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Zibo Qixiang Tengda Chemical (SZSE:002408) Hasn't Managed To Accelerate Its Returns
Zibo Qixiang Tengda Chemical (SZSE:002408) Hasn't Managed To Accelerate Its Returns
There are a few key trends to look for if we want to identify the next multi-bagger. 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. That's why when we briefly looked at Zibo Qixiang Tengda Chemical's (SZSE:002408) ROCE trend, we were pretty happy with what we saw.
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. Analysts use this formula to calculate it for Zibo Qixiang Tengda Chemical:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.14 = CN¥2.4b ÷ (CN¥29b - CN¥11b) (Based on the trailing twelve months to June 2022).
Thus, Zibo Qixiang Tengda Chemical has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Chemicals industry average of 9.7% it's much better.
See our latest analysis for Zibo Qixiang Tengda Chemical
SZSE:002408 Return on Capital Employed September 12th 2022Historical performance is a great place to start when researching a stock so above you can see the gauge for Zibo Qixiang Tengda Chemical's ROCE against it's prior returns. If you want to delve into the historical earnings, revenue and cash flow of Zibo Qixiang Tengda Chemical, check out these free graphs here.
The Trend Of ROCE
While the returns on capital are good, they haven't moved much. Over the past five years, ROCE has remained relatively flat at around 14% and the business has deployed 177% more capital into its operations. Since 14% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 39% of total assets, this reported ROCE would probably be less than14% because total capital employed would be higher.The 14% ROCE could be even lower if current liabilities weren't 39% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
The Bottom Line
To sum it up, Zibo Qixiang Tengda Chemical has simply been reinvesting capital steadily, at those decent rates of return. Yet over the last five years the stock has declined 13%, so the decline might provide an opening. For that reason, savvy investors might want to look further into this company in case it's a prime investment.
If you want to know some of the risks facing Zibo Qixiang Tengda Chemical we've found 2 warning signs (1 is potentially serious!) that you should be aware of before investing here.
While Zibo Qixiang Tengda Chemical 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.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。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。这就是为什么当我们短暂地查看淄博七乡腾达化工(SZSE:002408)ROCE趋势,我们对所看到的相当满意。
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。分析师用这个公式计算了淄博齐翔腾达化工的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.14=CN元24亿?(CN元29B-CN元11B)(根据截至2022年6月的往绩12个月计算).
因此,淄博齐翔腾达化工的ROCE为14%。就绝对值而言,这是一个令人满意的回报率,但与化工行业9.7%的平均回报率相比,这要好得多。
请参阅我们对淄博齐翔腾达化工的最新分析
深交所:2022年9月12日资本回报率002408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,你可以看到淄博齐翔腾达化工的ROCE相对于其先前回报的衡量标准。如果你想深入研究淄博齐翔腾达化工的历史收益、收入和现金流,请查看以下内容免费图表在这里。
ROCE的发展趋势
虽然资本回报率不错,但它们并没有太大变动。在过去的五年中,净资产收益率相对持平,保持在14%左右,该业务在其运营中投入的资本增加了177%。虽然14%是一个中等的净资产收益率,但很高兴看到一家企业能够继续以如此可观的回报率进行再投资。这样的稳定回报可能并不令人兴奋,但如果它们能够长期保持下去,它们往往会为股东提供丰厚的回报。
另一点需要注意的是,我们注意到该公司在过去五年中增加了流动负债。这很耐人寻味,因为如果流动负债没有增加到总资产的39%,这个报告的ROCE可能会低于14%,因为使用的总资本会更高。如果流动负债不是总资产的39%,14%的ROCE可能会更低,因为公式将显示使用的总资本的基数更大。考虑到这一点,只需警惕未来这一比率的增加,因为如果它变得特别高,这将带来一些新的风险因素。
底线
综上所述,淄博齐翔腾达化工只是一直在稳步地进行资本再投资,回报率也不错。然而,在过去五年中,该股下跌了13%,因此这一下跌可能提供了一个机会。出于这个原因,精明的投资者可能希望更深入地研究这家公司,以防它是一项主要投资。
如果你想知道淄博齐翔腾达化工面临的一些风险,我们已经找到了2个警告标志(%1可能很严重!)在这里投资之前你应该意识到这一点。
尽管淄博齐翔腾达化工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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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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