小马测试可能还没有从它筹集的新基金中获得全年的收益,所以对这些数字应该持保留态度。
The Bottom Line
底线
In summary, despite lower returns in the short term, we're encouraged to see that Pony Testing 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 14% over the last year. 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,尽管短期内回报率较低,但我们感到鼓舞的是,Pony Testing正在为增长进行再投资,并因此获得更高的销售额。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一年里下跌了14%。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。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Pony Testing (of which 1 shouldn't be ignored!) that you should know about.
由于几乎每家公司都面临一些风险,了解它们是什么是值得的,我们已经发现小马测试的4个警告标志(其中1个不应该被忽视!)这是你应该知道的。
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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