Is Keppel Ltd.'s (SGX:BN4) 8.4% ROE Better Than Average?
Is Keppel Ltd.'s (SGX:BN4) 8.4% ROE Better Than Average?
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 Keppel Ltd. (SGX:BN4).
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。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解吉寶有限公司（SGX: BN4）。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
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 Keppel is:
因此，根據上述公式，吉寶的投資回報率爲：
8.4% = S$924m ÷ S$11b (Based on the trailing twelve months to December 2023).
8.4% = 9.24億新元 ÷ 110億新元（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. Another way to think of that is that for every SGD1 worth of equity, the company was able to earn SGD0.08 in profit.
“回報” 是企業在過去一年中獲得的收入。另一種想法是，公司每持有1新元的股權，就能賺取0.08新加坡元的利潤。
Does Keppel Have A Good ROE?
吉寶的投資回報率不錯嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Keppel has a similar ROE to the average in the Industrials industry classification (8.2%).
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。這種方法的侷限性在於，有些公司與其他公司有很大不同，即使在相同的行業分類中也是如此。如果你看下圖，你會發現吉寶的投資回報率與工業行業分類中的平均水平（8.2％）相似。
That's neither particularly good, nor bad. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If true, then it is more an indication of risk than the potential. To know the 3 risks we have identified for Keppel visit our risks dashboard for free.
這既不是特別好，也不是特別糟糕。儘管至少投資回報率不低於該行業，但仍值得檢查該公司的債務起了什麼作用，因爲相對於股權的高債務水平也可能使投資回報率顯得很高。如果屬實，則與其說是潛在風險，不如說是風險。要了解我們爲吉寶確定的三種風險，請免費訪問我們的風險控制面板。
How Does Debt Impact Return On Equity?
債務如何影響股本回報率？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司需要來自某個地方的資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一和第二種情況下，投資回報率將反映現金用於企業投資的情況。在後一種情況下，債務的使用將提高回報，但不會改變股權。以這種方式，債務的使用將提高投資回報率，儘管該業務的核心經濟學保持不變。
Combining Keppel's Debt And Its 8.4% Return On Equity
合併吉寶的債務及其8.4％的股本回報率
Keppel clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.03. 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.
吉寶顯然使用大量債務來提高回報，因爲其負債權益比率爲1.03。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。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. 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。在我們的賬簿中，儘管債務很低，但質量最高的公司的股本回報率卻很高。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 I think it may be worth checking this free report on 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對其進行出價。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，我認爲可能值得查看這份關於分析師對公司的預測的免費報告。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更願意去另一家公司——一家財務狀況可能優越的公司——那麼千萬不要錯過這份免費的股本回報率高、債務低的有趣公司的名單。
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