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Guangdong Fangyuan New Materials Group (SHSE:688148) Will Be Hoping To Turn Its Returns On Capital Around
Guangdong Fangyuan New Materials Group (SHSE:688148) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. In light of that, when we looked at Guangdong Fangyuan New Materials Group (SHSE:688148) and its ROCE trend, we weren't exactly thrilled.
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 Guangdong Fangyuan New Materials Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.016 = CN¥30m ÷ (CN¥3.6b - CN¥1.6b) (Based on the trailing twelve months to June 2022).
Thus, Guangdong Fangyuan New Materials Group has an ROCE of 1.6%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 9.7%.
Check out our latest analysis for Guangdong Fangyuan New Materials Group
SHSE:688148 Return on Capital Employed September 22nd 2022In the above chart we have measured Guangdong Fangyuan New Materials Group'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 Guangdong Fangyuan New Materials Group here for free.
The Trend Of ROCE
When we looked at the ROCE trend at Guangdong Fangyuan New Materials Group, we didn't gain much confidence. To be more specific, ROCE has fallen from 2.5% over the last five years. 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. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, Guangdong Fangyuan New Materials Group's current liabilities have increased over the last five years to 46% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 1.6%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
The Bottom Line On Guangdong Fangyuan New Materials Group's ROCE
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Guangdong Fangyuan New Materials Group. And there could be an opportunity here if other metrics look good too, because the stock has declined 38% in the last year. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
If you'd like to know more about Guangdong Fangyuan New Materials Group, we've spotted 4 warning signs, and 3 of them make us uncomfortable.
While Guangdong Fangyuan New Materials Group 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.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?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。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。有鉴于此,当我们看到广东方圆新材料集团(上海证券交易所:688148)和它的ROCE趋势,我们并不是很兴奋。
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。要计算广东方圆新材料集团的这一指标,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)
0.016=3000万元×(36亿元-16亿元)(根据截至2022年6月的往绩12个月计算).
因此,广东方圆新材料集团ROCE为1.6%。按绝对值计算,这是一个较低的回报率,也低于9.7%的化工行业平均水平。
查看我们对广东方圆新材料集团的最新分析
上证所:2022年9月22日资本回报率为688148在上面的图表中,我们比较了广东方圆新材料集团之前的净资产收益率和之前的表现,但可以说,未来更重要。如果你愿意,你可以在这里查看广东方圆新材料集团分析师的预测。免费的。
ROCE的发展趋势
当我们看着广东方圆新材料集团的ROCE趋势时,我们并没有获得太多信心。更具体地说,ROCE在过去五年中从2.5%下降。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,广东方圆新材料集团的流动负债在过去五年中增加到总资产的46%,在一定程度上扭曲了ROCE。如果没有这一增长,净资产收益率很可能会低于1.6%。这意味着,在现实中,相当大一部分业务是由该公司的供应商或短期债权人等人提供资金的,这本身就可能带来一些风险。
广东方圆新材料集团ROCE的底线
尽管资本回报率在短期内有所下降,但我们发现广东方圆新材料集团的收入和资本都出现了增长,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,因为该股在过去一年里下跌了38%。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。
如果您想了解更多关于广东方圆新材料集团的信息,我们已经发现4个警示标志,其中有三个让我们感到不舒服。
虽然广东方圆新材料集团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。
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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