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Is South Manganese Investment Limited's (HKG:1091) ROE Of 12% Impressive?
Is South Manganese Investment Limited's (HKG:1091) ROE Of 12% Impressive?
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 South Manganese Investment Limited (HKG:1091), 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.
Check out our latest analysis for South Manganese Investment
How To Calculate Return On Equity?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for South Manganese Investment is:
12% = HK$376m ÷ HK$3.0b (Based on the trailing twelve months to December 2021).
The 'return' is the income the business earned over the last year. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.12 in profit.
Does South Manganese Investment 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. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see South Manganese Investment has a similar ROE to the average in the Metals and Mining industry classification (12%).
SEHK:1091 Return on Equity July 19th 2022So while the ROE is not exceptional, at least its acceptable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If so, this increases its exposure to financial risk. You can see the 2 risks we have identified for South Manganese Investment by visiting our risks dashboard for free on our platform here.
Why You Should Consider Debt When Looking At ROE
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 and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
South Manganese Investment's Debt And Its 12% ROE
South Manganese Investment clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.34. 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.
Summary
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. All else being equal, a higher ROE is better.
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. 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. You can see how the company has grow in the past by looking at this FREE detailed graph of past earnings, revenue and cash flow.
But note: South Manganese Investment 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.
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南方锰业投资有限公司(HKG:1091),作为一个实例。
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。
查看我们对南方锰业投资的最新分析
如何计算股本回报率?
这个净资产收益率公式是:
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,南方锰业投资的净资产收益率为:
12%=3.76亿港元×30亿港元(根据截至2021年12月的过去12个月计算)。
“回报”指的是企业在过去一年中获得的收入。这意味着,每1港元的股东权益,该公司就会产生0.12港元的利润。
南方锰业投资的净资产收益率高吗?
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。这种方法的局限性是,一些公司与其他公司有很大的不同,甚至在相同的行业分类中也是如此。如果你看下图,你可以看到南方锰业投资的净资产收益率与金属和矿业分类中的平均回报率(12%)相似。
联交所:1091股本回报率2022年7月19日因此,虽然净资产收益率并不例外,但至少是可以接受的。即使与行业相比,公司的净资产收益率还算不错,但公司的净资产收益率是否得到了高负债水平的帮助,还是值得一查的。如果是这样的话,这将增加其金融风险敞口。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。
为什么在考虑净资产收益率时应该考虑债务
几乎所有的公司都需要资金来投资于业务,以增加利润。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,用于增长的债务将提高回报,但不会影响总股本。因此,债务的使用可以提高净资产收益率,尽管打个比方说,在暴风雨天气的情况下会有额外的风险。
南方锰业投资的债务及其12%的净资产收益率
南方锰业投资显然使用了大量的债务来提高回报,因为它的债务与股本比率为1.34。虽然它的净资产收益率是可观的,但值得记住的是,一家公司可以使用的债务通常是有限制的。债务确实会带来额外的风险,所以只有当一家公司从债务中获得一些可观的回报时,它才是真正值得的。
摘要
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。在其他条件相同的情况下,净资产收益率越高越好。
话虽如此,虽然净资产收益率是衡量业务质量的有用指标,但你必须考虑一系列因素,才能确定购买股票的合适价格。相对于当前价格反映的利润增长预期,也必须考虑利润可能增长的速度。你可以通过查看这篇免费的文章来了解该公司过去是如何发展壮大的详细图表过去的收益、收入和现金流。
但请注意:南方锰业投资可能不是最值得买入的股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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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