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Here's What's Concerning About Miracll ChemicalsLtd's (SZSE:300848) Returns On Capital
Here's What's Concerning About Miracll ChemicalsLtd's (SZSE:300848) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after briefly looking over the numbers, we don't think Miracll ChemicalsLtd (SZSE:300848) 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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Miracll ChemicalsLtd:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.096 = CN¥97m ÷ (CN¥1.8b - CN¥737m) (Based on the trailing twelve months to March 2022).
Therefore, Miracll ChemicalsLtd has an ROCE of 9.6%. Even though it's in line with the industry average of 10.0%, it's still a low return by itself.
See our latest analysis for Miracll ChemicalsLtd
SZSE:300848 Return on Capital Employed July 29th 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 Miracll ChemicalsLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
What Does the ROCE Trend For Miracll ChemicalsLtd Tell Us?
We weren't thrilled with the trend because Miracll ChemicalsLtd's ROCE has reduced by 61% over the last five years, while the business employed 626% more capital. Usually this isn't ideal, but given Miracll ChemicalsLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Miracll ChemicalsLtd might not have received a full period of earnings contribution from it.
Another thing to note, Miracll ChemicalsLtd has a high ratio of current liabilities to total assets of 42%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
The Bottom Line
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Miracll ChemicalsLtd. Furthermore the stock has climbed 26% over the last year, it would appear that investors are upbeat about the future. 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.
On a final note, we found 4 warning signs for Miracll ChemicalsLtd (1 is concerning) you should be aware of.
While Miracll ChemicalsLtd may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票?理想情况下,一家企业将呈现两种趋势;第一,增长退货关于已使用资本(ROCE),第二,增加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。然而,在简单地看了一下数字之后,我们认为Miracll化工有限公司(SZSE:300848)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
资本回报率(ROCE):它是什么?
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。分析师使用以下公式来计算Miracll ChemicalsLtd.的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.096=人民币9700万?(人民币18亿元-人民币7.37亿元)(根据截至2022年3月的往绩12个月计算).
所以呢,Miracll ChemicalsLtd.的净资产收益率为9.6%。尽管这与10.0%的行业平均水平一致,但这本身仍然是一个低回报。
查看我们对Miracll ChemicalsLtd.的最新分析
深圳证交所:2022年7月29日资本回报率300848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Miracll ChemicalsLtd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。
奇迹化工股份有限公司的ROCE趋势告诉我们什么?
我们对这一趋势并不感到兴奋,因为Miracll ChemicalsLtd的净资产收益率在过去五年里下降了61%,而该业务雇佣的资本增加了626%。通常情况下,这并不理想,但考虑到Miracll ChemicalsLtd在最近一次财报公布之前进行了一次融资,这可能至少在一定程度上推动了资本投入的增加。不太可能所有筹集的资金都已经投入使用,因此Miracll ChemicalsLtd可能没有从该公司获得完整时期的收益贡献。
另一件需要注意的事情是,Miracll ChemicalsLtd.的流动负债与总资产的比率很高,达到42%。这可能会带来一些风险,因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。理想情况下,我们希望看到这一比例降低,因为这将意味着承担风险的债务更少。
底线
尽管资本回报率在短期内有所下降,但我们发现,Miracll ChemicalsLtd.的收入和所用资本都有所增加,这是有希望的。此外,该股在过去一年中上涨了26%,似乎投资者对未来持乐观态度。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。
最后,我们发现奇迹化工有限公司的4个警告标志(1是关于的)你应该知道。
虽然Miracll ChemicalsLtd目前可能没有获得最高的回报,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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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