CSE Global's (SGX:544) Earnings Are Weaker Than They Seem
CSE Global's (SGX:544) Earnings Are Weaker Than They Seem
CSE Global Limited (SGX:544) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, we think that shareholders may be missing some concerning details in the numbers.
CSE Global Limited(新加坡证券交易所股票代码:544)刚刚公布了一些强劲的收益,市场做出了相应的反应,股价出现了健康的上涨。但是,我们认为股东们可能遗漏了一些与数字相关的细节。
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One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. CSE Global expanded the number of shares on issue by 13% over the last year. That means its earnings are split among a greater number of shares. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of CSE Global's EPS by clicking here.
评估收益质量的一个重要方面是研究一家公司在多大程度上稀释了股东。与去年相比,CSE Global将已发行股票数量增加了13%。这意味着其收益将分配给更多的股票。在庆祝净收入的同时忽略稀释就像欢欣鼓舞,因为你只有一片更大的披萨,但却忽略了披萨现在被切成更多片的事实。你可以点击此处查看CSE Global的每股收益图表。
How Is Dilution Impacting CSE Global's Earnings Per Share (EPS)?
稀释如何影响CSE Global的每股收益(EPS)?
CSE Global has improved its profit over the last three years, with an annualized gain of 15% in that time. But on the other hand, earnings per share actually fell by 6.6% per year. And at a glance the 136% gain in profit over the last year impresses. But in comparison, EPS only increased by 118% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
在过去三年中,CSE Global的利润有所提高,同期年化增长了15%。但另一方面,每股收益实际上每年下降6.6%。乍一看,去年利润增长了136%,令人印象深刻。但相比之下,同期每股收益仅增长了118%。因此,稀释对股东回报产生了显著影响。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if CSE Global can grow EPS persistently. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
从长远来看,股价的变化往往会反映每股收益的变化。因此,如果CSE Global能够持续增长每股收益,这对股东来说肯定是积极的。但另一方面,得知利润(但不是每股收益)在改善,我们就不那么兴奋了。对于普通零售股东来说,每股收益是检查您假设的公司利润 “份额” 的好方法。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On CSE Global's Profit Performance
我们对CSE Global利润表现的看法
Each CSE Global share now gets a meaningfully smaller slice of its overall profit, due to dilution of existing shareholders. Because of this, we think that it may be that CSE Global's statutory profits are better than its underlying earnings power. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you want to do dive deeper into CSE Global, you'd also look into what risks it is currently facing. For example - CSE Global has 2 warning signs we think you should be aware of.
由于现有股东的稀释,现在每股CSE Global股票在总利润中所占的份额都要小得多。因此,我们认为CSE Global的法定利润可能好于其基础盈利能力。但令人高兴的消息是,尽管承认我们必须将目光投向法定数字之外,但这些数字仍在改善,去年每股收益以非常高的速度增长。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。如果你想更深入地了解CSE Global,你还需要研究它目前面临的风险。例如,CSE Global有两个警告信号,我们认为你应该注意。
This note has only looked at a single factor that sheds light on the nature of CSE Global's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
本报告仅研究了揭示CSE Global利润性质的单一因素。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。