Solid Earnings May Not Tell The Whole Story For Stamford Tyres (SGX:S29)
Solid Earnings May Not Tell The Whole Story For Stamford Tyres (SGX:S29)
Stamford Tyres Corporation Limited (SGX:S29) just released a solid earnings report, and the stock displayed some strength. However, we think that shareholders should be cautious as we found some worrying factors underlying the profit.
斯坦福輪胎有限公司(新加坡證券交易所股票代碼:S29)剛剛發佈了一份穩健的收益報告,該股表現出一定的走強。但是,我們認爲股東應謹慎行事,因爲我們發現了利潤背後的一些令人擔憂的因素。
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The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
For anyone who wants to understand Stamford Tyres' profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from S$2.0m worth of unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
對於任何想了解斯坦福輪胎超出法定數字的利潤的人來說,值得注意的是,在過去的十二個月中,價值200萬新元的不尋常物品獲得了法定利潤。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。假設這些不尋常的項目在本年度不會再次出現,因此我們預計明年的利潤將疲軟(也就是說,在業務沒有增長的情況下)。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Stamford Tyres.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對斯坦福輪胎的資產負債表分析。
Our Take On Stamford Tyres' Profit Performance
我們對斯坦福輪胎利潤表現的看法
Arguably, Stamford Tyres' statutory earnings have been distorted by unusual items boosting profit. Because of this, we think that it may be that Stamford Tyres' statutory profits are better than its underlying earnings power. But the good news is that its EPS growth over the last three years has been very impressive. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 3 warning signs for Stamford Tyres you should know about.
可以說,斯坦福輪胎的法定收益被提高利潤的不尋常項目所扭曲。因此,我們認爲斯坦福輪胎的法定利潤可能好於其基礎盈利能力。但好消息是,其在過去三年中的每股收益增長非常令人印象深刻。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。請記住,在分析股票時,值得注意所涉及的風險。每家公司都有風險,我們發現了你應該知道的3個斯坦福輪胎警告信號。
This note has only looked at a single factor that sheds light on the nature of Stamford Tyres' profit. 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.
這份報告只研究了揭示斯坦福輪胎利潤性質的單一因素。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 「關注資金」,尋找內部人士正在買入的股票。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。