A Closer Look At Singapore Technologies Engineering Ltd's (SGX:S63) Impressive ROE
A Closer Look At Singapore Technologies Engineering Ltd's (SGX:S63) Impressive ROE
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. We'll use ROE to examine Singapore Technologies Engineering Ltd (SGX:S63), by way of a worked example.
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。我們將使用投資回報率來考察新加坡科技工程有限公司（SGX: S63），舉一個有效的例子。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
How Is ROE Calculated?
ROE 是如何計算的？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Singapore Technologies Engineering is:
因此，根據上述公式，新加坡技術工程的投資回報率爲：
22% = S$604m ÷ S$2.8b (Based on the trailing twelve months to December 2023).
22% = 6.04億新元 ÷ 28億新元（基於截至2023年12月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each SGD1 of shareholders' capital it has, the company made SGD0.22 in profit.
“回報” 是過去十二個月的稅後收入。對此進行概念化的一種方法是，公司每持有1新元的股東資本，就能獲得0.22新元的利潤。
Does Singapore Technologies Engineering Have A Good ROE?
新加坡科技工程有良好的投資回報率嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Singapore Technologies Engineering has a better ROE than the average (7.8%) in the Aerospace & Defense industry.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。從下圖可以清楚地看出，新加坡技術工程的投資回報率高於航空航天與國防行業的平均水平（7.8％）。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. You can see the 2 risks we have identified for Singapore Technologies Engineering by visiting our risks dashboard for free on our platform here.
這是一個好兆頭。話雖如此，高投資回報率並不總是表示高盈利能力。除了淨收入的變化外，較高的投資回報率也可能是高債務相對於股本的結果，這表明存在風險。您可以訪問我們的 2 種新加坡技術工程風險 風險儀表板 在我們的平台上免費使用。
Why You Should Consider Debt When Looking At ROE
爲什麼在考慮投資回報率時應該考慮債務
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
實際上，所有公司都需要資金來投資業務，以增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。在前兩種情況下，ROE將利用這種資本來增長。在後一種情況下，用於增長的債務將提高回報，但不會影響總權益。通過這種方式，債務的使用將提高投資回報率，儘管企業的核心經濟狀況保持不變。
Combining Singapore Technologies Engineering's Debt And Its 22% Return On Equity
合併新加坡科技工程的債務及其22％的股本回報率
It's worth noting the high use of debt by Singapore Technologies Engineering, leading to its debt to equity ratio of 2.22. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，新加坡技術工程公司大量使用債務，導致其債務權益比率爲2.22。儘管其投資回報率相當可觀，但該公司目前的債務額並不理想。債務確實會帶來額外的風險，因此只有當公司從中獲得可觀的回報時，債務才是真正值得的。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。在其他條件相同的情況下，更高的投資回報率更好。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to check this FREE visualization of analyst forecasts for the company.
但是，當企業質量很高時，市場通常會以反映這一點的價格出價。重要的是要考慮其他因素，例如未來的利潤增長，以及未來需要多少投資。因此，您可能需要查看該公司的分析師預測的免費可視化效果。
Of course Singapore Technologies Engineering 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，新加坡科技工程可能不是最好的買入股票。因此，您不妨免費查看其他投資回報率高、負債率低的公司的名單。
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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根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。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，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
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