Nanofilm Technologies International (SGX:MZH) Could Be Struggling To Allocate Capital
Nanofilm Technologies International (SGX:MZH) Could Be Struggling To Allocate Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Nanofilm Technologies International (SGX:MZH) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到下一個多倍增長股，就需要關注一些關鍵趨勢。其中，我們需要看到兩件事情，首先是在使用資本方面增長，這表明它是一個複利機器 ，能夠不斷將收益再投入業務中，從而產生更高的回報。考慮到這一點，我們注意到了DexCom（納斯達克：DXCM）正在出現一些有前途的趨勢，我們進行了更深入的研究。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。如果您看到這個，通常意味着這是一家擁有出色業務模式和充足盈利再投資機會的公司。然而，在簡要查看了數字後，我們認爲南微科技國際 (SGX:MZH) 在未來並沒有成爲一個賺大錢的公司的跡象，但讓我們看看爲什麼會這樣。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. Analysts use this formula to calculate it for Nanofilm Technologies International:
對於不確定ROCE是什麼的人來說，它衡量公司可以從其業務中使用的資本獲得多少稅前利潤。 分析師使用以下公式計算南微科技國際的ROCE：
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。
0.0049 = S$2.8m ÷ (S$621m - S$46m) (Based on the trailing twelve months to December 2023).
0.0049 = S$2.8m ÷ (S$621m - S$46m)（基於截至2023年12月的過去十二個月）.
Therefore, Nanofilm Technologies International has an ROCE of 0.5%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 2.4%.
因此，南微科技國際的ROCE爲0.5％。 從絕對值的角度看，這是一個低迴報，並且它表現不及化學品行業平均水平的2.4％。
In the above chart we have measured Nanofilm Technologies International'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 analyst report for Nanofilm Technologies International .
在上圖中，我們衡量了南微科技國際以前的ROCE與其以前的表現，但未來可能更爲重要。 如果您想看看分析師預測未來的情況，請查看我們爲南微科技國際提供的免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
When we looked at the ROCE trend at Nanofilm Technologies International, we didn't gain much confidence. To be more specific, ROCE has fallen from 23% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
當我們看南微科技國際的ROCE趨勢時，我們並沒有獲得太多信心。 更具體地說，ROCE在過去五年中從23％下降至目前的水平。 鑑於業務在使用更多資金而營業收入卻下降，這有點令人擔憂。 如果這種趨勢繼續下去，您可能會看到一家試圖爲了成長而再投資的公司，但實際上由於銷售額沒有增加而失去市場份額。
On a related note, Nanofilm Technologies International has decreased its current liabilities to 7.4% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
另外一件相關的事情是，南微科技國際目前的流動負債佔總資產的7.4％。 這可能部分解釋了ROCE的下降。 實際上，這意味着他們的供應商或短期債權人爲業務提供的資金較少，從而減少了一些風險因素。 有人會認爲，由於現在將更多的運營資金用自己的資金來支持，這降低了公司產生ROCE的效率。
Our Take On Nanofilm Technologies International's ROCE
我們對南微科技國際的ROCE看法
From the above analysis, we find it rather worrisome that returns on capital and sales for Nanofilm Technologies International have fallen, meanwhile the business is employing more capital than it was five years ago. We expect this has contributed to the stock plummeting 84% during the last three years. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
從以上分析中，我們發現南微科技國際的資本回報率和銷售額下降，而業務使用的資本比五年前更多，這令人擔憂。 我們預計，這導致股票在過去三年中暴跌了84％。 鑑於這種情況，除非基本趨勢恢復到更積極的軌跡，否則我們會考慮尋找其他公司。
One more thing to note, we've identified 1 warning sign with Nanofilm Technologies International and understanding it should be part of your investment process.
還有一件事需要注意，我們已經發現南微科技國際有1個警告信號，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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。
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譯文內容由第三人軟體翻譯。