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Should You Be Worried About CK Life Sciences Int'l., (Holdings) Inc.'s (HKG:775) 3.0% Return On Equity?
Should You Be Worried About CK Life Sciences Int'l., (Holdings) Inc.'s (HKG:775) 3.0% Return On Equity?
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 CK Life Sciences Int'l., (Holdings) Inc. (HKG:775), 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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
See our latest analysis for CK Life Sciences Int'l. (Holdings)
How To Calculate Return On Equity?
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 CK Life Sciences Int'l. (Holdings) is:
3.0% = HK$128m ÷ HK$4.3b (Based on the trailing twelve months to June 2022).
The 'return' is the yearly profit. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.03.
Does CK Life Sciences Int'l. (Holdings) Have A Good ROE?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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, CK Life Sciences Int'l. (Holdings) has a lower ROE than the average (7.9%) in the Biotechs industry.
SEHK:775 Return on Equity September 26th 2022Unfortunately, that's sub-optimal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for CK Life Sciences Int'l. (Holdings) visit our risks dashboard for free.
How Does Debt Impact 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 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.
CK Life Sciences Int'l. (Holdings)'s Debt And Its 3.0% ROE
It's worth noting the high use of debt by CK Life Sciences Int'l. (Holdings), leading to its debt to equity ratio of 1.31. 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 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 the same ROE, then I would generally prefer the one with less debt.
But when a business is high quality, the market often bids it up to a price that reflects this. 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: CK Life Sciences Int'l. (Holdings) 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检验CK生命科学国际(控股)有限公司(HKG:775),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。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对CK生命科学国际公司的最新分析。
如何计算股本回报率?
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,CK生命科学国际(控股)的净资产收益率为:
3.0%=1.28亿港元×43亿港元(根据截至2022年6月的过去12个月计算)。
“回报”就是年度利润。因此,这意味着股东每投资1港元,公司就会产生0.03港元的利润。
CK生命科学国际(控股)的净资产收益率好吗?
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。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。如下图所示,CK生命科学国际(控股)的净资产收益率(ROE)低于生物技术行业的平均水平(7.9%)。
联交所:775股本回报率2022年9月26日不幸的是,这并不是最优的。话虽如此,低ROE并不总是一件坏事,特别是如果公司的杠杆率较低,因为如果公司承担更多债务,这仍有改进的空间。考虑到涉及的风险,高债务水平和低ROE的公司是我们希望避免的组合。要了解我们为CK生命科学国际(控股)确定的3个风险,请免费访问我们的风险仪表板。
债务对净资产收益率有何影响?
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。
CK生命科学国际(控股)的债务及其3.0%的净资产收益率
值得注意的是,CK生命科学国际(控股)高度利用债务,导致其债务与股本比率为1.31。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。如果两家公司的净资产收益率相同,那么我通常会倾向于债务较少的那一家。
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:CK生命科学国际(控股)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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