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Some Investors May Be Worried About GCL New Energy Holdings' (HKG:451) Returns On Capital
Some Investors May Be Worried About GCL New Energy Holdings' (HKG:451) Returns On Capital
When researching a stock for investment, what can tell us that the company is in decline? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into GCL New Energy Holdings (HKG:451), we weren't too upbeat about how things were going.
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. The formula for this calculation on GCL New Energy Holdings is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.0093 = CN¥100m ÷ (CN¥14b - CN¥2.9b) (Based on the trailing twelve months to June 2022).
So, GCL New Energy Holdings has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Renewable Energy industry average of 6.5%.
View our latest analysis for GCL New Energy Holdings
SEHK:451 Return on Capital Employed September 1st 2022Above you can see how the current ROCE for GCL New Energy Holdings 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 GCL New Energy Holdings here for free.
What The Trend Of ROCE Can Tell Us
The trend of ROCE at GCL New Energy Holdings is showing some signs of weakness. To be more specific, today's ROCE was 6.9% five years ago but has since fallen to 0.9%. What's equally concerning is that the amount of capital deployed in the business has shrunk by 58% over that same period. The fact that both are shrinking is an indication that the business is going through some tough times. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
On a related note, GCL New Energy Holdings has decreased its current liabilities to 21% 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.
What We Can Learn From GCL New Energy Holdings' ROCE
In short, lower returns and decreasing amounts capital employed in the business doesn't fill us with confidence. Unsurprisingly then, the stock has dived 80% over the last five years, so investors are recognizing these changes and don't like the company's prospects. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for GCL New Energy Holdings (of which 2 are concerning!) that you should know about.
While GCL New Energy Holdings 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.
在研究一只股票进行投资时,什么能告诉我们该公司正在衰落?通常情况下,我们会看到退货论资本充足率(ROCE)与衰退金额已动用资本的比例。基本上,该公司的投资收益减少了,总资产也在减少。关于这一点,正在调查GCL新能源控股(HKG:451),我们对事情的进展并不太乐观。
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。GCL新能源控股的这一计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.0093=CN元1亿?(CN元14B-CN元29亿)(根据截至2022年6月的往绩12个月计算).
所以,GCL新能源控股的净资产收益率为0.9%。按绝对值计算,这是一个较低的回报率,也低于可再生能源行业6.5%的平均水平。
查看我们对GCL新能源控股的最新分析
联交所:451已动用资本回报率2022年9月1日上图中,你可以看到GCL新能源控股公司目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果你愿意,你可以在这里查看GCL新能源控股公司分析师的预测免费的。
ROCE的走势告诉我们什么
GCL新能源控股的ROCE趋势显示出一些疲软迹象。更具体地说,今天的ROCE在五年前是6.9%,但后来降到了0.9%。同样令人担忧的是,在同一时期,该公司的资本额缩水了58%。这两家公司都在收缩,这一事实表明,该公司正在经历一段艰难时期。通常情况下,表现出这些特征的企业并不是那些倾向于长期成倍增长的企业,因为从统计学上讲,它们已经经历了生命周期的增长阶段。
与此相关的是,GCL新能源控股公司已将目前的负债降至总资产的21%。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。
我们可以从GCL新能源控股的ROCE中学到什么
简而言之,较低的回报和不断减少的资本投入并不能让我们充满信心。因此,不出所料,该公司股价在过去五年里暴跌了80%,因此投资者认识到了这些变化,并不看好该公司的前景。鉴于这些领域的潜在趋势不是很好,我们会考虑将目光投向其他地方。
由于几乎每家公司都面临一些风险,了解它们是什么是值得的,我们已经发现GCL新能源控股的3个警告信号(其中两个是有关的!)这是你应该知道的。
虽然GCL新能源控股公司并没有获得最高的回报,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。
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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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