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Did HKBN Ltd. (HKG:1310) Use Debt To Deliver Its ROE Of 8.7%?
Did HKBN Ltd. (HKG:1310) Use Debt To Deliver Its ROE Of 8.7%?
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 HKBN Ltd. (HKG:1310).
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
Check out our latest analysis for HKBN
How To Calculate Return On Equity?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for HKBN is:
8.7% = HK$463m ÷ HK$5.3b (Based on the trailing twelve months to February 2022).
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.09 in profit.
Does HKBN Have A Good Return On Equity?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that HKBN has an ROE that is roughly in line with the Telecom industry average (7.4%).
SEHK:1310 Return on Equity September 23rd 2022That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 2 risks we have identified for HKBN by visiting our risks dashboard for free on our platform here.
Why You Should Consider Debt When Looking At ROE
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
Combining HKBN's Debt And Its 8.7% Return On Equity
It's worth noting the high use of debt by HKBN, leading to its debt to equity ratio of 2.13. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Conclusion
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. 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 when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
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,我们将看到净资产收益率,以更好地了解香港宽频有限公司(HKG:1310)。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。换句话说,这是一个衡量公司股东提供的资本回报率的盈利比率。
查看我们对香港宽频的最新分析
如何计算股本回报率?
这个股本回报率公式是:
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,香港宽频的净资产收益率为:
8.7%=4.63亿港元×53亿港元(根据截至2022年2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。一种将其概念化的方法是,公司每持有1港元的股东资本,就能获得0.09港元的利润。
香港宽频是否有良好的股本回报率?
可以说,评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。重要的是,这远远不是一个完美的衡量标准,因为在同一行业分类中,公司的差异很大。下图显示香港宽频的净资产回报率大致与电讯业平均水平(7.4%)相若。
联交所:1310股本回报率2022年9月23日这并不令人惊讶,但它是值得尊敬的。虽然净资产收益率至少不低于行业,但它仍然值得检查公司的债务起到了什么作用,因为债务相对于股权的高水平也可能使净资产收益率看起来很高。如果一家公司承担了太多债务,那么它拖欠利息的风险就会更高。如欲了解香港宽频的两项风险,请浏览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
公司通常需要投入资金来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在前两种情况下,净资产收益率将抓住这种资本增长的用途。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。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。
合并香港宽频的债务及8.7%的股本回报率
值得注意的是,香港宽频大量使用债务,导致其债务与股本比率为2.13。相当低的净资产收益率和大量使用债务的组合并不是特别有吸引力。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。
结论
股本回报率是我们比较不同公司业务质量的一种方式。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。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。
但当一项业务是高质量的时,市场往往会将其抬高到反映这一点的价格。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,你可能想看看这张数据丰富的公司预测互动图表。
当然了,如果你把目光投向别处,你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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。
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