Collection on KLSE.8K article
ROE是看理财能力，不是看道德品行
value_investor
Publish date: Wed, 06 Jun 2012, 07:12 AM
value_investor
0 461
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: 2007-04-05
我曾经说过：选股首重ROE。
通过ROE我们就可以知道管理层的“赚钱能力”。（说得恰当一点，应该是“理财能力”）
举个例子：
如果管理层举债买了一架专用飞机，公司的赚钱能力就会大受影响。
账目上NTA还是一样，但是EPS就会下降，因为专用飞机不能替公司赚钱，而且还会增加公司的利息负担。
从这例子ROE就会反映出管理层的理财能力 = 自私的心态。
所以选股之前我一定要看ROE。（我是说选股之前，不是选股之后）
那么选股之后呢？
如果已经成了小股东，也就是说我对管理层的理财能力投下了信任的一票，这时候EPS和PE就比ROE来的重要了。
还有，ROE是看管理层的赚钱能力和理财能力，不是看管理层的道德品行。
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ROE is a measure of internal efficiency rather than just a financial management capability. No matter how good a finance department could control the money flow in or out, without a good team spirit - dynamic team - company can never perform.
2014-05-10 09:08