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Why CapitaLand Investment Limited (SGX:9CI) Looks Like A Quality Company
Why CapitaLand Investment Limited (SGX:9CI) Looks Like A Quality Company
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of CapitaLand Investment Limited (SGX:9CI).
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
Check out our latest analysis for CapitaLand Investment
How Do You 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 CapitaLand Investment is:
6.3% = S$1.2b ÷ S$19b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every SGD1 of its shareholder's investments, the company generates a profit of SGD0.06.
Does CapitaLand Investment Have A Good Return On Equity?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, CapitaLand Investment has a higher ROE than the average (5.3%) in the Real Estate industry.
SGX:9CI Return on Equity August 14th 2022That'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. You can see the 3 risks we have identified for CapitaLand Investment by visiting our risks dashboard for free on our platform here.
How Does Debt Impact Return On Equity?
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. 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.
CapitaLand Investment's Debt And Its 6.3% ROE
Although CapitaLand Investment does use debt, its debt to equity ratio of 0.69 is still low. Its ROE isn't particularly impressive, but the debt levels are quite modest, so the business probably has some real potential. Careful use of debt to boost returns is often very good for shareholders. However, it could reduce the company's ability to take advantage of future opportunities.
Summary
Return on equity is useful for comparing the quality of different businesses. 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.
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
But note: CapitaLand 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。通过边做边学的方式,我们将关注净资产收益率,以更好地了解凯德置地投资有限公司(SGX:9CI)。
净资产收益率,即股本回报率,是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说,它揭示了该公司成功地将股东投资转化为利润。
查看我们对凯德置地投资的最新分析
你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,凯德置地投资的净资产收益率为:
6.3%=12亿新元?190亿新元(基于截至2022年6月的12个月)。
“报税表”是过去12个月的税后收入。因此,这意味着股东每投资1新元,公司就会产生0.06新元的利润。
凯德置地投资的股本回报率高吗?
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。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。如下图所示,凯德置地投资的净资产收益率高于房地产行业的平均水平(5.3%)。
新交所:9CI股本回报率2022年8月14日这显然是一个积极的因素。话虽如此,高净资产收益率并不总是意味着高盈利。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。
债务对股本回报率有何影响?
大多数公司都需要资金--从某个地方--来增加利润。这些现金可以来自发行股票、留存收益或债务。在第一种和第二种选择的情况下,净资产收益率将反映现金用于增长的这种情况。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。
凯德置业的债务及其6.3%的净资产收益率
尽管CapitaLand Investment确实使用债务,但其0.69的债务与股本比率仍然较低。它的净资产收益率不是特别令人印象深刻,但债务水平相当适中,因此该业务可能具有一些真正的潜力。谨慎地利用债务来提高回报往往对股东非常有利。然而,这可能会降低该公司利用未来机会的能力。
摘要
股本回报率在比较不同企业的质量时很有用。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。
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。相对于股价反映的预期,利润增长率是一个特别重要的考虑因素。因此,你可能想查看分析师对该公司预测的免费可视化。
但请注意:凯德置地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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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。
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