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Here's What To Make Of Sailun Group's (SHSE:601058) Decelerating Rates Of Return
Here's What To Make Of Sailun Group's (SHSE:601058) Decelerating Rates Of Return
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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)
0.099 = CN¥1.7b ÷ (CN¥31b - CN¥14b) (Based on the trailing twelve months to September 2022).
So, Sailun Group has an ROCE of 9.9%. In absolute terms, that's a low return, but it's much better than the Auto Components industry average of 5.0%.
View our latest analysis for Sailun Group
Above 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'd like, you can check out the forecasts from the analysts covering Sailun Group here for free.
The Trend Of ROCE
In terms of Sailun Group's historical ROCE trend, it doesn't exactly demand attention. The company has employed 160% more capital in the last five years, and the returns on that capital have remained stable at 9.9%. 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's current liabilities are still rather high at 45% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
Our Take On Sailun Group's ROCE
In conclusion, Sailun Group has been investing more capital into the business, but returns on that capital haven't increased. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 214% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
One final note, you should learn about the 3 warning signs we've spotted with Sailun Group (including 2 which shouldn't be ignored) .
While Sailun 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.
你知道吗,有一些财务指标可以提供潜在的多管齐下的线索?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。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)
0.099=CN元17亿?(CN元31B-CN元14B)(基于截至2022年9月的过去12个月)。
所以,赛伦集团的净资产收益率为9.9%。按绝对值计算,这是一个较低的回报率,但远好于汽车零部件行业5.0%的平均水平。
查看我们对赛伦集团的最新分析
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。如果你愿意,你可以在这里查看赛伦集团分析师的预测免费的。
ROCE的发展趋势
就赛伦集团的历史ROCE走势而言,它并不完全值得关注。该公司在过去五年中增聘了160%的资本,这些资本的回报率稳定在9.9%。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,赛伦集团的流动负债仍相当高,占总资产的45%。这可能会带来一些风险,因为该公司基本上是在相当大程度上依赖其供应商或其他类型的短期债权人运营的。虽然这不一定是一件坏事,但如果这一比例较低,它可能是有益的。
我们对赛伦集团ROCE的看法
总而言之,赛伦集团一直在向这项业务投入更多资本,但这些资本的回报并没有增加。投资者一定认为未来会有更好的事情发生,因为该公司的股票已经走出了困境,为过去五年持有的股东带来了214%的收益。但如果这些潜在趋势的轨迹继续下去,我们认为从现在开始出现多管齐下的可能性并不高。
最后一个注意事项,您应该了解3个警示标志我们已经发现了赛伦集团(包括2家不应该被忽视的公司)。
尽管赛伦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。
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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。
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