<p>在看到亞洲富思（HKG:8413）最近的表現後，很難感到興奮，因為其股票在過去一週內下跌了 13%。但如果你仔細觀察，可能會發現其關鍵財務指標看起來相當不錯，這可能意味着考慮到市場通常會獎勵更具韌性的長期基本面，該股票在長期內有潛在的上漲空間。在本文中，我們決定重點關注亞洲富思的股本回報率（ROE）。</p>
<p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。簡而言之，ROE 顯示了每一美元的股東投資所產生的利潤。</p>
<p>查看我們對亞洲富思的最新分析</p>
<h2>如何計算股本回報率？</h2>
<p><strong>股本回報率可以通過以下公式計算：</strong></p>
<p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
<p>因此，根據上述公式，亞洲富思的 ROE 為：</p>
<p>2.2% = HK$2.1 百萬 ÷ HK$99 百萬（基於截至 2024 年 9 月的過去十二個月）。</p>
<p>“回報” 是過去十二個月的利潤。可以這樣理解，對於每 HK$1 的股東資本，公司賺取了 HK$0.02 的利潤。</p>
<h2>為什麼 ROE 對盈利增長重要？</h2>
<p>我們已經確定 ROE 作為公司未來盈利的有效利潤生成指標。根據公司再投資或 “保留” 這些利潤的程度，以及其有效性，我們能夠評估公司的盈利增長潛力。一般來説，其他條件相同，具有高股本回報率和利潤保留的公司，其增長率通常高於不具備這些特徵的公司。</p>
<h2>亞洲富思的盈利增長和 2.2% 的 ROE</h2>
<p>如你所見，亞洲富思的 ROE 看起來相當疲弱。即使與行業平均 ROE 7.5% 相比，該公司的 ROE 也相當慘淡。儘管如此，亞洲富思在過去五年中仍能實現 7.3% 的淨收入增長。我們認為這裏可能還有其他因素在起作用。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司有較低的派息比率。</p>
<p>作為下一步，我們將亞洲富思的淨收入增長與行業進行了比較，失望地發現該公司的增長低於同期行業平均增長 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/423275134-past-earnings-growth-1-dark/1739928661128?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/423275134-past-earnings-growth-1-dark/1739928661128"/></p>
<p>SEHK:8413 過去的盈利增長 2025 年 2 月 19 日</p>
<p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。這樣做將幫助他們判斷該股票的未來是看好還是不妙。與其他公司相比，亞洲富思是否被合理定價？這 3 個估值指標可能會幫助你做出決定。</p>
<h2>亞洲富思是否有效地再投資其利潤？</h2>
<p>亞洲富思不支付任何定期股息，這意味着其所有利潤都被再投資於業務，這也解釋了公司所看到的相當可觀的盈利增長。</p>
<h2>結論</h2>
<p>總體而言，我們確實認為亞洲富思有一些積極的特徵。即其可觀的盈利增長，這是由於其保留了大部分利潤。然而，考慮到低 ROE，投資者可能並未從所有的再投資中受益。雖然我們不會完全否定該公司，但我們會嘗試確定該業務的風險，以便對公司做出更明智的決策。我們的風險儀表板將列出我們為亞洲富思識別的兩個風險。</p>

亞洲富思

<p>亞洲富思分銷有限公司 (HKG:8413) 最近股價下跌了 13%，儘管財務指標表現尚可。公司的股本回報率 (ROE) 為 2.2%，顯著低於行業平均水平的 7.5%。然而，在過去五年中，其淨收入增長了 7.3%，儘管低於行業平均的 14%。該公司將所有利潤再投資，因為不支付股息，這有助於其盈利增長。投資者在做出決策之前應評估與該公司相關的風險</p>

