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Some Investors May Be Worried About Suzhou Mingzhi Technology's (SHSE:688355) Returns On Capital
Some Investors May Be Worried About Suzhou Mingzhi Technology's (SHSE:688355) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Suzhou Mingzhi Technology (SHSE:688355) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
Understanding Return On Capital Employed (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Suzhou Mingzhi Technology, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.082 = CN¥91m ÷ (CN¥1.4b - CN¥316m) (Based on the trailing twelve months to March 2022).
So, Suzhou Mingzhi Technology has an ROCE of 8.2%. In absolute terms, that's a low return but it's around the Metals and Mining industry average of 9.5%.
Check out our latest analysis for Suzhou Mingzhi Technology
SHSE:688355 Return on Capital Employed June 29th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Suzhou Mingzhi Technology's ROCE against it's prior returns. If you'd like to look at how Suzhou Mingzhi Technology 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 Suzhou Mingzhi Technology's ROCE Trend?
In terms of Suzhou Mingzhi Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 15% over the last three years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
On a related note, Suzhou Mingzhi Technology has decreased its current liabilities to 22% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
The Bottom Line On Suzhou Mingzhi Technology's ROCE
To conclude, we've found that Suzhou Mingzhi Technology is reinvesting in the business, but returns have been falling. Unsurprisingly then, the total return to shareholders over the last year has been flat. 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.
On a final note, we've found 3 warning signs for Suzhou Mingzhi Technology that we think you should be aware of.
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? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Suzhou Mingzhi Technology (SHSE:688355) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
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,我们想要确定一个不断增长的退货在已使用资本(ROCE)上,然后在此基础上,不断增加基地已动用资本的比例。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,我们认为苏州明志科技(上海证券交易所:688355)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。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Suzhou Mingzhi Technology, this is the formula:
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。要计算苏州明志科技的这一指标,公式如下:
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)
0.082 = CN¥91m ÷ (CN¥1.4b - CN¥316m) (Based on the trailing twelve months to March 2022).
0.082=CN元9100万?(CN元14亿元-CN元3.16亿元)(根据截至2022年3月的往绩12个月计算).
So, Suzhou Mingzhi Technology has an ROCE of 8.2%. In absolute terms, that's a low return but it's around the Metals and Mining industry average of 9.5%.
所以,苏州明志科技ROCE为8.2%。按绝对值计算,这是一个较低的回报率,但大约在金属和矿业行业9.5%的平均水平附近。
Check out our latest analysis for Suzhou Mingzhi Technology
查看我们对苏州明志科技的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Suzhou Mingzhi Technology's ROCE against it's prior returns. If you'd like to look at how Suzhou Mingzhi Technology 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,你可以看到苏州明志科技的ROCE相对于其先前回报的衡量标准。如果你想看看苏州明志科技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 Suzhou Mingzhi Technology's ROCE Trend?
从苏州明志科技的ROCE趋势中我们可以看出什么?
In terms of Suzhou Mingzhi Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 15% over the last three years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就苏州明志科技的历史ROCE运动而言,这一趋势并不美妙。更具体地说,ROCE在过去三年中从15%下降。另一方面,该公司一直在使用更多的资本,但去年的销售额没有相应的改善,这可能表明这些投资是更长期的投资。从现在开始,值得密切关注该公司的收益,看看这些投资最终是否真的为利润做出了贡献。
On a related note, Suzhou Mingzhi Technology has decreased its current liabilities to 22% 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. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
与此相关的是,苏州明志科技已将流动负债降至总资产的22%。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。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
The Bottom Line On Suzhou Mingzhi Technology's ROCE
苏州明志科技ROCE的底线
To conclude, we've found that Suzhou Mingzhi Technology is reinvesting in the business, but returns have been falling. Unsurprisingly then, the total return to shareholders over the last year has been flat. 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.
总而言之,我们发现苏州明志科技正在对该业务进行再投资,但回报一直在下降。因此,去年股东的总回报率持平也就不足为奇了。总而言之,内在的趋势并不是典型的多重投放者,所以如果这是你想要的,我们认为你在其他地方可能会有更多的运气。
On a final note, we've found 3 warning signs for Suzhou Mingzhi Technology that we think you should be aware of.
最后一点,我们发现苏州明志科技的3个警示标志我们认为你应该意识到。
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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