Innovative Pharmaceutical Biotech's (HKG:399) Earnings Might Not Be As Promising As They Seem
Innovative Pharmaceutical Biotech's (HKG:399) Earnings Might Not Be As Promising As They Seem
Investors appear disappointed with Innovative Pharmaceutical Biotech Limited's (HKG:399) recent earnings, despite the decent statutory profit number. Our analysis has found some underlying factors which may be cause for concern.
儘管法定利潤數字不錯,但投資者似乎對創新醫藥生物有限公司(HKG:399)最近的收益感到失望。我們的分析發現了一些潛在的因素,可能引起擔憂。
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One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. Innovative Pharmaceutical Biotech expanded the number of shares on issue by 18% 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 Innovative Pharmaceutical Biotech's EPS by clicking here.
評估收益質量的一個重要方面是看公司向股東稀釋了多少。創新醫藥生物過去一年內發行的股票數量增加了18%。這意味着其收益分攤在更多的股票中。在忽略稀釋因素的情況下慶祝淨收入,就像因爲你擁有更大的比薩餅的一片而感到高興一樣,但卻忽略了比薩餅現已切成更多的薄片這一事實。您可以點擊這裏查看創新醫藥生物的每股收益圖表。
A Look At The Impact Of Innovative Pharmaceutical Biotech's Dilution On Its Earnings Per Share (EPS)
評估創新醫藥生物股票向股東稀釋對其每股收益(EPS)的影響
Three years ago, Innovative Pharmaceutical Biotech lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). And so, you can see quite clearly that dilution is influencing shareholder earnings.
三年前,創新醫藥生物虧損。放大到最近一年,我們仍然無法有條理地談論增長率,因爲去年它虧損了。但是除了數學之外,總是很高興看到以前虧損的企業取得好的表現(儘管我們接受如果不需要稀釋,利潤將會更高)。因此,您可以清楚地看到,稀釋正在影響股東收益。
If Innovative Pharmaceutical Biotech's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
如果創新醫藥生物的每股收益可以隨着時間的推移而增長,則股票價格朝着同一方向發展的可能性會大大提高。但另一方面,我們了解到盈利(但不是EPS)在提高,不會讓我們感到興奮。因此,你可以說EPS在長期來看比淨收入更重要,假設目標是評估公司的股票價格是否會增長。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Innovative Pharmaceutical Biotech.
注意:我們始終建議投資者檢查資產負債表強度。單擊此處,以便了解我們對創新醫藥生物資產負債表分析的看法。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
Alongside that dilution, it's also important to note that Innovative Pharmaceutical Biotech's profit was boosted by unusual items worth HK$330m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. We can see that Innovative Pharmaceutical Biotech's positive unusual items were quite significant relative to its profit in the year to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
除了稀釋外,還要注意創新醫藥生物的利潤在過去十二個月中受到價值爲33000萬港元的非常規項目的提振。雖然我們喜歡看到利潤增長,但當非常規項目對利潤產生巨大貢獻時,我們 tend to be a little more cautious。我們對世界上大多數公開上市公司的數字進行了比較,發現非常規項目往往是一次性的。這並不奇怪,考慮到名稱。我們可以看到,在2024年3月份,創新醫藥生物的積極非常規項目與其利潤相比相當顯着。其他條件不變的情況下,這可能會使法定利潤成爲評估潛在收益能力的不良指標。
Our Take On Innovative Pharmaceutical Biotech's Profit Performance
我們對創新醫藥生物的利潤表現的看法
In its last report Innovative Pharmaceutical Biotech benefitted from unusual items which boosted its profit, which could make the profit seem better than it really is on a sustainable basis. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. Considering all this we'd argue Innovative Pharmaceutical Biotech's profits probably give an overly generous impression of its sustainable level of profitability. If you want to do dive deeper into Innovative Pharmaceutical Biotech, you'd also look into what risks it is currently facing. For instance, we've identified 6 warning signs for Innovative Pharmaceutical Biotech (2 are significant) you should be familiar with.
在其最後一份報告中,創新醫藥生物受益於非常規項目,這些項目提高了其利潤,這可能使利潤在可持續的基礎上看起來更好。此外,它還發行了大量新股,確保每個股東(沒有投入更多資金的股東)現在擁有公司的較小比例。考慮到所有這些,我們認爲創新醫藥生物的利潤可能過於慷慨地反映了其可持續盈利水平。如果您想深入了解創新醫藥生物,還應該研究它當前面臨的風險。例如,我們已確認了6個警告跡象說明。創新醫藥生物(其中2個是重要的),您應該熟悉。
Our examination of Innovative Pharmaceutical Biotech 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 are plenty of other ways to inform your opinion of a company. 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
我們對創新醫藥生物的研究集中在某些因素上,這些因素可以使其收益看起來比它的實際收益更好。基於這一點,我們有點懷疑。但是,還有很多其他方法可以確定公司的看法。例如,許多人認爲高股本回報率意味着良好的業務經濟環境,而另一些人則喜歡「跟蹤資金」,尋找內部人員正在購買的股票。雖然您可能需要進行一些研究,但您可能會發現這個免費收集高股本回報率公司的集合,或擁有顯着內部持股的股票清單,這個免費收集股票集合有用。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。