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Focus Lightings Tech (SZSE:300708) Might Be Having Difficulty Using Its Capital Effectively
Focus Lightings Tech (SZSE:300708) Might Be Having Difficulty Using Its Capital Effectively
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Focus Lightings Tech (SZSE:300708) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
What Is 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 Focus Lightings Tech, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.078 = CN¥141m ÷ (CN¥2.9b - CN¥1.1b) (Based on the trailing twelve months to June 2022).
Thus, Focus Lightings Tech has an ROCE of 7.8%. Even though it's in line with the industry average of 7.7%, it's still a low return by itself.
Check out our latest analysis for Focus Lightings Tech
SZSE:300708 Return on Capital Employed September 16th 2022In the above chart we have measured Focus Lightings Tech's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Focus Lightings Tech here for free.
What The Trend Of ROCE Can Tell Us
Unfortunately, the trend isn't great with ROCE falling from 15% five years ago, while capital employed has grown 166%. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Focus Lightings Tech might not have received a full period of earnings contribution from it.
The Bottom Line On Focus Lightings Tech's ROCE
While returns have fallen for Focus Lightings Tech in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. In light of this, the stock has only gained 13% over the last three years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
Focus Lightings Tech could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
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.
要找到一只多袋股票,我们应该在一家企业中寻找什么潜在趋势?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。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。话虽如此,从第一眼看聚焦照明技术(SZSE:300708)我们不会因为回报率的趋势而从椅子上跳起来,但让我们更深入地看看。
什么是资本回报率(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。要计算聚焦照明技术的此指标,请使用以下公式:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.078=人民币1.41亿?(人民币29亿元-人民币11亿元)(根据截至2022年6月的往绩12个月计算).
因此,焦点照明科技的净资产收益率为7.8%。尽管这与7.7%的行业平均水平一致,但这本身仍然是一个低回报。
查看我们对焦点照明技术的最新分析
深圳证交所:2022年9月16日资本回报率300708在上面的图表中,我们衡量了Focus Lightings Tech之前的ROCE和它之前的表现,但可以说,未来更重要。如果你愿意,你可以在这里查看聚焦照明技术分析师的预测免费的。
ROCE的走势告诉我们什么
不幸的是,这一趋势并不是很好,净资产收益率从五年前的15%下降,而已动用资本增长了166%。然而,已使用资本的增加可能部分归因于最近在其最新报告期之前完成的资本筹集,因此在查看ROCE下降时请记住这一点。目前看来,募集到的资金还不太可能全部投入使用,因此,福克斯照明科技可能没有从该公司获得完整的收益贡献。
聚焦照明科技ROCE的底线
虽然Focus Lightings Tech最近的回报率有所下降,但我们看到销售额在增长,该业务正在对其业务进行再投资,这让我们感到鼓舞。有鉴于此,该股在过去三年中仅上涨了13%。因此,我们建议进一步研究这只股票,以确认它是否具备良好的投资条件。
焦点照明科技可能在其他方面以有吸引力的价格交易,所以你可能会发现我们的自由内在价值估计在我们的平台上相当有价值。
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。
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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