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Perfect World (SZSE:002624) May Have Issues Allocating Its Capital
Perfect World (SZSE:002624) May Have Issues Allocating Its Capital
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Perfect World (SZSE:002624), we weren't too upbeat about how things were going.
Understanding Return On Capital Employed (ROCE)
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. The formula for this calculation on Perfect World is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.073 = CN¥881m ÷ (CN¥16b - CN¥4.0b) (Based on the trailing twelve months to March 2023).
Thus, Perfect World has an ROCE of 7.3%. On its own, that's a low figure but it's around the 6.1% average generated by the Entertainment industry.
View our latest analysis for Perfect World
In the above chart we have measured Perfect World's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Perfect World.
So How Is Perfect World's ROCE Trending?
There is reason to be cautious about Perfect World, given the returns are trending downwards. To be more specific, the ROCE was 15% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Perfect World to turn into a multi-bagger.
In Conclusion...
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 15% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Perfect World (of which 1 shouldn't be ignored!) that you should know about.
While Perfect World may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
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.
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Perfect World (SZSE:002624), we weren't too upbeat about how things were going.
忽略公司的股价,告诉我们企业已经过了增长阶段的潜在趋势是什么?衰落的企业通常有两个潜在的趋势,第一,衰退 返回 论资本使用率(ROCE)和下降情况 基础 所用资本的百分比。这表明该公司的投资利润减少了,其总资产正在减少。顺便说一句,正在研究 完美世界 (SZSE: 002624),我们对事情的发展并不太乐观。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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. The formula for this calculation on Perfect World is:
对于那些不确定ROCE是什么的人,它衡量的是公司可以从其业务中使用的资本中获得的税前利润。在 “完美世界” 上进行此计算的公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本使用回报率 = 利息和税前收益 (EBIT) ▲(总资产-流动负债)
0.073 = CN¥881m ÷ (CN¥16b - CN¥4.0b) (Based on the trailing twelve months to March 2023).
0.073 = cn¥881 ÷(cn¥16b-cn¥40b) (基于截至2023年3月的过去十二个月)。
Thus, Perfect World has an ROCE of 7.3%. On its own, that's a low figure but it's around the 6.1% average generated by the Entertainment industry.
因此, 完美世界的投资回报率为7.3%。 就其本身而言,这是一个很低的数字,但大约是娱乐业产生的6.1%的平均水平。
View our latest analysis for Perfect World
查看我们对完美世界的最新分析
In the above chart we have measured Perfect World's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Perfect World.
在上面的图表中,我们将完美世界之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你想看看分析师对未来的预测,你应该看看我们的 免费的 完美世界报道。
So How Is Perfect World's ROCE Trending?
那么《完美世界》的ROCE趋势如何?
There is reason to be cautious about Perfect World, given the returns are trending downwards. To be more specific, the ROCE was 15% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Perfect World to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对完美世界持谨慎态度。更具体地说,五年前的投资回报率为15%,但此后已明显下降。最重要的是,值得注意的是,企业内部使用的资本量一直保持相对稳定。表现出这些特性的公司往往不会萎缩,但它们可能已经成熟,面临竞争带来的利润压力。如果这些趋势继续下去,我们预计完美世界不会变成一个多袋游戏。
In Conclusion...
总之...
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 15% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
归根结底,相同数量的资本回报率下降的趋势通常并不表示我们在看成长型股票。投资者对这些事态发展并不乐观,因为该股已比五年前下跌了15%。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Perfect World (of which 1 shouldn't be ignored!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得知道它们是什么,我们已经发现了 完美世界的 3 个警告信号 (其中 1 个不容忽视!)你应该知道的。
While Perfect World may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管 Perfect World 目前可能无法获得最高的回报,但我们整理了一份目前股本回报率超过 25% 的公司名单。看看这个 免费的 在这里列出。
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.
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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