<p>It is hard to get excited after looking at Asia Grocery Distribution's (HKG:8413) recent performance, when its stock has declined 13% over the past week. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Asia Grocery Distribution's ROE.</p>
<div class="lb-trans"><p>在看到亞洲富思（HKG:8413）最近的表現後，很難感到興奮，因為其股票在過去一週內下跌了 13%。但如果你仔細觀察，可能會發現其關鍵財務指標看起來相當不錯，這可能意味着考慮到市場通常會獎勵更具韌性的長期基本面，該股票在長期內有潛在的上漲空間。在本文中，我們決定重點關注亞洲富思的股本回報率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.</p>
<div class="lb-trans"><p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。簡而言之，ROE 顯示了每一美元的股東投資所產生的利潤。</p>
</div><p>See our latest analysis for Asia Grocery Distribution</p>
<div class="lb-trans"><p>查看我們對亞洲富思的最新分析</p>
</div><h2>How Do You Calculate Return On Equity?</h2>
<div class="lb-trans"><h2>如何計算股本回報率？</h2>
</div><p><strong>Return on equity can be calculated by using the formula:</strong></p>
<div class="lb-trans"><p><strong>股本回報率可以通過以下公式計算：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
</div><p>So, based on the above formula, the ROE for Asia Grocery Distribution is:</p>
<div class="lb-trans"><p>因此，根據上述公式，亞洲富思的 ROE 為：</p>
</div><p>2.2% = HK$2.1m ÷ HK$99m (Based on the trailing twelve months to September 2024).</p>
<div class="lb-trans"><p>2.2% = HK$2.1 百萬 ÷ HK$99 百萬（基於截至 2024 年 9 月的過去十二個月）。</p>
</div><p>The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each HK$1 of shareholders' capital it has, the company made HK$0.02 in profit.</p>
<div class="lb-trans"><p>“回報” 是過去十二個月的利潤。可以這樣理解，對於每 HK$1 的股東資本，公司賺取了 HK$0.02 的利潤。</p>
</div><h2>Why Is ROE Important For Earnings Growth?</h2>
<div class="lb-trans"><h2>為什麼 ROE 對盈利增長重要？</h2>
</div><p>We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or &#34;retains&#34;, and how effectively it does so, we are then able to assess a company’s earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.</p>
<div class="lb-trans"><p>我們已經確定 ROE 作為公司未來盈利的有效利潤生成指標。根據公司再投資或 “保留” 這些利潤的程度，以及其有效性，我們能夠評估公司的盈利增長潛力。一般來説，其他條件相同，具有高股本回報率和利潤保留的公司，其增長率通常高於不具備這些特徵的公司。</p>
</div><h2>Asia Grocery Distribution's Earnings Growth And 2.2% ROE</h2>
<div class="lb-trans"><h2>亞洲富思的盈利增長和 2.2% 的 ROE</h2>
</div><p>As you can see, Asia Grocery Distribution's ROE looks pretty weak. Even compared to the average industry ROE of 7.5%, the company's ROE is quite dismal. Asia Grocery Distribution was still able to see a decent net income growth of 7.3% over the past five years. We reckon that there could be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.</p>
<div class="lb-trans"><p>如你所見，亞洲富思的 ROE 看起來相當疲弱。即使與行業平均 ROE 7.5% 相比，該公司的 ROE 也相當慘淡。儘管如此，亞洲富思在過去五年中仍能實現 7.3% 的淨收入增長。我們認為這裏可能還有其他因素在起作用。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司有較低的派息比率。</p>
</div><p>As a next step, we compared Asia Grocery Distribution's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 14% in the same period.</p>
<div class="lb-trans"><p>作為下一步，我們將亞洲富思的淨收入增長與行業進行了比較，失望地發現該公司的增長低於同期行業平均增長 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/423275134-past-earnings-growth-1-dark/1739928661128" alt="" original-src="https://images.simplywall.st/asset/chart/423275134-past-earnings-growth-1-dark/1739928661128"/></p>
<p>SEHK:8413 Past Earnings Growth February 19th 2025</p>
<div class="lb-trans"><p>SEHK:8413 過去的盈利增長 2025 年 2 月 19 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is Asia Grocery Distribution fairly valued compared to other companies? These 3 valuation measures might help you decide.</p>
<div class="lb-trans"><p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。這樣做將幫助他們判斷該股票的未來是看好還是不妙。與其他公司相比，亞洲富思是否被合理定價？這 3 個估值指標可能會幫助你做出決定。</p>
</div><h2>Is Asia Grocery Distribution Efficiently Re-investing Its Profits?</h2>
<div class="lb-trans"><h2>亞洲富思是否有效地再投資其利潤？</h2>
</div><p>Asia Grocery Distribution doesn't pay any regular dividends, meaning that all of its profits are being reinvested in the business, which explains the fair bit of earnings growth the company has seen.</p>
<div class="lb-trans"><p>亞洲富思不支付任何定期股息，這意味着其所有利潤都被再投資於業務，這也解釋了公司所看到的相當可觀的盈利增長。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>On the whole, we do feel that Asia Grocery Distribution has some positive attributes. Namely, its respectable earnings growth, which it achieved due to it retaining most of its profits. However, given the low ROE, investors may not be benefitting from all that reinvestment after all. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. Our risks dashboard would have the 2 risks we have identified for Asia Grocery Distribution.</p>
<div class="lb-trans"><p>總體而言，我們確實認為亞洲富思有一些積極的特徵。即其可觀的盈利增長，這是由於其保留了大部分利潤。然而，考慮到低 ROE，投資者可能並未從所有的再投資中受益。雖然我們不會完全否定該公司，但我們會嘗試確定該業務的風險，以便對公司做出更明智的決策。我們的風險儀表板將列出我們為亞洲富思識別的兩個風險。</p>
</div>

亞洲富思分銷有限公司（HKG:8413）的股票最近表現疲軟，但財務前景看起來不錯：市場是否判斷錯誤？