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[转帖] 每股盈利VS股本回酬
问：
“如想要瞭解一家公司的业务营运是否优越，须最先参考每股盈利（EPS）还是股本回酬（ROE）呢？ 哪一项最为重要？还有每股盈利及股本回酬的最低标準应是多少？”
答：
本上每股盈利及股本回酬的概念都相同，衡量你所持有的股票价值。
每股盈利指的是净利除以该公司的股票总数，算是最简单的衡量方式，而且是每个季度计算。一旦每股盈利上升，公司股价通常将受追捧；若每股盈利下跌，则潜在遭沽售。
市场分析员会紧密追踪公司的每股盈利走势，因为这是主宰股价走势的重要因素。
股本回酬的计算方式与每股盈利颇为相同，但以净利除以股东基金，仅每年计算一次。
股东基金指的是公司总资产减掉总负债。
比方说，一家公司的总资产及总债务分別为1千100万及100万令吉，那股东基金即相等于1千万令吉。若该公司全年净赚100万令吉，除以1千万令吉股东基金，即得出10%股本回酬。
分析员认为股本回酬更能反映出一家公司的业务营运，股本回酬越高，对股东越有利。
同时，投资者可以股本回酬来比较领域同侪的表现，但每股盈利甚至本益比则多以衡量有关公司遭高估或低估。股神巴菲特也曾说过，投资者应选择股本回酬的股票来作长期投资，每年增长10%以上已算不错了。
至於每股盈利则胥视公司的规模大小及涉及的行业，因为赚钱能力都会有所差异。不过，若有关公司股本庞大，每名股东瓜分的盈利也会相对减少，进而导致每股盈利水平不高。
（来源：星洲日报 – 投资致富）
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Discussions
2 people like this. Showing 9 of 9 comments
ROE is used more commonly in US. In Malaysia less emphasis is put for ROE than PER. In fact it is equally, if not more important than PER.
2013-04-18 01:23
ROE reflects a company's profit more accurately as it takes into account the shareholder's equity.
2013-04-18 01:59
Return on Equity = Net Income / Average Common Shareholder's Equity
The higher the ROE the better. Eg,if a company net income in 2012 is 1 million and equity is 10 million, the ROE is 10%. If the equity in 2013 increases by 50% but the net income only increases by 20 %, the ROE drops to 8%. In actual fact the company is considered less profitable.
If we apply EPS, the EPS has increased by 20%, which gives a false impression that the company has made "more" money.
Therefore ROE reflects a company's profit more accurately.
Econs or finance is not my specialty but I just conclude these understanding from my learning. please correct me if I'm wrong.
2013-04-18 21:49
I saw MSPORTS, xinquan, roe high, and Pe low, cash rish but no body want to buy? Yyyyyyyyyyyyyy, please advise?
2013-04-18 23:26
China man also business man, y no confident, then all people like to buy pn 4 company.
2013-04-19 00:01
China based stock's Trustworthiness= Show us your Divident, show us your Consistent Result, show us your Growing Price. Then I would ride with the Dragon.
2013-04-19 06:38
ROE and PE are not the only two indicators to look at. The China stocks have low dividend yield. Moreover look at the types of business they engage in: stationery, shoes.. What are the potentials for growth? Bottomline is: public confidence is lacking
2013-04-19 18:32
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ROE > 10 and PE < 10 are good companies
2013-04-18 01:13