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HG Metal Manufacturing's (SGX:BTG) Earnings Are Of Questionable Quality

HG Metal Manufacturing's (SGX:BTG) Earnings Are Of Questionable Quality

福源金屬製造(新加坡交易所:BTG)的盈利質量值得懷疑
Simply Wall St ·  08/16 20:34

HG Metal Manufacturing Limited (SGX:BTG) announced strong profits, but the stock was stagnant. We did some digging, and we found some concerning factors in the details.

福源金屬製造有限公司(SGX:BTG)宣佈了強勁的利潤,但股票卻停滯不前。我們進行了一些深度挖掘,發現了一些令人擔憂的因素。

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SGX:BTG Earnings and Revenue History August 17th 2024
SGX:BTG的收益和營業收入歷史,截至2024年8月17日

One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, HG Metal Manufacturing issued 33% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. 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 HG Metal Manufacturing's EPS by clicking here.

評估盈利質量的一個重要方面是查看公司在股東方面稀釋的情況。恰好,福源金屬製造在過去一年裏發行了比去年多33%的新股,因此,每股收益現在會獲得更少的利潤份額。忽視稀釋而慶祝淨利潤就像因爲你有了一整份更大的披薩而高興,但忽略了披薩現在被切成了更多的份。你可以點擊這裏查看福源金屬製造每股收益的圖表。

How Is Dilution Impacting HG Metal Manufacturing's Earnings Per Share (EPS)?

稀釋對福源金屬製造的每股收益(EPS)產生了怎樣的影響?

Unfortunately, we don't have any visibility into its profits three years back, because we lack the data. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. 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 having a rather significant impact on shareholders.

不幸的是,我們沒有其過去三年的利潤可供參考,因爲我們缺乏數據。即使只關注過去十二個月,由於它去年也虧損了,我們也沒有一個有意義的增長率。但是無論如何,能夠看到以前虧損的企業去年首次實現盈利總是令人感到高興的(儘管我們認爲如果不需要稀釋,盈利將會更高)。因此,你可以很清楚地看到稀釋對股東產生了相當大的影響。

In the long term, if HG Metal Manufacturing's earnings per share can increase, then the share price should too. 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.

從長期來看,如果福源金屬製造的每股收益能夠增加,那麼股價也應該會增加。但是另一方面,我們對盈利(但不是每股收益)正在提高的消息則不那麼興奮。對於普通零售股東來說,每股收益是一個很好的衡量指標,可以檢查您在公司利潤中的假想「份額」。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of HG Metal Manufacturing.

注意:我們始終建議投資者檢查資產負債表強度。點擊此處轉到我們對福源金屬製造資產負債表的分析。

Our Take On HG Metal Manufacturing's Profit Performance

我們對福源金屬製造的盈利表現的看法

HG Metal Manufacturing issued shares during the year, and that means its EPS performance lags its net income growth. For this reason, we think that HG Metal Manufacturing's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. 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. Case in point: We've spotted 2 warning signs for HG Metal Manufacturing you should be aware of.

福源金屬製造在該年發行了股票,這意味着其每股收益表現滯後於其淨利潤增長。因此,我們認爲福源金屬製造的法定利潤可能是其基本盈利能力的不良指標,並可能給投資者過度樂觀的印象。好消息是,這家公司在去年虧損後今年實現了足夠的改善,並獲得了利潤。歸根結底,要全面了解公司,還需考慮不止上述因素。請記住,在分析股票時,值得注意其中涉及的風險。例如:我們發現了兩個有關福源金屬製造的警告信號,你應該注意。

This note has only looked at a single factor that sheds light on the nature of HG Metal Manufacturing's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.

本文僅涉及揭示福源金屬製造的利潤性質的單個因素。但是,如果您能夠集中注意力關注細節,還有更多更深入的了解可以發現。有些人認爲高股本回報率是優質企業的良好標誌。因此,您可能希望查看此處具有高股本回報率的公司的免費收藏,或查看此列表,其中包括具有高內部所有權的股票。

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。

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