CSE Global's (SGX:544) Earnings Are Weaker Than They Seem
CSE Global's (SGX:544) Earnings Are Weaker Than They Seem
CSE Global Limited (SGX:544) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, we think that shareholders may be missing some concerning details in the numbers.
CSE Global Limited(新加坡證券交易所股票代碼:544)剛剛公佈了一些強勁的收益,市場做出了相應的反應,股價出現了健康的上漲。但是,我們認爲股東們可能遺漏了一些與數字相關的細節。
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One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. CSE Global expanded the number of shares on issue by 13% 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 CSE Global's EPS by clicking here.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。與去年相比,CSE Global將已發行股票數量增加了13%。這意味着其收益將分配給更多的股票。在慶祝淨收入的同時忽略稀釋就像歡欣鼓舞,因爲你只有一片更大的披薩,但卻忽略了披薩現在被切成更多片的事實。你可以點擊此處查看CSE Global的每股收益圖表。
How Is Dilution Impacting CSE Global's Earnings Per Share (EPS)?
稀釋如何影響CSE Global的每股收益(EPS)?
CSE Global has improved its profit over the last three years, with an annualized gain of 15% in that time. But on the other hand, earnings per share actually fell by 6.6% per year. And at a glance the 136% gain in profit over the last year impresses. But in comparison, EPS only increased by 118% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
在過去三年中,CSE Global的利潤有所提高,同期年化增長了15%。但另一方面,每股收益實際上每年下降6.6%。乍一看,去年利潤增長了136%,令人印象深刻。但相比之下,同期每股收益僅增長了118%。因此,稀釋對股東回報產生了顯著影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if CSE Global can grow EPS persistently. 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.
從長遠來看,股價的變化往往會反映每股收益的變化。因此,如果CSE Global能夠持續增長每股收益,這對股東來說肯定是積極的。但另一方面,得知利潤(但不是每股收益)在改善,我們就不那麼興奮了。對於普通零售股東來說,每股收益是檢查您假設的公司利潤 「份額」 的好方法。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On CSE Global's Profit Performance
我們對CSE Global利潤表現的看法
Each CSE Global 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 CSE Global's statutory profits are better than its underlying earnings power. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you want to do dive deeper into CSE Global, you'd also look into what risks it is currently facing. For example - CSE Global has 2 warning signs we think you should be aware of.
由於現有股東的稀釋,現在每股CSE Global股票在總利潤中所佔的份額都要小得多。因此,我們認爲CSE Global的法定利潤可能好於其基礎盈利能力。但令人高興的消息是,儘管承認我們必須將目光投向法定數字之外,但這些數字仍在改善,去年每股收益以非常高的速度增長。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。如果你想更深入地了解CSE Global,你還需要研究它目前面臨的風險。例如,CSE Global有兩個警告信號,我們認爲你應該注意。
This note has only looked at a single factor that sheds light on the nature of CSE Global's profit. But there are plenty of other ways to inform your opinion of a company. 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.
本報告僅研究了揭示CSE Global利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。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.
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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。