Some Investors May Be Worried About Peric Special Gases' (SHSE:688146) Returns On Capital
Some Investors May Be Worried About Peric Special Gases' (SHSE:688146) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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 Peric Special Gases (SHSE:688146) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你不確定下一個翻倍者在哪裏入手，你應該關注一些關鍵趨勢。除其他因素外，我們需要看兩件事。首先，回報率提高了（ROCE），其次，資本投入增加了。這表明它是一個複利機器，能夠不斷地將其收益再投資到業務中併產生更高的回報。然而，在簡要查看數字後，我們認爲Peric Special Gases（SHSE：688146）未來沒有成爲翻倍者的條件，但讓我們來看看爲什麼會這樣。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. To calculate this metric for Peric Special Gases, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量的是公司從投入在業務中的資本中能夠產生的稅前利潤金額。要爲Peric Special Gases計算這一指標，這是公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.038 = CN¥214m ÷ (CN¥5.9b - CN¥323m) (Based on the trailing twelve months to March 2024).
0.038 = CN¥21400萬 ÷ (CN¥59億 - CN¥323m) （基於截至2024年3月的最近十二個月）。
Therefore, Peric Special Gases has an ROCE of 3.8%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此，Peric Special Gases的ROCE爲3.8%。最終，這是一種低迴報，表現不如化學品行業平均水平5.5%。
Above you can see how the current ROCE for Peric Special Gases 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 Peric Special Gases for free.
上面你可以看到Peric Special Gases目前的ROCE與以前的投資回報相比如何，但從過去獲得的信息是有限的。如果你願意，你可以免費查看分析師對Peric Special Gases的預測。
So How Is Peric Special Gases' ROCE Trending?
那麼Peric Special Gases的ROCE趨勢如何？
On the surface, the trend of ROCE at Peric Special Gases doesn't inspire confidence. To be more specific, ROCE has fallen from 11% over the last four years. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
從表面上看，Peric Special Gases的ROCE趨勢並不令人信服。具體來說，ROCE在過去四年中下降了11%。考慮到營業額下降而僱用更多資本，我們應該謹慎。這可能意味着業務正在失去其競爭優勢或市場份額，因爲雖然投入了更多的資金，但實際上卻產生了較低的回報 - 「花費更少的錢換來更差的效果」。
On a side note, Peric Special Gases has done well to pay down its current liabilities to 5.4% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. 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.
順便說一句，Peric Special Gases已經成功地將其流動負債降至總資產的5.4%。這在一定程度上可以解釋ROCE爲什麼會下降。從實質上講，這意味着他們的供應商或短期債權人爲業務提供了更少的資金，從而減少了一些風險因素。由於業務基本上是用自己的錢來資助其運營的，因此您可以認爲這使得業務在產生ROCE方面不太有效率。
The Bottom Line On Peric Special Gases' ROCE
關於Peric Special Gases的ROCE，結論如下：通過上述分析，我們發現Peric Special Gases的資本回報率和銷售額已經下降，同時比四年前更多地投入資本。投資者並不看好這些發展，因爲股票比一年前下跌了26%。在這些方面基礎趨勢不太好的情況下，我們應該考慮尋找其他投資機會。
From the above analysis, we find it rather worrisome that returns on capital and sales for Peric Special Gases have fallen, meanwhile the business is employing more capital than it was four years ago. Investors haven't taken kindly to these developments, since the stock has declined 26% from where it was year ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
如果您想了解Peric Special Gases面臨的風險，我們發現了1個警告信號，您應該注意。雖然Peric Special Gases的回報率並不是最高的，但是您可以查看此免費公司列表，這些公司以實物資產和堅實的資產負債表賺取高回報。
If you'd like to know about the risks facing Peric Special Gases, we've discovered 1 warning sign that you should be aware of.
如果您想了解Peric Special Gases面臨的風險，我們發現了1個警告信號，您應該注意。
While Peric Special Gases isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Peric Special Gases沒有獲得最高回報，但請查看此免費公司列表，這些公司以實物資產和堅實的資產負債表賺取高回報。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。