Vongroup's (HKG:318) Earnings Are Of Questionable Quality
Vongroup's (HKG:318) Earnings Are Of Questionable Quality
Despite announcing strong earnings, Vongroup Limited's (HKG:318) stock was sluggish. We think that the market might be paying attention to some underlying factors that they find to be concerning.
儘管宣佈業績強勁,黃河實業有限公司(HKG:318)的股票表現疲軟。我們認爲市場可能關注了一些他們認爲令人擔憂的潛在因素。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Vongroup expanded the number of shares on issue by 9.4% over the last year. As a result, its net income is now split between 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 Vongroup's EPS by clicking here.
爲了了解每股回報的潛力,有必要考慮公司股東的稀釋程度。黃河實業在過去一年中發行的股票數量增加了9.4%。因此,其淨利潤現在被分配給更多的股份。把淨利潤當回事,卻忽略了股份稀釋,就像因爲你有一個更大比薩的一個片,而忽視了比薩現在切成了更多的份。您可以點擊這裏查看黃河實業的每股收益圖表。
How Is Dilution Impacting Vongroup's Earnings Per Share (EPS)?
稀釋如何影響黃河實業的每股收益(EPS)?
Vongroup has improved its profit over the last three years, with an annualized gain of 4.4% in that time. In contrast, earnings per share were actually down by 22% per year, in the exact same period. And at a glance the 56% gain in profit over the last year impresses. On the other hand, earnings per share are only up 41% in that time. And so, you can see quite clearly that dilution is influencing shareholder earnings.
黃河實業在過去三年中提高了利潤,年化增長率爲4.4%。相比之下,在同一時期,每股收益實際下降了22%。而仔細一看,過去一年利潤增長56%令人印象深刻。另一方面,與此同時,每股收益只增長了41%。因此,可以清楚地看出稀釋正在影響股東的收益。
In the long term, earnings per share growth should beget share price growth. So it will certainly be a positive for shareholders if Vongroup can grow EPS persistently. 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.
從長遠來看,每股收益增長應該帶來股價增長。因此,如果黃河實業能夠持續增長每股收益,股東肯定會受益。然而,如果其利潤增加而每股收益保持平穩(甚至下降),那麼股東可能不會獲得太多利益。對於普通的零售股東來說,每股收益是一個衡量您對公司利潤的假設「份額」的好指標。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Vongroup.
注意:我們始終建議投資者檢查資產負債表強度。點擊此處查看我們對黃河實業的資產負債表分析。
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。
Finally, we should also consider the fact that unusual items boosted Vongroup's net profit by HK$3.2m over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. 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).
最後,我們還應考慮到,飛凡的淨利潤在過去一年中受到非常規項目的推動,增加了320萬港元。雖然我們喜歡看到利潤增長,但當非常規項目做出了巨大貢獻時,我們往往會更加謹慎。當我們對數千家上市公司的數據進行分析時,我們發現一年中受到非常規項目的推動經常不會在下一年重複出現。這並不令人驚訝,鑑於其名稱。假設這些非常規項目在當前年份不再出現,那麼我們預計下一年的利潤會較弱(在沒有業務增長的情況下)。
Our Take On Vongroup's Profit Performance
關於飛凡的利潤表現我們的看法
To sum it all up, Vongroup got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. For the reasons mentioned above, we think that a perfunctory glance at Vongroup's statutory profits might make it look better than it really is on an underlying level. If you want to do dive deeper into Vongroup, you'd also look into what risks it is currently facing. To that end, you should learn about the 3 warning signs we've spotted with Vongroup (including 1 which doesn't sit too well with us).
總之,飛凡從非常規項目中獲得了利潤的良好提升;如果沒有這些項目,其法定業績將會更糟。除此之外,稀釋意味着其每股收益表現比利潤表現更差。基於上述原因,我們認爲僅僅對飛凡的法定利潤表進行粗略的瀏覽可能會使其看起來比其真實的基本水平要好。如果您想更深入地了解飛凡,您還應該了解它目前面臨的風險。爲此,您應該了解我們發現的3個警示信號(其中1個對我們來說不太令人滿意)。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
在本文中,我們已經查看了許多影響利潤數據實用性的因素,並對此持謹慎態度。但是,還有許多其他方法可以了解公司的情況。例如,許多人認爲高股權回報率是企業經濟有利的指標,而其他人則喜歡「跟着錢」的思路,並尋找內部人員購買的股票。雖然這可能需要一些您自己的研究,但是您可能會發現這個由高股權回報率的公司組成的免費集合,或者這個擁有重要內部人員持股的股票列表有用。
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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。