SPT Energy Group's (HKG:1251) Earnings Are Weaker Than They Seem
SPT Energy Group's (HKG:1251) Earnings Are Weaker Than They Seem
SPT Energy Group Inc. (HKG:1251) announced strong profits, but the stock was stagnant. We did some digging, and we found some concerning factors in the details.
SPT能源集团公司（HKG: 1251）宣布了强劲的利润，但该股停滞不前。我们进行了一些挖掘，在细节中发现了一些相关的因素。
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, SPT Energy Group increased the number of shares on issue by 5.4% over the last twelve months by issuing new shares. 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 SPT Energy Group's EPS by clicking here.
要了解公司收益增长的价值，必须考虑削弱股东的利益。实际上，SPT Energy Group通过发行新股，在过去十二个月中将已发行股票数量增加了5.4％。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。您可以点击此处查看SPT Energy Group的每股收益图表。
How Is Dilution Impacting SPT Energy Group's Earnings Per Share (EPS)?
稀释如何影响SPT能源集团的每股收益（EPS）？
Three years ago, SPT Energy Group lost money. On the bright side, in the last twelve months it grew profit by 26%. But EPS was less impressive, up only 22% in that time. Therefore, the dilution is having a noteworthy influence on shareholder returns.
三年前，SPT能源集团亏损。好的一面是，在过去的十二个月中，它的利润增长了26％。但是每股收益不那么令人印象深刻，当时仅增长了22％。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 SPT Energy Group shareholders will want to see that EPS figure continue to increase. 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，股价的变化往往会反映每股收益的变化。因此，SPT Energy Group的股东希望看到每股收益继续增加。但是，如果其利润增加而每股收益保持不变（甚至下降），那么股东可能看不到太多好处。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。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of SPT Energy Group.
注意：我们始终建议投资者检查资产负债表的实力。点击此处查看我们对SPT Energy Group的资产负债表分析。
Our Take On SPT Energy Group's Profit Performance
我们对SPT能源集团利润表现的看法
Each SPT Energy Group 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 SPT Energy Group's statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 22% EPS growth in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Every company has risks, and we've spotted 3 warning signs for SPT Energy Group you should know about.
由于现有股东的稀释，SPT Energy Group的每股股票现在在总利润中所占的份额都要小得多。因此，我们认为SPT Energy Group的法定利润可能好于其基础盈利能力。但是，至少持有人可以从去年22％的每股收益增长中得到一些安慰。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力，但还有很多需要考虑的地方。考虑到这一点，除非我们对风险有透彻的了解，否则我们不会考虑投资股票。每家公司都有风险，我们发现了你应该知道的3个SPT Energy Group警告信号。
This note has only looked at a single factor that sheds light on the nature of SPT Energy Group's 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. 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 that insiders are buying to be useful.
本报告仅研究了揭示SPT Energy Group利润性质的单一因素。但是，如果你能够将注意力集中在细节上，总会有更多的事情需要发现。例如，许多人认为高股本回报率是有利的商业经济的标志，而另一些人则喜欢 “关注资金”，寻找内部人士正在买入的股票。虽然可能需要你进行一些研究，但你可能会发现这份免费收集的拥有高股本回报率的公司，或者这份内部人士正在购买的股票清单很有用。
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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。