Is Sembcorp Industries Ltd (SGX:U96) A High Quality Stock To Own?
Is Sembcorp Industries Ltd (SGX:U96) A High Quality Stock To Own?
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). We'll use ROE to examine Sembcorp Industries Ltd (SGX:U96), by way of a worked example.
許多投資者仍在學習有助於分析股票的各種度量標準。本文爲那些希望了解權益回報率(ROE)的人而作。我們將使用ROE來通過一個實例考察新加坡公用股股份有限公司(SGX:U96)。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或權益回報率是評估公司有效利用股東投資產生回報效率的有用工具。簡而言之,roe顯示每個股東投資所產生的利潤。
How Is ROE Calculated?
淨資產收益率怎麼計算?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Sembcorp Industries is:
因此,根據上述公式,新加坡公用股的ROE爲:
22% = S$1.0b ÷ S$4.9b (Based on the trailing twelve months to December 2023).
22% = 十二個月(截至2023年12月)內營業額100億新元 ÷ 淨利潤49億新元。
The 'return' is the yearly profit. That means that for every SGD1 worth of shareholders' equity, the company generated SGD0.22 in profit.
“回報”是每年的利潤。這意味着公司每1新加坡元的股東權益就可以產生0.22新元的利潤。
Does Sembcorp Industries Have A Good Return On Equity?
新加坡公用股股份有限公司的ROE是否好?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, Sembcorp Industries has a better ROE than the average (10%) in the Integrated Utilities industry.
通過將公司的ROE與同行業平均水平進行比較,我們可以迅速衡量公司的表現。然而,這種方法的侷限在於某些公司與同一行業分類中的其他公司之間可能存在較大差異。正如下圖所示,新加坡公用股在綜合公用股行業中的ROE高於平均水平(10%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-c35631edfe199f20a2c880bfcd328b03-0-83d5becad38c366681f59865d0ce0e8b.png/big)
That is a good sign. 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 3 risks we have identified for Sembcorp Industries by visiting our risks dashboard for free on our platform here.
這是一個好兆頭。請注意,高ROE並不總是意味着優秀的財務表現。除了淨收入的變化外,高ROE還可能是相對於權益過高的債務的結果,這表明公司存在風險。您可以在我們的平台上免費訪問風險管理儀表板以查看我們已識別的三種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 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. That will make the ROE look better than if no debt was used.
幾乎所有公司都需要資金來投資業務並增加利潤。這些投資資金可以來自於前年的利潤(保留利潤)、發行新股或借款。對於前兩種情況,ROE將捕捉到這種資本增長的使用情況。在最後一種情況下,使用債務會提高回報,但不會改變權益。這會使ROE看起來比不使用債務好。
Sembcorp Industries' Debt And Its 22% ROE
新加坡公用股的債務及其22%的ROE
Sembcorp Industries does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.49. 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 does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
新加坡公用股確實使用了大量債務來增加回報。它的債務/權益比率爲1.49。雖然其ROE值可觀,但值得記住的是公司可以使用的債務量通常有限。債務確實帶來額外的風險,因此只有當公司從中獲得可觀的回報時才真正值得進行債務融資。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是我們可以比較不同公司業務質量的一種方式。能夠在不太依賴債務的情況下實現高ROE的公司通常是高品質的。如果兩家公司的ROE相同,則通常會更喜歡債務較少的那家公司。
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. 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.
儘管如此,雖然ROE是業務質量的一個有用指標,但您需要查看一整套因素來確定正確的股票購買價格。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,您可能需要查看這個數據豐富的交互式預測圖。
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.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司,那麼請不要錯過這份有趣公司列表,該列表免費提供。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。