With A 3.8% Return On Equity, Is Eternal Asia Supply Chain Management Ltd. (SZSE:002183) A Quality Stock?
With A 3.8% Return On Equity, Is Eternal Asia Supply Chain Management Ltd. (SZSE:002183) A Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Eternal Asia Supply Chain Management Ltd. (SZSE:002183).
雖然一些投資者已經非常精通財務指標(帽子提示)，但本文面向的是那些想要了解股本回報率(ROE)及其重要性的人。通過邊做邊學的方式，我們將關注淨資產收益率，以更好地瞭解永恆亞洲供應鏈管理有限公司(SZSE：002183)。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
Check out our latest analysis for Eternal Asia Supply Chain Management
查看我們對永恆亞洲供應鏈管理的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Eternal Asia Supply Chain Management is:
因此，根據上述公式，永恆亞洲供應鏈管理的淨資產收益率為：
3.8% = CN¥391m ÷ CN¥10b (Based on the trailing twelve months to March 2022).
3.8%=3.91億元×100億元(以截至2022年3月的12個月為基礎)。
The 'return' is the income the business earned over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.04.
“回報”指的是企業在過去一年中獲得的收入。因此，這意味着股東每投資1元人民幣，公司就會產生0.04元的利潤。
Does Eternal Asia Supply Chain Management Have A Good Return On Equity?
永恆亞洲供應鏈管理是否具有良好的股本回報率？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Eternal Asia Supply Chain Management has a lower ROE than the average (7.7%) in the Commercial Services industry classification.
可以説，評估公司淨資產收益率最簡單的方法是將其與所在行業的平均水平進行比較。重要的是，這遠遠不是一個完美的衡量標準，因為在同一行業分類中，公司的差異很大。如果你看下圖，你可以看到永恆亞洲供應鏈管理的淨資產收益率(ROE)低於商業服務業分類的平均水平(7.7%)。
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. To know the 3 risks we have identified for Eternal Asia Supply Chain Management visit our risks dashboard for free.
不幸的是，這並不是最優的。然而，較低的淨資產收益率並不總是壞事。如果公司的債務水平處於中低水平，那麼仍有機會通過使用財務槓桿來提高回報。當一家公司的淨資產收益率低但債務水平高時，我們會謹慎行事，因為涉及的風險太高。要了解我們為永恆亞洲供應鏈管理確定的3個風險，請免費訪問我們的風險儀錶板。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響？
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投入資金來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在第一種和第二種選擇的情況下，淨資產收益率將反映現金用於增長的這種情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。因此，債務的使用可以提高淨資產收益率，儘管打個比方説，在暴風雨天氣的情況下會有額外的風險。
Combining Eternal Asia Supply Chain Management's Debt And Its 3.8% Return On Equity
結合永恆亞洲供應鏈管理的債務及其3.8%的股本回報率
It's worth noting the high use of debt by Eternal Asia Supply Chain Management, leading to its debt to equity ratio of 2.24. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，永恆亞洲供應鏈管理公司高度利用債務，導致其債務與股本比率為2.24。由於淨資產收益率(ROE)相當低，而且大量使用債務，目前很難對這項業務感到興奮。投資者應該仔細考慮，如果一家公司不能如此輕鬆地借款，它可能會表現如何，因為信貸市場確實會隨着時間的推移而變化。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是我們比較不同公司業務質量的一種方式。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水平較低。如果兩家公司的淨資產收益率相同，那麼我通常會傾向於債務較少的那一家。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
話雖如此，雖然淨資產收益率是衡量業務質量的有用指標，但你必須考慮一系列因素，才能確定購買股票的合適價格。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想看看這張數據豐富的公司預測互動圖表。
Of course Eternal Asia Supply Chain Management may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然了永恆亞洲供應鏈管理可能不是最值得購買的股票。因此，你可能希望看到這種免費收集的其他公司，具有高ROE和低債務。
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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
譯文內容由第三人軟體翻譯。