Can Singapore Technologies Engineering Ltd's (SGX:S63) ROE Continue To Surpass The Industry Average?
Can Singapore Technologies Engineering Ltd's (SGX:S63) ROE Continue To Surpass The Industry Average?
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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Singapore Technologies Engineering Ltd (SGX:S63).
許多投資者仍在學習分析股票時可以使用的各種指標。本文是爲了那些想了解淨資產收益率(ROE)的人準備的。通過實操學習,我們將查看ROE,以更好地了解新加坡科技工程有限公司(新加坡交易所:S63)。
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ROE是股東需要考慮的重要因素,因爲它告訴他們自己的資本是如何有效地被再投資的。簡單來說,它衡量的是公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
如何計算股本回報率?
The formula for ROE is:
ROE的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 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,新加坡科技工程的ROE爲:
23% = S$667m ÷ S$2.9b (Based on the trailing twelve months to June 2024).
23% = S$66700萬 ÷ S$29億(基於截至2024年6月的過去12個月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.23 in profit.
「回報」是過去12個月稅後賺取的金額。這意味着,對於每1新加坡元的股東權益,公司產生了0.23新加坡元的利潤。
Does Singapore Technologies Engineering Have A Good Return On Equity?
新加坡科技工程的ROE表現如何?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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 (9.0%) in the Aerospace & Defense industry.
評估公司ROE最簡單的方法是將其與行業平均水平進行比較。然而,這種方法僅作爲粗略檢查有用,因爲同一行業分類中的公司差異很大。從下面的圖像可以清楚地看出,新加坡科技工程的ROE優於航空航太和國防行業的平均水平(9.0%)。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. 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.
這顯然是個好兆頭。請記住,較高的ROE並不總是意味着更優越的財務表現。除了凈利潤的變化外,高ROE也可能是相對於股本的高負債的結果,這表明風險。您可以通過訪問我們平台上的風險儀表,免費查看我們爲新加坡科技工程識別的兩項風險。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題?
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. 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.
公司通常需要投資資金以增加利潤。這筆現金可以來自於發行股票、留存收益或債務。在前兩種情況下,ROE將反映出這種使用資本來實現增長。在後一種情況下,債務的使用會提高收益,但不會改變股本。通過這種方式,債務的使用將提升ROE,即使業務的核心經濟情況保持不變。
Combining Singapore Technologies Engineering's Debt And Its 23% Return On Equity
結合新加坡科技工程公司的債務和其23%的股本回報率
Singapore Technologies Engineering clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.15. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
新加坡科技工程公司顯然使用了大量債務來提升回報,因爲其債務與股本比率爲2.15。儘管其ROE令人印象深刻,但如果公司能以更低的債務實現這一點,我們會更爲讚賞。債務增加了風險,並減少了公司未來的選擇,因此一般希望看到使用債務帶來良好的回報。
Summary
總結
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
淨資產收益率是衡量企業產生利潤並將其返還給股東能力的有用指標。在我們看來,最高質量的公司擁有高的淨資產收益率,即使債務很低。如果兩家公司有相同的ROE,我通常會選擇債務較少的那家。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
儘管ROE是業務質量的有用指標,但你需要考慮一系列因素來判斷合適的買入價格。利潤增長率與股票價格中反映的預期相比,尤其重要。因此,你可能想查看這個免費的公司分析師預測可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然,你可能會在其他地方找到一個了不起的投資機會。所以查看一下這個有趣公司的免費清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
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