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
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

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。

Discussions
3 people like this. Showing 1 of 1 comments

cheongcy

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

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