Make To Win Holding PCL (BKK:MTW-F) ROC % : 5.31% (As of Mar. 2024)

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What is Make To Win Holding PCL ROC %?

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Make To Win Holding PCL's annualized return on capital (ROC %) for the quarter that ended in Mar. 2024 was 5.31%.

As of today (2024-06-18), Make To Win Holding PCL's WACC % is 9.21%. Make To Win Holding PCL's ROC % is 7.49% (calculated using TTM income statement data). Make To Win Holding PCL earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Make To Win Holding PCL ROC % Historical Data

The historical data trend for Make To Win Holding PCL's ROC % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Make To Win Holding PCL ROC % Chart

Make To Win Holding PCL Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

ROC %

5.62

7.84

5.22

9.35

Make To Win Holding PCL Quarterly Data
	Dec20	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
ROC %	Get a 7-Day Free Trial							13.43	9.47	8.56	7.29	5.31

Make To Win Holding PCL ROC % Calculation

Make To Win Holding PCL's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2023 is calculated as:

	ROC % (A: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2022 )	+	Invested Capital (A: Dec. 2023 ))	/ count )
=	84.856 * ( 1 - 17.92% )	/	( (563.535	+	926.427)	/ 2 )
=	69.6498048	/	744.981
=	9.35 %

where

	Invested Capital		(A: Dec. 2022 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	734.291	-	10.822	-	( 159.934	-	max(0, 137.797	-	419.696	+	159.934	))
=	563.535

	Invested Capital		(A: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	950.853	-	23.59	-	( 0.836	-	max(0, 296.49	-	490.687	+	0.836	))
=	926.427

Make To Win Holding PCL's annualized Return on Capital (ROC %) for the quarter that ended in Mar. 2024 is calculated as:

	ROC % (Q: Mar. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Mar. 2024 ))	/ count )
=	50.664 * ( 1 - 2.27% )	/	( (926.427	+	937.364)	/ 2 )
=	49.5139272	/	931.8955
=	5.31 %

where

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	950.853	-	23.59	-	( 0.836	-	max(0, 296.49	-	490.687	+	0.836	))
=	926.427

	Invested Capital		(Q: Mar. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	961.097	-	22.546	-	( 1.187	-	max(0, 299.816	-	502.376	+	1.187	))
=	937.364

Note: The Operating Income data used here is four times the quarterly (Mar. 2024) data.

Make To Win Holding PCL (BKK:MTW-F) ROC % Explanation

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.

There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.

Why is ROC % important?

Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.

As of today, Make To Win Holding PCL's WACC % is 9.21%. Make To Win Holding PCL's ROC % is 7.49% (calculated using TTM income statement data). Make To Win Holding PCL earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Be Aware

Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

Make To Win Holding PCL ROC % Related Terms

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Make To Win Holding PCL (BKK:MTW-F) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Make To Win Holding PCL (BKK:MTW-F) » Definitions » ROC %

Comparable Companies

Traded in Other Exchanges

MTW:Thailand

Address

9/70, 9/88 Moo 3, Om YAi Subdistrict, Sam Phran, Nakhon Pathom, THA

Website

https://www.maketowin.com

Make To Win Holding PCL is a manufacturer and distributor of ready-to-wear products. Which consists of t-shirts, T-shirts, round necks, V-necks, polo shirts, both short-sleeved, long-sleeved, tank tops, sleeveless for both men and women.

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