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Returns On Capital At Winner Medical (SZSE:300888) Paint A Concerning Picture
Returns On Capital At Winner Medical (SZSE:300888) Paint A Concerning Picture
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. In light of that, when we looked at Winner Medical (SZSE:300888) and its ROCE trend, we weren't exactly thrilled.
Understanding Return On Capital Employed (ROCE)
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. To calculate this metric for Winner Medical, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.10 = CN¥1.2b ÷ (CN¥16b - CN¥3.7b) (Based on the trailing twelve months to June 2022).
So, Winner Medical has an ROCE of 10%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Medical Equipment industry average of 11%.
See our latest analysis for Winner Medical
SZSE:300888 Return on Capital Employed August 29th 2022Above you can see how the current ROCE for Winner Medical compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
What Can We Tell From Winner Medical's ROCE Trend?
When we looked at the ROCE trend at Winner Medical, we didn't gain much confidence. Around five years ago the returns on capital were 28%, but since then they've fallen to 10%. And considering revenue has dropped while employing more capital, we'd be cautious. 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, Winner Medical has decreased its current liabilities to 24% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
In Conclusion...
In summary, we're somewhat concerned by Winner Medical's diminishing returns on increasing amounts of capital. Investors haven't taken kindly to these developments, since the stock has declined 12% from where it was year ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
If you want to continue researching Winner Medical, you might be interested to know about the 2 warning signs that our analysis has discovered.
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.
如果我们想要找到一个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张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。有鉴于此,当我们看到赢家医疗(SZSE:300888)和它的ROCE趋势,我们并不是很兴奋。
了解资本回报率(ROCE)
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。要计算Winner Medical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)
0.10=CN元12亿?(CN元160亿-CN元37亿)(根据截至2022年6月的往绩12个月计算).
所以,Winner Medical的净资产收益率为10%。按绝对值计算,这是一个相当正常的回报率,有点接近医疗设备行业11%的平均水平。
查看我们对Winner Medical的最新分析
深圳证交所:2022年8月29日资本回报率300888上面你可以看到Winner Medical目前的净资产收益率(ROCE)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。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
我们能从Winner Medical的ROCE趋势中看出什么?
当我们观察Winner Medical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28%,但自那以来已降至10%。考虑到在雇佣更多资本的同时收入有所下降,我们会持谨慎态度。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,Winner Medical已将其当前负债降至总资产的24%。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。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。
总之..。
总而言之,我们对赢家医疗不断增加的资本回报越来越少感到有些担忧。投资者对这些动态并不看好,因为该公司股价较一年前下跌了12%。除非这些指标出现转向更积极的轨迹,否则我们会把目光投向其他地方。
如果您想继续研究Winner Medical,您可能会有兴趣了解2个警告标志我们的分析发现。
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。
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。
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