With A Return On Equity Of 5.6%, Has American Assets Trust, Inc.'s (NYSE:AAT) Management Done Well?
With A Return On Equity Of 5.6%, Has American Assets Trust, Inc.'s (NYSE:AAT) Management Done Well?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand American Assets Trust, Inc. (NYSE:AAT).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率（ROE）的人。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解美國資產信託公司（紐約證券交易所代碼：AAT）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
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 American Assets Trust is:
因此，根據上述公式，美國資產信託的投資回報率爲：
5.6% = US$65m ÷ US$1.2b (Based on the trailing twelve months to December 2023).
5.6% = 6,500萬美元 ÷ 12億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.06.
“回報” 是企業在過去一年中獲得的收入。因此，這意味着其股東每投資1美元，公司就會產生0.06美元的利潤。
Does American Assets Trust Have A Good Return On Equity?
美國資產信託有良好的股本回報率嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that American Assets Trust has an ROE that is fairly close to the average for the REITs industry (5.1%).
確定公司股本回報率是否不錯的一種簡單方法是將其與該行業的平均水平進行比較。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。你可以在下圖中看到，美國資產信託的投資回報率與房地產投資信託基金行業的平均水平（5.1％）相當接近。
That isn't amazing, but it is respectable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 3 risks we have identified for American Assets Trust.
這並不奇怪，但值得尊敬。即使與行業相比，投資回報率可觀，也值得檢查一下公司的投資回報率是否受到高額債務水平的支撐。如果是這樣，這會增加其金融風險敞口。我們的風險儀表板應包含我們爲美國資產信託基金確定的三種風險。
How Does Debt Impact Return On Equity?
債務如何影響股本回報率？
Virtually all companies need money to invest in the business, to grow 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.
幾乎所有公司都需要資金來投資業務，增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。對於第一和第二種選擇，投資回報率將反映現金用於增長的這種用途。在後一種情況下，用於增長的債務將提高回報，但不會影響總資產。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
American Assets Trust's Debt And Its 5.6% ROE
美國資產信託的債務及其5.6％的投資回報率
It's worth noting the high use of debt by American Assets Trust, leading to its debt to equity ratio of 1.46. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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，美國資產信託基金大量使用債務，導致其債務權益比率爲1.46。即使使用了巨額債務，其投資回報率也相當低；在我們看來，這不是一個好結果。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率對於比較不同業務的質量很有用。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 take a peek at this data-rich interactive graph of forecasts for the company.
但是投資回報率只是更大難題中的一部分，因爲高質量的企業通常以高倍的收益進行交易。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，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course American Assets Trust 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，美國資產信託可能不是最值得購買的股票。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。
譯文內容由第三人軟體翻譯。