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AK Medical Holdings' (HKG:1789) Returns On Capital Not Reflecting Well On The Business
AK Medical Holdings' (HKG:1789) Returns On Capital Not Reflecting Well On The Business
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think AK Medical Holdings (HKG:1789) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
Understanding 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. The formula for this calculation on AK Medical Holdings is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.047 = CN¥105m ÷ (CN¥2.7b - CN¥418m) (Based on the trailing twelve months to June 2022).
Therefore, AK Medical Holdings has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Medical Equipment industry average of 10%.
Check out our latest analysis for AK Medical Holdings
SEHK:1789 Return on Capital Employed September 25th 2022Above you can see how the current ROCE for AK Medical 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 AK Medical Holdings here for free.
So How Is AK Medical Holdings' ROCE Trending?
In terms of AK Medical Holdings' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 34%, but since then they've fallen to 4.7%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
On a side note, AK Medical Holdings has done well to pay down its current liabilities to 16% 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.
Our Take On AK Medical Holdings' ROCE
In summary, we're somewhat concerned by AK Medical Holdings' diminishing returns on increasing amounts of capital. And long term shareholders have watched their investments stay flat over the last three years. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
Like most companies, AK Medical Holdings does come with some risks, and we've found 1 warning sign that you should be aware of.
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.
找到一家具有大幅增长潜力的企业并非易事,但如果我们看看几个关键的财务指标,这是可能的。在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。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。然而,在简单地看了一下数字之后,我们认为AK医疗控股公司(HKG:1789)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。
了解资本回报率(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。AK Medical Holdings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)
0.047=人民币1.05亿元?(人民币27亿元-人民币4.18亿元)(根据截至2022年6月的往绩12个月计算).
所以呢,AK Medical Holdings的净资产收益率为4.7%。按绝对值计算,这是一个较低的回报率,也低于医疗设备行业10%的平均水平。
查看我们对AK医疗控股公司的最新分析
联交所:1789已动用资本回报率2022年9月25日上面你可以看到AK Medical Holdings目前的ROCE与其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,你可以在这里查看报道AK Medical Holdings的分析师对免费的。
那么,AK医疗控股公司的ROCE趋势如何?
就AK Medical Holdings历史上的ROCE运动而言,这一趋势并不美妙。大约五年前,资本回报率为34%,但自那以来已降至4.7%。考虑到该公司在收入下滑的情况下雇佣了更多的资本,这有点令人担忧。如果这种情况持续下去,你可能会看到这样一家公司,它正试图通过再投资实现增长,但由于销售额没有增长,实际上正在失去市场份额。
另外,AK Medical Holdings在将目前的负债降低到总资产的16%方面做得很好。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。
我们对AK医疗控股公司ROCE的看法
总而言之,我们对AK Medical Holdings不断增加的资本回报越来越少感到有点担忧。在过去的三年里,长期股东眼睁睁地看着他们的投资保持不变。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。
像大多数公司一样,AK Medical Holdings确实存在一些风险,我们发现1个警告标志这一点你应该知道。
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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