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Be Wary Of FIT Hon Teng (HKG:6088) And Its Returns On Capital
Be Wary Of FIT Hon Teng (HKG:6088) And Its Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. Although, when we looked at FIT Hon Teng (HKG:6088), it didn't seem to tick all of these boxes.
Return On Capital Employed (ROCE): What Is It?
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 FIT Hon Teng, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.041 = US$127m ÷ (US$5.0b - US$1.9b) (Based on the trailing twelve months to December 2021).
So, FIT Hon Teng has an ROCE of 4.1%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 6.3%.
Check out our latest analysis for FIT Hon Teng
SEHK:6088 Return on Capital Employed July 26th 2022Above you can see how the current ROCE for FIT Hon Teng compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering FIT Hon Teng here for free.
What The Trend Of ROCE Can Tell Us
When we looked at the ROCE trend at FIT Hon Teng, we didn't gain much confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 4.1%. However it looks like FIT Hon Teng 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'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 side note, FIT Hon Teng has done well to pay down its current liabilities to 39% 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.
The Bottom Line On FIT Hon Teng's ROCE
To conclude, we've found that FIT Hon Teng is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 67% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
On a final note, we've found 3 warning signs for FIT Hon Teng that we think you should be aware of.
While FIT Hon Teng isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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.
你知道吗,有一些财务指标可以提供潜在的多管齐下的线索?一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加,同时也在增长金额已动用资本的比例。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。虽然,当我们看到契合邓鸿基(HKG:6088),它似乎没有勾选所有这些框。
资本回报率(ROCE):它是什么?
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Fit HonTeng的这一指标,公式如下:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.041美元=1.27亿美元(50亿-19亿美元)(根据截至2021年12月的往绩12个月计算).
所以,飞度鸿腾的净资产收益率为4.1%。按绝对值计算,这是一个较低的回报率,也低于电子行业6.3%的平均水平。
查看我们对飞度鸿腾的最新分析
联交所:6088 2022年7月26日资本回报率上面你可以看到飞度鸿腾目前的净资产收益率与之前的资本回报率相比如何,但从过去你只能看出这么多。如果你愿意,你可以查看Fit HonTeng在这里报道的分析师对免费的。
ROCE的走势告诉我们什么
当我们观察飞度鸿腾的ROCE趋势时,我们并没有获得太多信心。大约五年前,资本回报率为14%,但自那以来已降至4.1%。然而,鸿腾看起来可能正在进行再投资,以实现长期增长,因为尽管已动用资本有所增加,但该公司的销售额在过去12个月里没有太大变化。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。
另外,飞度鸿腾在偿还当前负债至总资产的39%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。
飞度鸿腾ROCE的底线
总而言之,我们发现飞度鸿腾正在对该业务进行再投资,但回报一直在下降。投资者似乎对趋势是否会回升犹豫不决,因为该股在过去五年里下跌了67%。总体而言,我们不太受潜在趋势的鼓舞,我们认为在其他地方可能会有更好的机会找到多个袋子。
最后一点,我们发现飞度鸿腾的3个警示标志我们认为你应该意识到。
尽管Fit HonTeng并没有获得最高回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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