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AAC Technologies Holdings (HKG:2018) Might Be Having Difficulty Using Its Capital Effectively
AAC Technologies Holdings (HKG:2018) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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 investigating AAC Technologies Holdings (HKG:2018), we don't think it's current trends fit the mold of a multi-bagger.
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. To calculate this metric for AAC Technologies Holdings, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.028 = CN¥907m ÷ (CN¥41b - CN¥8.0b) (Based on the trailing twelve months to September 2022).
Thus, AAC Technologies Holdings has an ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.4%.
Check out our latest analysis for AAC Technologies Holdings
Above you can see how the current ROCE for AAC Technologies Holdings 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 AAC Technologies Holdings here for free.
What The Trend Of ROCE Can Tell Us
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 37% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
On a related note, AAC Technologies Holdings has decreased its current liabilities to 20% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
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 AAC Technologies Holdings. But since the stock has dived 85% in the last five years, there could be other drivers that are influencing the business' outlook. Regardless, reinvestment can pay off in the long run, so we think astute investors may want to look further into this stock.
One more thing to note, we've identified 1 warning sign with AAC Technologies Holdings and understanding it should be part of your investment process.
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.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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 investigating AAC Technologies Holdings (HKG:2018), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到一種可以長期成倍增長的股票,那麼我們應該尋找什麼基礎趨勢?理想情況下,一個企業將顯示兩種趨勢; 首先是一個增長 返回 就用資本(ROCE),其次,增加 量 所使用的資本。這向我們表明,它是一台複合機器,能夠不斷將其收益重新投資到業務中並產生更高的回報。但是,經過調查 瑞聲科技控股 (HKG:2018),我們認為目前的趨勢不適合多重袋裝機的模具。
Return On Capital Employed (ROCE): What Is It?
就業資本回報率(ROCE):這是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for AAC Technologies Holdings, this is the formula:
如果您以前沒有與 ROCE 合作過,它可以衡量公司從業務中使用的資本產生的「回報」(稅前利潤)。若要計算瑞聲科技控股的此指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
所用資本報酬率 = 除利息及稅前盈利 ÷ (總資產-流動負債)
0.028 = CN¥907m ÷ (CN¥41b - CN¥8.0b) (Based on the trailing twelve months to September 2022).
0.028 = 新加元 9 億日元 ÷(人民幣 41 億元兌人民幣 8 億元) (以截至 2022 年 9 月為止的最近十二個月計算)。
Thus, AAC Technologies Holdings has an ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Electronic industry average of 7.4%.
因此, 瑞聲科技控股的投資回收率為 2.8%。 最終,這是一個低回報,它的表現低於電子行業的平均水平 7.4%。
Check out our latest analysis for AAC Technologies Holdings
查看瑞聲科技控股的最新分析
Above you can see how the current ROCE for AAC Technologies Holdings 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 AAC Technologies Holdings here for free.
在上面,您可以看到瑞聲科技控股目前的 ROCE 與其先前的資本回報率比較如何,但您從過去只能看到很多東西。如果您願意,您可以在此處查看瑞聲科技控股的分析師的預測 免費。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢可以告訴我們什麼
When we looked at the ROCE trend at AAC Technologies Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 37% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們看到瑞聲科技控股的 ROCE 趨勢時,我們並沒有獲得太多信心。更具體地說,ROCE 在過去五年中已從 37% 下降。儘管鑑於收入和業務中使用的資產數量都有所增加,但這可能表明該公司正在投資增長,而額外的資本導致了 ROCE 的短期減少。如果增加的資本產生額外的回報,企業,因此股東,將從長遠來看受益。
On a related note, AAC Technologies Holdings has decreased its current liabilities to 20% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
有關方面,瑞聲科技控股已減少其流動負債至總資產的 20%。這可以部分解釋為什麼 ROCE 下降。更重要的是, 這可以降低風險的一些方面的業務,因為現在該公司的供應商或短期債權人資金較少的業務.由於該業務基本上是用自己的錢為更多的業務提供資金,因此您可以認為這使業務在生成 ROCE 方面效率較低。
The Bottom Line
底線
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for AAC Technologies Holdings. But since the stock has dived 85% in the last five years, there could be other drivers that are influencing the business' outlook. Regardless, reinvestment can pay off in the long run, so we think astute investors may want to look further into this stock.
儘管短期內的資本回報率有所下降,但我們發現瑞聲科技控股的收入和資本均有所增加,仍有望增加。但是由於股票在過去五年內下跌了 85%,因此可能還有其他驅動因素正在影響企業的前景。無論如何,再投資從長遠來看都可以得到回報,因此我們認為精明的投資者可能希望進一步研究該股票。
One more thing to note, we've identified 1 warning sign with AAC Technologies Holdings and understanding it should be part of your investment process.
還有一件事要注意,我們已經確定 1 警告標誌 與瑞聲科技控股合作,了解它應該是您投資過程的一部分。
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.
如果你想尋找具有巨大收益的固體公司,看看這個 自由 具有良好的資產負債表和令人印象深刻的股權回報公司名單。
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.
對這篇文章有反饋嗎?關注內容? 取得聯繫 直接與我們聯繫。 或者,通過電子郵件發送電子郵件給編輯團隊。
這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法,根據歷史數據和分析師預測提供評論,我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議,也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意,我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
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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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