Collection on KLSE.8K article
选股首重ROE
value_investor
Publish date: Wed, 11 Apr 2012, 09:53 AM
value_investor
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Collection of KLSE.8k articles from a famous chinese forum in Malaysia.
He was a very dedicated investment guru who contributed his knowledge to the public.
I plan to share those old articles from my local archive to this community and hope everyone can enjoy and benefit from it.
More References: a post from another i3 member - http://klse.i3investor.com/blogs/kianweiaritcles/11579.jsp
He was a very dedicated investment guru who contributed his knowledge to the public.
I plan to share those old articles from my local archive to this community and hope everyone can enjoy and benefit from it.
More References: a post from another i3 member - http://klse.i3investor.com/blogs/kianweiaritcles/11579.jsp
Published Date: 2001-09-02
ROE的中文译名应该是资金回酬。英文是RETURN ON EQUITY。
它的算法就是把每股净盈利EPS除于每股净资产NTA。
ROE＝EPS/NTA
我选股首重ROE，接下来才是本益比PE和NTA。
为什么我这么注重ROE呢？
因为通过ROE这个数据我们可以知道管理层的素质。
公司的资产是反映在它的净资产。
很多公司的票面值都是1零吉，但是它们的真正价值是在NTA，NTA越高价值就越高。
每间公司的赚钱能力都不同。
投资股票我们当然要选赚钱能力高的公司，赚钱能力越高我们致富的机会就越大。
所以想要投资股票致富我们一定要选赚钱能力高的公司。
但是，我们却不能因为某只股的每股EPS高就说它的赚钱能力高。
真正的赚钱能力是要和它的NTA来做比较的。
试看看以下两个例子，那一个赚钱的能力比较强？
SIMEDARBY有2.76零吉的NTA，EPS是0.33零吉。
RUBBEREX有1.50零吉的NTA，EPS是0.26零吉。
如果单单看EPS当然是SIME比较强，但是如果用ROE来计算，那么RUBBEREX才是真正赚钱能力强的公司。
RUBBEREX的ROE是0.26/1.50=0.17
SIMEDARBY的ROE是0.33/2.76=0.12
所以通过应用ROE我们可以准确的看出谁才是真正赚钱能力强的公司。
当然ROE是不能只看一年的，因为有的公司通过特殊的项目可以把公司的EPS提高。所以多看几年才能够得到正确的ROE。
还有最正确的方法就是不要把特殊项目计算在EPS内，这样才不会出错。
为什么通过看ROE我们可以知道管理层的素质呢？
就举个例子：
假设有一间公司的资产有2亿零吉，如果管理层把全部的资产都用来做生意，公司每年可以赚2千万零吉。
如果管理层决定把其中的1亿零吉用来买专机给董事长用，只用1亿零吉来做生意，那么可以肯定的是公司赚钱的能力就会少了一半，只剩下1千万零吉。
所以通过ROE我们就能够看出管理层的素质。
ROE是跟股价没有关系的，很多朋友都不能明白ROE就是因为他们太注重股价了。
ROE只跟EPS有关系，EPS越大，ROE就越大。
当然ROE越大就越好。
通常ROE有0.15就可以了。
ROE太大反而要多加小心。
举个例子：
有间公司的NTA本来是2.00零吉，经过连年的亏损，它的NTA只剩下0.20零吉。
过后经济突然好转，公司开始赚钱了，它取得0.10零吉的EPS。
如果我们算ROE，那么就是把EPS除于NTA，那就是：
0.10/0.20=0.50
这可是误导性的ROE呀！
所以应用ROE要很小心。
我通常把ROE分成5个等级。
选股时就只选第一级的就可以了。
在第一级的股项里选股我就可以应用PE和NTA来考虑了，因为我知道这些都是优质股了，因为它们的ROE都已经是第一等级的了。
当然我也是有考虑其他的因素，例如，市场上流通的票数，公司的前景等等。
怎样分级呢？
我把主板的500只股，用EXCEL记录起来它们的ROE，3年至5年。
我是用手一个接一个的记录在EXCEL，然后再SORTING，把它们分成5个等级。第一级就是1到100，第二级就是101到200，依此类推。
我暂时就是用这样笨的方法，因为到现在我还是没有想到更好的方法。
希望HARIMAU能够帮我找出一个办法。最好是在网络里，按几下就可以了，省得我每年都要做一次这样麻烦的工作。
我是不考虑新股的因为它们没有至少三年的业绩。
暂时我也不考虑第二板的股，因为我对它们的帐目信心不大。
RUBBEREX是特殊的一个！
(根据它去年的业绩，它的EPS是0.26,NTA是1.50。所以它的ROE就是0.17。)
要领悟ROE在选股中的奥妙是需要时间的。
所以今天就谈到这里，下次有机会再深入的讨论。
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Discussions
2 people like this. Showing 13 of 22 comments
To sum up, a reasonably good stock should be the one having gearing of 0.5 or less, ROE of 15% or more, better still if P/BV is 0.8 or less. This will put the PE to 5.3, it's not easy to find but there some if you scan the market slowly.
2012-04-11 13:24
Another important consideration is that they must be willing to pay us:- the minority share holders.
2012-04-11 13:35
Yes, Bro KIan WEi 80%/15%=5.333 and that is PE. You can consider PE as P/NAT divided by EPS/NAT =P/EPS=PE=PBV/ROE. Am I right?
2012-04-11 16:31
Bro Kim Yap Lau, you can try ft.com and search the company you want under < quote > you'll get all the info there. Try first ,If you want the detail I'll give you later.
2012-04-11 16:54
From my understanding it just a vogue term people referring to. For example,
ROE = Earnings / Shareholders Equity
shareholders equity, some people call it Equity or BV or NTA.
Earnings, some people call it net income or net profit or just profit.
Just 2 cent.
2012-04-11 18:46
equity = total assets minus total liabilities
net total assets do not include intangible assets such as patents and right, that why NTA will always lesser than total assets.
Return On Equity = Net income divide Equity.
hope this help..
2012-04-11 19:14
I may be wrong, But let's consider this:-
ROE=net income/equity
net income=EPS x no.of outstanding share
equity=NTA x no. of outstanding share
so ROE=EPS/NTA unless equity is not NTA x no. of outstanding share. Now I'm not so sure, hope you can help.
To bro looii3 go to ft.com ( financial time .com ),lots of info there.
2012-04-11 20:48
http://beginnersinvest.about.com/cs/investinglessons/a/aaless1intro.htm
a good website for learning to read annual report etc etc, tones of useful information in there..
2012-04-11 21:19
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ya, thats why debt to equity ratio is a very important factor too.
2012-04-11 11:23