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Sailun Group's (SHSE:601058) Returns Have Hit A Wall
Sailun Group's (SHSE:601058) Returns Have Hit A Wall
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Sailun Group (SHSE:601058) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
Return On Capital Employed (ROCE): What Is It?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Sailun Group is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.093 = CN¥1.5b ÷ (CN¥30b - CN¥14b) (Based on the trailing twelve months to June 2022).
So, Sailun Group has an ROCE of 9.3%. On its own that's a low return, but compared to the average of 4.9% generated by the Auto Components industry, it's much better.
View our latest analysis for Sailun Group
SHSE:601058 Return on Capital Employed October 3rd 2022Above you can see how the current ROCE for Sailun Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
So How Is Sailun Group's ROCE Trending?
The returns on capital haven't changed much for Sailun Group in recent years. Over the past five years, ROCE has remained relatively flat at around 9.3% and the business has deployed 168% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
On a side note, Sailun Group has done well to reduce current liabilities to 45% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously. Although because current liabilities are still 45%, some of that risk is still prevalent.
Our Take On Sailun Group's ROCE
In summary, Sailun Group has simply been reinvesting capital and generating the same low rate of return as before. Yet to long term shareholders the stock has gifted them an incredible 200% return in the last five years, so the market appears to be rosy about its future. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
If you want to know some of the risks facing Sailun Group we've found 4 warning signs (2 are a bit concerning!) that you should be aware of before investing here.
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.
如果你正在寻找一个多袋子,有几个东西需要注意。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。然而,在简单地看了一下数字之后,我们认为赛伦集团(上海证券交易所:601058)未来有可能成为一个多袋子的人,但让我们看看为什么会这样。
资本回报率(ROCE):它是什么?
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。赛伦集团的这一计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.093=CN元15亿?(CN元300B-CN元14B)(根据截至2022年6月的往绩12个月计算).
所以,赛伦集团的净资产收益率为9.3%。就其本身而言,这是一个很低的回报率,但与汽车零部件行业4.9%的平均回报率相比,这要好得多。
查看我们对赛伦集团的最新分析
上证所:2022年10月3日资本回报率为601058上面你可以看到赛伦集团目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
那么,赛伦集团的ROCE趋势如何?
赛伦集团近几年的资本回报率变化不大。在过去的五年中,净资产收益率相对持平,保持在9.3%左右,该业务在运营中投入的资本增加了168%。这种糟糕的ROCE目前并没有激发人们的信心,而且随着所用资本的增加,很明显,该公司没有将资金用于高回报投资。
另外,赛伦集团在过去五年将流动负债降至总资产的45%方面做得很好。这可以消除业务中固有的一些风险,因为企业对供应商和/或短期债权人的未偿债务比以前少了。尽管由于流动负债仍为45%,但其中一些风险仍然普遍存在。
我们对赛伦集团ROCE的看法
总而言之,赛伦集团只是在进行资本再投资,并产生了与以前一样低的回报率。然而,对于长期股东来说,该股在过去五年里给他们带来了令人难以置信的200%的回报率,因此市场似乎对其未来持乐观态度。归根结底,如果潜在的趋势持续下去,我们不会屏息于它是一个多袋子未来。
如果你想知道赛伦集团面临的一些风险,我们找到了4个警示标志(两个有点令人担忧!)在这里投资之前你应该意识到这一点。
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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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。
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