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Should You Be Impressed By BOC Aviation Limited's (HKG:2588) ROE?
Should You Be Impressed By BOC Aviation Limited's (HKG:2588) ROE?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine BOC Aviation Limited (HKG:2588), by way of a worked example.
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.
See our latest analysis for BOC Aviation
How Is ROE Calculated?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for BOC Aviation is:
11% = US$561m ÷ US$5.3b (Based on the trailing twelve months to December 2021).
The 'return' is the amount earned after tax over the last twelve months. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.11 in profit.
Does BOC Aviation Have A Good 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, BOC Aviation has a better ROE than the average (6.7%) in the Trade Distributors industry.
SEHK:2588 Return on Equity July 18th 2022That'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. You can see the 2 risks we have identified for BOC Aviation by visiting our risks dashboard for free on our platform here.
How Does Debt Impact ROE?
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 and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
Combining BOC Aviation's Debt And Its 11% Return On Equity
We think BOC Aviation uses a significant amount of debt to maximize its returns, as it has a significantly higher debt to equity ratio of 3.19. We consider it to be a negative sign when a company has a rather low ROE despite a rather high debt to equity.
Conclusion
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
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.
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.
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.
虽然一些投资者已经非常精通财务指标(帽子提示),但本文面向的是那些想要了解股本回报率(ROE)及其重要性的人。我们将使用净资产收益率来分析中银航空有限公司(HKG:2588),作为一个实际例子。
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。换句话说,它揭示了该公司成功地将股东投资转化为利润。
查看我们对中银航空的最新分析
净资产收益率是如何计算的?
可使用以下公式计算净资产收益率:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上述公式,中银航空的净资产收益率为:
11%=5.61亿美元×53亿美元(基于截至2021年12月的12个月的往绩)。
“报税表”是过去12个月的税后收入。这意味着,每1港元的股东权益,该公司就会产生0.11港元的利润。
中银航空的净资产收益率好吗?
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较,我们可以快速衡量它有多好。然而,这种方法只是作为一种粗略的检查,因为在同一行业分类中,公司确实有很大的不同。从下图可以清楚地看出,中银航空的净资产收益率(ROE)高于贸易分销商行业的平均水平(6.7%)。
联交所:2022年7月18日股本回报率2588这就是我们希望看到的。然而,请记住,高净资产收益率并不一定意味着有效的利润创造。尤其是当一家公司使用高水平的债务为其债务融资时,这可能会提高其净资产收益率,但高杠杆将公司置于风险之中。您可以通过访问我们的风险控制面板在我们的平台上是免费的。
债务对净资产收益率有何影响?
大多数公司都需要资金--从某个地方--来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在第一种和第二种情况下,净资产收益率将反映对企业投资的现金使用情况。在后一种情况下,增长所需的债务将提高回报,但不会影响股东权益。在这种情况下,债务的使用将提高净资产收益率,即使企业的核心经济保持不变。
结合中银航空的债务和11%的股本回报率
我们认为中银航空使用了大量的债务来最大化其回报,因为它的债务与股本比率要高得多,为3.19。我们认为,如果一家公司的净资产收益率(ROE)相当低,尽管债务与股本之比相当高,这是一个负面迹象。
结论
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。能够在没有太多债务的情况下实现高股本回报率的公司通常质量良好。如果两家公司的债务权益比大致相同,而其中一家公司的净资产收益率更高,我通常会更喜欢净资产收益率更高的那家公司。
但净资产收益率只是一个更大的谜题的一部分,因为高质量企业的市盈率往往很高。重要的是要考虑其他因素,比如未来的利润增长,以及未来需要多少投资。因此,你可能想查看分析师对该公司预测的免费可视化。
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司,这些公司拥有高股本回报率和低债务。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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