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由零開始學習股票-盈利能力試金石ROE

股東權益回報率(Return On Equity,縮寫:ROE),用作衡量上市公司運用股東資金的盈利能力,同時亦是股神巴菲特推薦參考的指標之一。ROE愈高,代表公司管理層愈善用股東資金來賺取回報。
計算方法:淨利潤(Net Profit)除以股東權益(Equity) 而其實你不需要自己計算,因為大部分財經網站都會有ROE數據。
在傳統標準下,公司能穩定保持20%以上ROE,代表公司盈利能力十分強,但當中亦有幾個細節需要多加留意。
一:ROE提高,是否因為一次性收益?
有些公司會在某一年度盈餘大增,ROE因而大幅提升,但當中很可能是因為出售業務或資產等一次性收益。
這種獲利雖然很高,但大多都是一次性的,這樣很容易便能推高ROE,但這樣真的可以幫助公司持續地盈利嗎?
二:ROE提高,是否因為使用過高財務槓桿?
因為ROE不考慮負債,如果公司提高槓桿借錢來增加資產與盈餘,ROE就會上升。但同時,公司的經營風險也會提高,負債多的公司在經濟蓬勃時期通常有很漂亮的業績數據。但在經濟不景氣時,便會非常危險。當你發現ROE比去年提升時,一定要同時注意槓桿比率,留意帳目到底是來自盈利增加,還是因為槓桿提高而提升?
簡單來說,假設公司有100元營運資本,去年能獲利5元,即5% ROE;但當公司今年將資本槓桿成$200元,獲利10元,即ROE大大提升至10%。但若單從觀察ROE轉變,會誤以為公司盈利能力提升一倍,而實際上只是將資本槓桿一倍。
三:ROE高代表公司盈利能力比同行業強?
部分行業由於不需要太多資產投入,所以通常都有較高ROE,例如諮詢行業、遊戲行業等。
所以,不能單以ROE判定公司的盈利能力。一般而言,資本密集行業的進入門檻較高,競爭較少;相反地,高ROE但低資產的行業,若沒有護城河優勢,會較容易面對更大競爭。所以,ROE應該要運用在同行業比較。
四:ROE高背後的原因是?
根據統計資料,只有極少數公司能夠長期維持高ROE,是因為很少公司有護城河(公司業務有壟斷地位),而其他大部分公司業務通常有起有落,不能長期維持其高盈利能力。因此在選擇公司投資時,更重要的是深入了解ROE的長期走勢,以及造成其波動的關鍵因素,才能找出具有投資潛力的優質公司。
如果希望研究得更深入的話,可以了解Dupont Analysis(杜邦分析法)。
懶人包:
1. ROE 是衡量公司賺錢效率的財務指標
2. 要注意高ROE是否受一次性收益/財務槓桿影響
3. 不能跨行業比較ROE,最好與同行業其他公司比較
4. 要選擇ROE長期高的公司
文:Livermore