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Capital Allocation Trends At Sunshine Global CircuitsLtd (SZSE:300739) Aren't Ideal
Capital Allocation Trends At Sunshine Global CircuitsLtd (SZSE:300739) Aren't Ideal
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. However, after briefly looking over the numbers, we don't think Sunshine Global CircuitsLtd (SZSE:300739) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
What Is Return On Capital Employed (ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Sunshine Global CircuitsLtd is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.07 = CN¥159m ÷ (CN¥3.1b - CN¥831m) (Based on the trailing twelve months to June 2022).
Thus, Sunshine Global CircuitsLtd has an ROCE of 7.0%. On its own that's a low return on capital but it's in line with the industry's average returns of 7.2%.
See our latest analysis for Sunshine Global CircuitsLtd
SZSE:300739 Return on Capital Employed September 20th 2022While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Sunshine Global CircuitsLtd, check out these free graphs here.
What Can We Tell From Sunshine Global CircuitsLtd's ROCE Trend?
When we looked at the ROCE trend at Sunshine Global CircuitsLtd, we didn't gain much confidence. Around five years ago the returns on capital were 29%, but since then they've fallen to 7.0%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, Sunshine Global CircuitsLtd has done well to pay down its current liabilities to 27% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
The Key Takeaway
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Sunshine Global CircuitsLtd. And there could be an opportunity here if other metrics look good too, because the stock has declined 37% in the last three years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
One more thing: We've identified 2 warning signs with Sunshine Global CircuitsLtd (at least 1 which shouldn't be ignored) , and understanding these would certainly be useful.
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.
如果你不确定在寻找下一个多袋子时从哪里开始,有几个关键的趋势你应该密切关注。一种常见的方法是尝试找到一家拥有退货已使用资本(ROCE)正在增加,同时也在增长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。然而,在简单地看了一下数字之后,我们认为阳光环球电路有限公司(SZSE:300739)具备了未来实现多个袋子的条件,但让我们来看看为什么会这样。
什么是资本回报率(ROCE)?
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。阳光全球电路有限公司的计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.07元=1.59亿元?(31亿元-8.31亿元)(根据截至2022年6月的往绩12个月计算).
因此,阳光环球电路有限公司的净资产收益率为7.0%。就其本身而言,这是一个较低的资本回报率,但符合该行业7.2%的平均回报率。
查看我们对阳光全球电路有限公司的最新分析
深圳证交所:2022年9月20日资本回报率300739虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想深入研究阳光全球电路有限公司的历史收益、收入和现金流,请查看以下内容免费图表在这里。
从阳光全球电路有限公司的ROCE趋势中,我们能看出什么?
当我们观察阳光全球电路有限公司的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29%,但自那以来已降至7.0%。尽管,考虑到收入和业务中使用的资产数量都有所增加,这可能表明该公司正在投资于增长,而额外的资本导致了ROCE的短期下降。如果这些投资被证明是成功的,这可能是长期股票表现的好兆头。
另外,阳光全球电路有限公司在将目前的负债降至总资产的27%方面做得很好。这可能在一定程度上解释了ROCE下降的原因。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。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。
关键的外卖
尽管资本回报率在短期内下降,但我们发现阳光全球电路有限公司的收入和使用的资本都有所增加,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37%。因此,我们建议进一步研究这只股票,以揭示该业务的其他基本面可以向我们展示什么。
还有一件事:我们已经确定了2个警告标志与阳光全球电路有限公司(至少1个不应被忽视),了解这些肯定是有用的。
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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