With A 1.8% Return On Equity, Is Client Service International, Inc. (SZSE:300663) A Quality Stock?
With A 1.8% Return On Equity, Is Client Service International, Inc. (SZSE:300663) A Quality Stock?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Client Service International, Inc. (SZSE:300663).
雖然一些投資者已經非常精通財務指標(帽子提示)，但本文面向的是那些想要了解股本回報率(ROE)及其重要性的人。為了使課程立足於實踐，我們將使用淨資產收益率來更好地理解客戶服務國際公司(SZSE：300663)。
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.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了該公司成功地將股東投資轉化為利潤。
Check out our latest analysis for Client Service International
查看我們對國際客戶服務的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for ROE is:
這個淨資產收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Client Service International is:
因此，根據上述公式，國際客服的淨資產收益率為：
1.8% = CN¥24m ÷ CN¥1.3b (Based on the trailing twelve months to June 2023).
1.8%=2400萬元×13億元(以截至2023年6月的12個月為基礎)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.02 in profit.
“回報”指的是一家公司過去一年的收益。這意味著，股東權益每增加1元，公司就會產生0.02元的利潤。
Does Client Service International Have A Good Return On Equity?
國際客戶服務公司的股本回報率高嗎？
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 shown in the graphic below, Client Service International has a lower ROE than the average (4.9%) in the Software industry classification.
可以說，評估公司淨資產收益率最簡單的方法是將其與所在行業的平均水準進行比較。然而，這種方法只是作為一種粗略的檢查，因為在同一行業分類中，公司確實有很大的不同。如下圖所示，國際客戶服務公司的淨資產收益率低於軟體行業分類的平均水準(4.9%)。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 4 risks we have identified for Client Service International by visiting our risks dashboard for free on our platform here.
這當然不是理想的情況。然而，較低的淨資產收益率並不總是壞事。如果公司的債務水準處於中低水準，那麼仍有機會通過使用財務槓桿來提高回報。考慮到涉及的風險，高債務水準和低ROE的公司是我們希望避免的組合。您可以訪問我們的網站查看我們為國際客戶服務確定的4個風險風險控制面板在我們的平臺上是免費的。
Why You Should Consider Debt When Looking At ROE
為什麼在考慮淨資產收益率時應該考慮債務
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投入資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。在前兩種情況下，淨資產收益率將抓住這種資本增長的用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，債務的使用可以提高淨資產收益率，儘管打個比方說，在暴風雨天氣的情況下會有額外的風險。
Combining Client Service International's Debt And Its 1.8% Return On Equity
合併客戶服務國際公司的債務及其1.8%的股本回報率
It's worth noting the high use of debt by Client Service International, leading to its debt to equity ratio of 1.10. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，客戶服務國際公司高度利用債務，導致其債務與股本比率達到1.10。相當低的淨資產收益率和大量使用債務的組合並不是特別有吸引力。投資者應該仔細考慮，如果一家公司不能如此輕鬆地借款，它可能會表現如何，因為信貸市場確實會隨著時間的推移而變化。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是我們比較不同公司業務質量的一種方式。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水準較低。如果兩家公司的淨資產收益率相同，那麼我通常會傾向於債務較少的那一家。
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. So you might want to check this FREE visualization of analyst forecasts for the company.
話雖如此，雖然淨資產收益率是衡量業務質量的有用指標，但你必須考慮一系列因素，才能確定購買股票的合適價格。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想查看分析師對該公司預測的免費可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然了,如果你把目光投向別處，你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費有趣的公司名單。
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對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯繫直接與我們聯繫.或者，也可以給編輯組發電子郵件，地址是暗示Wallst.com。
本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.