We Think You Should Be Aware Of Some Concerning Factors In Beibu Gulf Port's (SZSE:000582) Earnings
We Think You Should Be Aware Of Some Concerning Factors In Beibu Gulf Port's (SZSE:000582) Earnings
In the long term, earnings The market shrugged off Beibu Gulf Port Co., Ltd.'s (SZSE:000582) solid earnings report. We did some digging and believe investors may be worried about some underlying factors in the report.
市场对北部湾港股份有限公司（SZSE:000582）的稳固盈利报告不以为然。我们进行了一些调查，认为投资者可能担心报告中的一些潜在因素。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. As it happens, Beibu Gulf Port issued 29% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. You can see a chart of Beibu Gulf Port's EPS by clicking here.
为了了解每股收益潜力，必须考虑公司向股东稀释了多少股份。事实上，北部湾港去年发行了更多的新股，多出了29%。因此，现在每股收益获得的利润份额更少了。每股指标如每股收益（EPS）帮助我们了解实际股东从公司利润中受益的程度，而净利润水平则让我们更好地了解公司的绝对规模。您可以点击这里查看北部湾港的每股收益图表。
A Look At The Impact Of Beibu Gulf Port's Dilution On Its Earnings Per Share (EPS)
分析北部湾港稀释对其每股收益（EPS）的影响
Beibu Gulf Port has improved its profit over the last three years, with an annualized gain of 8.1% in that time. But on the other hand, earnings per share actually fell by 5.4% per year. And over the last 12 months, the company grew its profit by 7.5%. On the other hand, earnings per share are only up 2.0% in that time. So you can see that the dilution has had a fairly significant impact on shareholders.
北部湾港在过去三年里提高了利润，年化增长率为8.1%。但另一方面，每股收益实际上以5.4%的年均速率下降。在过去12个月里，公司利润增长了7.5%。但另一方面，每股收益在同期只增长了2.0%。因此您可以看出，稀释对股东产生了相当大的影响。
In the long term, earnings per share growth should beget share price growth. So it will certainly be a positive for shareholders if Beibu Gulf Port can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. 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，每股收益增长应该带来股价增长。因此，如果北部湾港能持续增长每股收益，股东肯定会受益。然而，如果其利润增加而每股收益保持平稳（甚至下降），那么股东可能不会获得太多好处。对于普通零售股东来说，EPS是一个很好的度量指标，可以检验您与公司利润的假设“份额”。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Beibu Gulf Port.
注意：我们始终建议投资者检查资产负债表的实力。点击这里查看我们对北部湾港资产负债表的分析。
How Do Unusual Items Influence Profit?
非常规项目如何影响利润？
Finally, we should also consider the fact that unusual items boosted Beibu Gulf Port's net profit by CN¥184m over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. If Beibu Gulf Port doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
最后，我们还应该考虑到飞凡公司杂项收入的影响，使得北部湾港的净利润在过去一年增加了18400万元人民币。我们不能否认，利润增加通常让我们感到乐观，但我们更希望这种利润能够持续增长。我们对全球大多数上市公司进行了数据分析，发现杂项收入往往是一次性的。这一点并不令人惊讶，因为名称就是这个意思。如果北部湾港不能再次实现这种贡献，其他条件保持不变，我们预计其利润在当前年度将会下降。
Our Take On Beibu Gulf Port's Profit Performance
我们对北部湾港的利润表现的看法
To sum it all up, Beibu Gulf Port got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. For the reasons mentioned above, we think that a perfunctory glance at Beibu Gulf Port's statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For instance, we've identified 3 warning signs for Beibu Gulf Port (1 is a bit concerning) you should be familiar with.
总之，北部湾港的利润受到了来自飞凡项目的良好推动；如果没有这个因素，其财务报表的结果将会更糟。此外，股份稀释意味着每股收益表现不如利润表现好。基于上述原因，我们认为，对北部湾港财务报表的肤浅审视可能使其在基本层面上看起来比实际要好一些。记住，在分析一只股票时，值得注意其中的风险。例如，我们已经发现3个对北部湾港的警告信号（其中1个有点令人担忧），您应该熟悉。
Our examination of Beibu Gulf Port has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. 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.
我们对北部湾港的研究主要关注了一些因素，这些因素可能让其盈利看起来比实际情况要好。基于这一点，我们对此有些怀疑。但是，如果您能聚焦细微之处，还有更多可以发现。例如，许多人认为高股本回报率意味着良好的商业经济表现，而其他人喜欢"跟着金钱走"，寻找内部人买入的股票。因此，您可能希望查看这个具有高股本回报率的公司的免费收藏，或者这个具有高内部持股比例的股票清单。
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