Is Guangdong Construction Engineering Group Co., Ltd. (SZSE:002060) A High Quality Stock To Own?
Is Guangdong Construction Engineering Group Co., Ltd. (SZSE:002060) 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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Guangdong Construction Engineering Group Co., Ltd. (SZSE:002060).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率(ROE)的人。通過邊幹邊學的方式,我們將研究投資回報率,以更好地了解廣東建工集團有限公司(SZSE:002060)。
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,它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算:
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 Guangdong Construction Engineering Group is:
因此,根據上述公式,廣東建工集團的投資回報率爲:
11% = CN¥1.6b ÷ CN¥14b (Based on the trailing twelve months to March 2024).
11% = 16元人民幣 ÷ 140元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.11 in profit.
「回報」 是企業在過去一年中獲得的收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.11元人民幣的利潤。
Does Guangdong Construction Engineering Group Have A Good Return On Equity?
廣東建工集團股本回報率好嗎?
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. Pleasingly, Guangdong Construction Engineering Group has a superior ROE than the average (7.3%) in the Construction industry.
通過將公司的投資回報率與其行業平均水平進行比較,我們可以快速衡量其表現如何。但是,這種方法僅在粗略檢查時有用,因爲各公司在相同的行業分類中確實存在很大差異。令人高興的是,廣東建工集團的投資回報率高於建築行業的平均水平(7.3%)。
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That's clearly a positive. With that said, a high ROE doesn't always indicate high profitability. 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 3 risks we have identified for Guangdong Construction Engineering Group.
這顯然是一個積極的方面。話雖如此,高投資回報率並不總是表示高盈利能力。尤其是當一家公司使用高額債務爲其債務融資時,這可能會提高其投資回報率,但高槓杆率會使公司面臨風險。我們的風險儀表板應該包含我們爲廣東建工集團確定的三種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Most companies need money -- from somewhere -- to grow their 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 debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要來自某個地方的資金來增加利潤。投資現金可以來自上一年的利潤(留存收益)、發行新股或借款。在前兩個案例中,投資回報率將涵蓋這種資本用於增長的用途。在後一種情況下,增長所需的債務將提高回報,但不會影響股東權益。因此,使用債務可以提高投資回報率,儘管可以隱喻地說,暴風雨天氣會帶來額外的風險。
Combining Guangdong Construction Engineering Group's Debt And Its 11% Return On Equity
合併廣東建工集團的債務及其11%的股本回報率
Guangdong Construction Engineering Group does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.28. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
廣東建工集團確實使用大量債務來增加回報。它的債務權益比率爲2.28。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。債務會增加風險,減少公司未來的選擇,因此您通常希望從使用債務中獲得豐厚的回報。
Summary
摘要
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. All else being equal, a higher ROE is better.
股本回報率對於比較不同業務的質量很有用。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。在其他條件相同的情況下,更高的投資回報率更好。
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 check this FREE visualization of analyst forecasts for the company.
話雖如此,儘管投資回報率是衡量業務質量的有用指標,但你必須考慮一系列因素才能確定購買股票的正確價格。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,您可能需要查看該公司的分析師預測的免費可視化效果。
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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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。