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Returns On Capital Signal Tricky Times Ahead For Sun.King Technology Group (HKG:580)
Returns On Capital Signal Tricky Times Ahead For Sun.King Technology Group (HKG:580)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. However, after briefly looking over the numbers, we don't think Sun.King Technology Group (HKG:580) 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 Sun.King Technology Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.012 = CN¥23m ÷ (CN¥2.4b - CN¥399m) (Based on the trailing twelve months to December 2021).
So, Sun.King Technology Group has an ROCE of 1.2%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.7%.
See our latest analysis for Sun.King Technology Group
SEHK:580 Return on Capital Employed August 5th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Sun.King Technology Group's ROCE against it's prior returns. If you're interested in investigating Sun.King Technology Group's past further, check out this free graph of past earnings, revenue and cash flow.
What The Trend Of ROCE Can Tell Us
On the surface, the trend of ROCE at Sun.King Technology Group doesn't inspire confidence. Over the last five years, returns on capital have decreased to 1.2% from 14% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
On a related note, Sun.King Technology Group has decreased its current liabilities to 17% 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 Sun.King Technology Group's ROCE
We're a bit apprehensive about Sun.King Technology Group because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 80% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
On a final note, we found 2 warning signs for Sun.King Technology Group (1 doesn't sit too well with us) you should be aware of.
While Sun.King Technology Group 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?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。然而,在简单地看了一下数字之后,我们认为Sun.King科技集团(HKG:580)具备了未来实现多个袋子的条件,但让我们看看为什么会这样。
了解资本回报率(ROCE)
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Sun.King Technology Group的此指标,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)
0.012=2300万元?(24亿元-3.99亿元)(根据截至2021年12月的往绩12个月计算).
所以,Sun.King科技集团的净资产收益率为1.2%。按绝对值计算,这是一个较低的回报率,也低于6.7%的电气行业平均水平。
查看我们对Sun.King科技集团的最新分析
联交所:580已动用资本回报率2022年8月5日在研究一只股票时,历史表现是一个很好的起点,因为在历史表现之上,你可以看到Sun.King Technology Group的ROCE相对于它之前的回报的衡量标准。如果你有兴趣进一步调查Sun.King科技集团的过去,请查看以下内容免费过去收益、收入和现金流的图表。
ROCE的走势告诉我们什么
从表面上看,Sun.King Technology Group的ROCE趋势并没有激发人们的信心。过去五年,资本回报率从五年前的14%降至1.2%。考虑到该公司在收入下滑的情况下雇佣了更多的资本,这有点令人担忧。这可能意味着企业正在失去其竞争优势或市场份额,因为虽然更多的资金被投入到风险投资中,但实际上它产生的回报更低--本身就是“更少的回报”。
与此相关的是,Sun.King科技集团已将其流动负债降至总资产的17%。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。
太阳王科技集团ROCE的底线
我们对Sun.King科技集团有点担心,因为尽管该公司投入了更多资本,但资本回报率和销售额都有所下降。然而,尽管存在这些基本面问题,该股在过去五年中表现强劲,回报率达到80%,因此投资者似乎非常乐观。无论如何,我们对基本面感到不太舒服,所以我们现在会避开这只股票。
最后,我们发现Sun.King科技集团的2个警告标志(1与我们坐在一起不太好)你应该知道。
虽然Sun.King科技集团目前的回报率可能不是最高的,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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