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China Isotope & Radiation (HKG:1763) May Have Issues Allocating Its Capital
China Isotope & Radiation (HKG:1763) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at China Isotope & Radiation (HKG:1763), 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 China Isotope & Radiation, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.11 = CN¥743m ÷ (CN¥10b - CN¥4.0b) (Based on the trailing twelve months to December 2021).
Therefore, China Isotope & Radiation has an ROCE of 11%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Medical Equipment industry average of 10%.
Check out our latest analysis for China Isotope & Radiation
SEHK:1763 Return on Capital Employed August 30th 2022Above you can see how the current ROCE for China Isotope & Radiation 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 Does the ROCE Trend For China Isotope & Radiation Tell Us?
On the surface, the trend of ROCE at China Isotope & Radiation doesn't inspire confidence. Around five years ago the returns on capital were 30%, but since then they've fallen to 11%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
On a related note, China Isotope & Radiation has decreased its current liabilities to 38% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
In Conclusion...
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for China Isotope & Radiation. And there could be an opportunity here if other metrics look good too, because the stock has declined 10% in the last three years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
If you're still interested in China Isotope & Radiation it's worth checking out our FREE intrinsic value approximation to see if it's trading at an attractive price in other respects.
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high 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.
如果你正在寻找一个多袋子,有几个东西需要注意。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。基本上,这意味着一家公司有盈利的举措,可以继续进行再投资,这是复合机器的一个特点。虽然,当我们看到中国同位素与辐射(HKG:1763),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。要计算中国同位素和辐射的这一度量,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)
0.11=CN元7.43亿?(CN元10B-CN元40亿)(根据截至2021年12月的往绩12个月计算).
所以呢,《中国同位素与辐射》的ROCE为11%。按绝对值计算,这是一个相当正常的回报率,而且有点接近医疗设备行业10%的平均水平。
查看我们对中国同位素和辐射的最新分析
联交所:1763 2022年8月30日资本回报率在上面,你可以看到中国同位素辐射公司目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去了解到这么多。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。
中国同位素和辐射的ROCE趋势告诉了我们什么?
从表面上看,中国同位素与辐射公司的ROCE走势并没有鼓舞信心。大约五年前,资本回报率为30%,但自那以来已降至11%。然而,鉴于已动用资本和收入都有所增加,该业务目前似乎正在追求增长,这是短期回报的结果。如果增加的资本产生额外的回报,从长远来看,企业和股东都将受益。
与此相关的是,中国同位素辐射公司已将其流动负债降至总资产的38%。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。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。
总之..。
尽管资本回报率在短期内下降,但我们发现,中国同位素辐射公司的收入和资本使用都有所增加,这是有希望的。如果其他指标也看起来不错,这可能是一个机会,因为该股在过去三年里下跌了10%。因此,我们认为,鉴于趋势看起来令人鼓舞,进一步研究这只股票是值得的。
如果你仍然对中国的同位素和辐射感兴趣,那就值得去看看我们的自由内在值近似看看它在其他方面的交易价格是否有吸引力。
对于那些喜欢投资于稳固的公司,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。
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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。
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