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There Are Reasons To Feel Uneasy About Glodon's (SZSE:002410) Returns On Capital

There Are Reasons To Feel Uneasy About Glodon's (SZSE:002410) Returns On Capital

有理由對Glodon(SZSE:002410)的資本回報率感到不安
Simply Wall St ·  2023/11/20 21:16

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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Glodon (SZSE:002410) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?理想情況下,企業將呈現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,在簡短地查看了這些數字之後,我們認爲Glodon(SZSE:002410)在未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

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 Glodon is:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。在 Glodon 上進行此計算的公式爲:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益(EBIT)÷(總資產-流動負債)

0.09 = CN¥615m ÷ (CN¥11b - CN¥3.8b) (Based on the trailing twelve months to September 2023).

0.09 = 6.15億元人民幣 ÷(11億元人民幣-38億元人民幣) (基於截至2023年9月的過去十二個月)

Therefore, Glodon has an ROCE of 9.0%. In absolute terms, that's a low return, but it's much better than the Software industry average of 2.6%.

因此,格洛登的投資回報率爲9.0%。從絕對值來看,回報率很低,但比軟件行業平均水平的2.6%要好得多。

Check out our latest analysis for Glodon

查看我們對Glodon的最新分析

roce
SZSE:002410 Return on Capital Employed November 21st 2023
SZSE: 002410 2023 年 11 月 21 日動用資本回報率

Above you can see how the current ROCE for Glodon 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 Glodon here for free.

上面你可以看到Glodon當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看報道Glodon的分析師的預測。

What Does the ROCE Trend For Glodon Tell Us?

Glodon 的 ROCE 趨勢告訴我們什麼?

When we looked at the ROCE trend at Glodon, we didn't gain much confidence. Around five years ago the returns on capital were 12%, but since then they've fallen to 9.0%. However it looks like Glodon might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.

當我們觀察Glodon的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲12%,但此後已降至9.0%。但是,看來Glodon可能正在進行再投資以實現長期增長,因爲儘管資本使用量有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。

While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 36%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 9.0%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.

在這個問題上,我們注意到流動負債佔總資產的比率已上升至36%,這影響了投資回報率。如果沒有這樣的增長,投資回報率很可能會低於9.0%。儘管該比率目前還不太高,但值得關注,因爲如果該比率變得特別高,則業務可能會面臨一些新的風險因素。

What We Can Learn From Glodon's ROCE

我們可以從 Glodon 的 ROCE 中學到什麼

To conclude, we've found that Glodon is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 24% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.

總而言之,我們發現Glodon正在對該業務進行再投資,但回報率一直在下降。而且,在過去五年中,該股向股東的回報率僅爲24%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果您正在尋找多袋機,我們建議您考慮其他選項。

If you want to continue researching Glodon, you might be interested to know about the 2 warning signs that our analysis has discovered.

如果你想繼續研究Glodon,你可能有興趣了解我們的分析發現的兩個警告信號。

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.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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.

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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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