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COFCO Joycome Foods (HKG:1610) May Have Issues Allocating Its Capital
COFCO Joycome Foods (HKG:1610) May Have Issues Allocating Its Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after briefly looking over the numbers, we don't think COFCO Joycome Foods (HKG:1610) 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?
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. Analysts use this formula to calculate it for COFCO Joycome Foods:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.0028 = CN¥23m ÷ (CN¥20b - CN¥11b) (Based on the trailing twelve months to June 2022).
So, COFCO Joycome Foods has an ROCE of 0.3%. In absolute terms, that's a low return and it also under-performs the Food industry average of 8.6%.
View our latest analysis for COFCO Joycome Foods
SEHK:1610 Return on Capital Employed November 29th 2022Above you can see how the current ROCE for COFCO Joycome Foods compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for COFCO Joycome Foods.
So How Is COFCO Joycome Foods' ROCE Trending?
In terms of COFCO Joycome Foods' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 0.3% from 25% five years ago. 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, COFCO Joycome Foods' current liabilities have increased over the last five years to 57% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
In Conclusion...
In summary, we're somewhat concerned by COFCO Joycome Foods' diminishing returns on increasing amounts of capital. However the stock has delivered a 69% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
One more thing, we've spotted 2 warning signs facing COFCO Joycome Foods that you might find interesting.
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.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。首先,我们想要确定一个不断增长的退货在已使用资本(ROCE)上,然后在此基础上,不断增加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。然而,在简单地看了一下数字之后,我们认为中粮卓康食品(HKG:1610)具备了未来实现多个袋子的条件,但让我们看看为什么会这样。
资本回报率(ROCE):它是什么?
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。分析师使用以下公式来计算中粮卓康食品的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.0028=CN元2300万?(CN元20B-CN元11B)(根据截至2022年6月的往绩12个月计算).
所以,中粮卓康食品的净资产收益率为0.3%。按绝对值计算,这是一个较低的回报率,也低于8.6%的食品行业平均水平。
查看我们对中粮卓康食品的最新分析
联交所:1610已动用资本回报率2022年11月29日上图中,你可以看到中粮卓康食品目前的净资产收益率与其之前的资本回报率相比如何,但你只能从过去了解到这么多。如果您想查看分析师对未来的预测,您应该查看我们的免费中粮卓康食品的报告。
那么,中粮卓康食品的ROCE趋势如何呢?
就中粮卓康食品历史上的ROCE运动而言,这一趋势并不美妙。过去五年,资本回报率从五年前的25%降至0.3%。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,中粮卓康食品的流动负债在过去五年中增加到总资产的57%,在一定程度上实际上扭曲了ROCE。如果流动负债没有像以前那样增加,净资产收益率实际上可能会更低。由于目前的负债处于这些水平,供应商或短期债权人实际上为很大一部分业务提供了资金,这可能会带来一些风险。
总之..。
总而言之,我们对中粮卓康食品不断增加的资本回报感到有点担忧。然而,该股在过去五年里为股东带来了69%的回报,因此投资者可能预计趋势会扭转。无论如何,我们对基本面感到不太舒服,所以我们现在会避开这只股票。
还有一件事,我们发现了2个警告标志面对你可能会感兴趣的中粮JoyCome食品。
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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