Top Form International (HKSE:00333) ROC % : -6.56% (As of Dec. 2024)

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What is Top Form International 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 %. Top Form International's annualized return on capital (ROC %) for the quarter that ended in Dec. 2024 was -6.56%.

As of today (2025-04-05), Top Form International's WACC % is 6.14%. Top Form International's ROC % is -0.95% (calculated using TTM income statement data). Top Form International earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Top Form International ROC % Historical Data

The historical data trend for Top Form International'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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Top Form International ROC % Chart

Top Form International Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

ROC %

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-15.86

-3.26

0.89

-15.04

Top Form International Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
ROC %	Get a 7-Day Free Trial															-8.48	-22.04	-5.27	4.18	-6.56

Top Form International ROC % Calculation

Top Form International's annualized Return on Capital (ROC %) for the fiscal year that ended in Jun. 2024 is calculated as:

	ROC % (A: Jun. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Jun. 2023 )	+	Invested Capital (A: Jun. 2024 ))	/ count )
=	-0.025 * ( 1 - 63.75% )	/	( (518.092	+	471.248)	/ 2 )
=	-0.0090625	/	494.67
=	-0.00 %

where

	Invested Capital		(A: Jun. 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	))
=	800.534	-	187.462	-	( 112.13	-	max(0, 322.124	-	417.104	+	112.13	))
=	518.092

	Invested Capital		(A: Jun. 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	))
=	803.356	-	229.845	-	( 102.263	-	max(0, 335.674	-	451.178	+	102.263	))
=	471.248

Top Form International's annualized Return on Capital (ROC %) for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	-28.724 * ( 1 - -11.39% )	/	( (471.248	+	504.188)	/ 2 )
=	-31.9956636	/	487.718
=	-6.56 %

where

	Invested Capital		(Q: Jun. 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	))
=	803.356	-	229.845	-	( 102.263	-	max(0, 335.674	-	451.178	+	102.263	))
=	471.248

	Invested Capital		(Q: Dec. 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	))
=	798.585	-	247.303	-	( 47.094	-	max(0, 347.705	-	450.043	+	47.094	))
=	504.188

Note: The Operating Income data used here is two times the semi-annual (Dec. 2024) data.

Top Form International (HKSE:00333) 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, Top Form International's WACC % is 6.14%. Top Form International's ROC % is -0.95% (calculated using TTM income statement data). Top Form International 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.

Top Form International ROC % Related Terms

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Top Form International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Top Form International Ltd (HKSE:00333) » Definitions » ROC %

Comparable Companies

Traded in Other Exchanges

N/A

Address

33 Tseuk Luk Street, 7th Floor, Port 33, San Po Kong, Kowloon, Hong Kong, HKG

Website

https://www.topform.group

Top Form International Ltd is an investment holding company. The company designs, manufacture, and distributes ladies intimate apparel, principally brassieres. Geographically, it derives a majority of revenue from the United States of America and also has a presence in Belgium; Hong Kong, Cambodia, Myanmar, Indonesia, Netherlands; Spain; France; Sri Lanka; Canada; People's Republic of China; Germany; Italy; Mexico; and other countries.

Executives

Webb David Michael	2101 Beneficial owner
High Union Holdings Inc.	2401 A concert party to an agreement to buy shares
Triple Gains Ventures Limited	2401 A concert party to an agreement to buy shares
Chan He Lin	2401 A concert party to an agreement to buy shares
Wong Chung Chong	2401 A concert party to an agreement to buy shares
Wong Kai Chi Kenneth	2101 Beneficial owner
Wong Kai Chung Kevin	2101 Beneficial owner
Van De Velde Herman	2201 Interest of corporation controlled by you
Van De Velde N.v.	2101 Beneficial owner
Van De Velde Holding N.v.	2201 Interest of corporation controlled by you
Triple United Investments Limited
Union World Holdings Limited

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