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Here's What's Concerning About Miracll ChemicalsLtd's (SZSE:300848) Returns On Capital
Here's What's Concerning About Miracll ChemicalsLtd's (SZSE:300848) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Miracll ChemicalsLtd (SZSE:300848) 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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Miracll ChemicalsLtd:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.096 = CN¥97m ÷ (CN¥1.8b - CN¥737m) (Based on the trailing twelve months to March 2022).
Therefore, Miracll ChemicalsLtd has an ROCE of 9.6%. Even though it's in line with the industry average of 10.0%, it's still a low return by itself.
See our latest analysis for Miracll ChemicalsLtd
SZSE:300848 Return on Capital Employed July 29th 2022While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Miracll ChemicalsLtd has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.
What Does the ROCE Trend For Miracll ChemicalsLtd Tell Us?
We weren't thrilled with the trend because Miracll ChemicalsLtd's ROCE has reduced by 61% over the last five years, while the business employed 626% more capital. Usually this isn't ideal, but given Miracll ChemicalsLtd conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence Miracll ChemicalsLtd might not have received a full period of earnings contribution from it.
Another thing to note, Miracll ChemicalsLtd has a high ratio of current liabilities to total assets of 42%. 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. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
The Bottom Line
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Miracll ChemicalsLtd. Furthermore the stock has climbed 26% over the last year, it would appear that investors are upbeat about the future. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
On a final note, we found 4 warning signs for Miracll ChemicalsLtd (1 is concerning) you should be aware of.
While Miracll ChemicalsLtd 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.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?理想情況下,一家企業將呈現兩種趨勢;第一,增長退貨關於已使用資本(ROCE),第二,增加金額已動用資本的比例。這向我們表明,它是一臺複合機器,能夠不斷地將其收益再投資於企業,併產生更高的回報。然而,在簡單地看了一下數字之後,我們認為Miracll化工有限公司(SZSE:300848)具備了未來實現多個袋子的條件,但讓我們來看看為什麼會這樣。
資本回報率(ROCE):它是什麼?
對於那些不知道的人來説,ROCE是一家公司的年度税前利潤(其回報)相對於業務資本的衡量標準。分析師使用以下公式來計算Miracll ChemicalsLtd.的價格:
已動用資本回報率=息税前收益(EBIT)?(總資產-流動負債)
0.096=人民幣9700萬?(人民幣18億元-人民幣7.37億元)(根據截至2022年3月的往績12個月計算).
所以呢,Miracll ChemicalsLtd.的淨資產收益率為9.6%。儘管這與10.0%的行業平均水平一致,但這本身仍然是一個低迴報。
查看我們對Miracll ChemicalsLtd.的最新分析
深圳證交所:2022年7月29日資本回報率300848雖然過去並不代表未來,但瞭解一家公司歷史上的表現是有幫助的,這就是為什麼我們有上面的圖表。如果你想看看Miracll ChemicalsLtd過去在其他指標上的表現,你可以查看以下內容免費過去收益、收入和現金流的圖表。
奇蹟化工股份有限公司的ROCE趨勢告訴我們什麼?
我們對這一趨勢並不感到興奮,因為Miracll ChemicalsLtd的淨資產收益率在過去五年裏下降了61%,而該業務僱傭的資本增加了626%。通常情況下,這並不理想,但考慮到Miracll ChemicalsLtd在最近一次財報公佈之前進行了一次融資,這可能至少在一定程度上推動了資本投入的增加。不太可能所有籌集的資金都已經投入使用,因此Miracll ChemicalsLtd可能沒有從該公司獲得完整時期的收益貢獻。
另一件需要注意的事情是,Miracll ChemicalsLtd.的流動負債與總資產的比率很高,達到42%。這可能會帶來一些風險,因為該公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人運營的。理想情況下,我們希望看到這一比例降低,因為這將意味着承擔風險的債務更少。
底線
儘管資本回報率在短期內有所下降,但我們發現,Miracll ChemicalsLtd.的收入和所用資本都有所增加,這是有希望的。此外,該股在過去一年中上漲了26%,似乎投資者對未來持樂觀態度。因此,儘管投資者似乎正在認識到這些充滿希望的趨勢,但我們會進一步研究這隻股票,以確保其他指標證明這種積極觀點是合理的。
最後,我們發現奇蹟化工有限公司的4個警告標誌(1是關於的)你應該知道。
雖然Miracll ChemicalsLtd目前可能沒有獲得最高的回報,但我們已經編制了一份目前股本回報率超過25%的公司名單。看看這個免費在這裏列出。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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