A Closer Look At Migao Group Holdings Limited's (HKG:9879) Impressive ROE
A Closer Look At Migao Group Holdings Limited's (HKG:9879) Impressive ROE
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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 Migao Group Holdings Limited (HKG:9879).
我们能做的最好的投资之一就是投资于自己的知识和技能。考虑到这一点，本文将介绍我们如何运用股东权益回报率(roe)更好地理解一个企业。为了让教训更加贴近实际情况，我们将使用roe来更好地理解米高集团(临时代码)(HKG:9879)。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即净资产收益率，是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说，它是一种盈利能力比率，衡量公司股东提供的资本的回报率。
How Do You Calculate Return On Equity?
如何计算净资产收益率？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（来自持续经营） ÷ 股东权益
So, based on the above formula, the ROE for Migao Group Holdings is:
因此，根据上述公式，米高集团的roe为:
11% = CN¥276m ÷ CN¥2.6b (Based on the trailing twelve months to March 2024).
11% = 27600万元人民币 ÷ 26亿人民币(截至2024年3月的过去十二个月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.11 in profit.
“收益率”是过去十二个月的利润。 另一种思考方式是，对于每个1港元的净值，公司能够获得0.11港元的利润。
Does Migao Group Holdings Have A Good ROE?
米高集团是否拥有良好的roe？
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, Migao Group Holdings has a better ROE than the average (6.4%) in the Chemicals industry.
通过将公司的roe与行业平均值进行比较，我们可以快速测量其表现如何。然而，这种方法仅适用于粗略检查，因为同一行业分类中的公司确实存在较大差异。从下面的图像中可以明显看出，米高集团的roe比化学品行业的平均值（6.4%）要高。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for Migao Group Holdings visit our risks dashboard for free.
那正是我们喜欢看到的。然而，请记住，高roe并不一定表明高效的利润生成。除了净收入的变化外，高roe也可能是相对于权益较高的高债务的结果，这表明存在风险。要了解我们为米高集团确定的两个风险，请免费访问我们的风险仪表板。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
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 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.
几乎所有公司都需要资金来投资业务，以增加利润。这笔资金可以来自发行股票、留存收益或债务。在前两种情况下，roe将捕捉到这种使用资本以促进增长。在后一种情况下，用于增长的债务将改善回报率，但不会影响总权益。通过这种方式，债务的使用将提高roe，即使业务的核心经济学仍保持不变。
Migao Group Holdings' Debt And Its 11% ROE
米高集团(临时代码)的债务及其11%的roe
Although Migao Group Holdings does use debt, its debt to equity ratio of 0.21 is still low. The fact that it achieved a fairly good ROE with only modest debt suggests the business might be worth putting on your watchlist. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.
尽管米高集团(临时代码)确实使用了债务，但其债务与权益比率为0.21仍然较低。 仅通过适度的债务实现了相当不错的roe表明，这家公司可能值得加入您的自选名单。 保守地利用债务来提高回报通常对股东是个不错的选择，尽管这会使公司更容易受到利率上涨的影响。
Summary
总结
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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股东回报率对于比较不同业务的质量很有用。能够在没有债务的情况下实现高回报率的公司可以被认为是高质量的公司。如果两家公司的债务与股权水平大致相同，而其中一家公司的ROE较高，我通常会更喜欢ROE较高的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So I think it may be worth checking this free this detailed graph of past earnings, revenue and cash flow.
但是当一家企业质量高时，市场常常会将其竞价至反映此一点的价格。考虑到利润增长预期相对于当前价格反映的利润增长预期，利润增长速度也是一个必须考虑的因素。因此，我认为值得查看这个免费的过去收益、营业收入和现金流的详细图表。
But note: Migao Group Holdings 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：米高集团(临时代码)可能不是最适合买入的股票。因此，在这里查看一下免费列表，其中有高roe和低债务的有趣公司。
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