Should You Be Impressed By Singapore Technologies Engineering Ltd's (SGX:S63) ROE?
Should You Be Impressed By Singapore Technologies Engineering Ltd's (SGX:S63) ROE?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand Singapore Technologies Engineering Ltd (SGX:S63).
我们能做的最好的投资之一是投资自己的知识和技能。因此，本文将通过使用ROE（净资产收益率）来更好地理解一家公司的业务状况。为了使这篇文章贴近实际情况，我们将使用ROE来更好地理解新加坡航空航天工程股份有限公司（SGX：S63）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或roe是一项关键指标，用于评估公司管理层使用公司资本的效率。换句话说，它揭示了公司将股东的投资转化为利润的成功。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for ROE is:
roe的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Singapore Technologies Engineering is:
因此，根据上述公式，新加坡航空航天工程的ROE为：
22% = S$604m ÷ S$2.8b (Based on the trailing twelve months to December 2023).
22％= S$ 60400万 ÷ S$ 28亿（以2023年12月为基准的近12个月）。
The 'return' is the profit 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.
“回报”是过去12个月的利润。可以这样理解，对于每1新加坡元的股东资本，该公司赚取了0.22新加坡元的利润。
Does Singapore Technologies Engineering Have A Good ROE?
新加坡航空航天工程的ROE表现如何？
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 you can see in the graphic below, Singapore Technologies Engineering has a higher ROE than the average (8.1%) in the Aerospace & Defense industry.
通过将一家公司的ROE与同行业的平均水平进行比较，我们可以快速衡量其业绩表现。但是，这种方法仅用于粗略检查，因为在相同的行业分类中，公司确实存在很大差异。如下图所示，新加坡航空航天工程的ROE高于航空与国防行业的平均水平（8.1％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 2 risks we have identified for Singapore Technologies Engineering.
这正是我们想看到的。但是，请记住，高ROE并不一定意味着高效的利润生成。特别是当公司使用高杠杆水平来融资而可能提高其ROE时，高杠杆会使公司面临风险。我们的风险仪表板中应有我们已为新加坡航空航天工程确定的2种风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Virtually all companies need money to invest in the business, to grow 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.
几乎所有公司都需要资金来投资业务以增加利润。这些资金可以通过发行股票、保留收益或债务筹集。在前两种情况下，ROE将反映出这种资金用于投资业务的情况。在债务筹集的情况下，债务使用将改善回报率，但不会改变股权。通过这种方式，尽管公司的核心经济学保持不变，但债务使用将提高ROE。
Singapore Technologies Engineering's Debt And Its 22% ROE
新加坡航空航天工程的负债和其22％的ROE
It's worth noting the high use of debt by Singapore Technologies Engineering, leading to its debt to equity ratio of 2.00. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，新加坡航空航天工程的债务使用率很高，导致其资产负债比为2.00。尽管其ROE可观，但需要记住公司可以使用债务的金额通常是有限的。负债增加风险并减少公司未来的选择，因此您通常希望看到使用它可以获得一些良好的回报。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Return on equity is useful for comparing the quality of different businesses. 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.
当然，联合租赁公司可能并不是最佳的买入股票。因此，您可能也希望查看这个包含其他高ROE低负债的公司的免费系列。
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 check this FREE visualization of analyst forecasts for the company.
但是，在一个更广泛的范围内，ROE只是一个更大难题的一部分，因为高质量企业常常以高倍数盈余交易。因此，考虑其他因素是重要的，例如未来利润增长和今后需要的投资有多少。因此，您可能希望查看该公司的分析师预测的免费可视化。
But note: Singapore Technologies Engineering may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：新加坡航空航天工程可能不是最佳的股票买入对象。因此，请查看这份免费的感兴趣且ROE高而负债低的公司列表。
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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.
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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