National Electronics Holdings Limited's (HKG:213) recent weak earnings report didn't cause a big stock movement. We think that investors are worried about some weaknesses underlying the earnings.
See our latest analysis for National Electronics Holdings
SEHK:213 Earnings and Revenue History July 27th 2022
The Impact Of Unusual Items On Profit
To properly understand National Electronics Holdings' profit results, we need to consider the HK$86m gain attributed to unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that National Electronics Holdings' positive unusual items were quite significant relative to its profit in the year to March 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of National Electronics Holdings.
Our Take On National Electronics Holdings' Profit Performance
As we discussed above, we think the significant positive unusual item makes National Electronics Holdings' earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that National Electronics Holdings' underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in 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 National Electronics Holdings, you'd also look into what risks it is currently facing. Case in point: We've spotted 4 warning signs for National Electronics Holdings you should be mindful of and 2 of them are concerning.
This note has only looked at a single factor that sheds light on the nature of National Electronics Holdings' 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 that insiders are buying.
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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.
国家电子控股有限公司的(HKG:213)近期疲弱的盈利报告并未导致股市大幅波动。我们认为,投资者担心的是盈利背后的一些弱点。
查看我们对National Electronics Holdings的最新分析
联交所:213盈利及收入历史2022年7月27日
异常项目对利润的影响
要正确理解National Electronics Holdings的盈利业绩,我们需要考虑一下被归因于异常项目的8600万港元收益。虽然有更高的利润总是好事,但不寻常的东西带来的巨大贡献有时会挫伤我们的热情。我们对全球大多数上市公司进行了统计,不寻常的项目在性质上是一次性的,这是非常常见的。考虑到这些提振被描述为“不寻常的”,这正如你所预期的那样。我们可以看到,在截至2022年3月的一年中,National Electronics Holdings的积极异常项目与其利润相比相当重要。因此,我们可以推测,这些不寻常的项目使其法定利润比其他情况下要强劲得多。
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对National Electronics Holdings的资产负债表分析。
我们对国家电子控股公司利润表现的看法
正如我们上面讨论的,我们认为这一重要的积极的不寻常项目使National Electronics Holdings的收益不能很好地反映其潜在的盈利能力。因此,我们认为很可能是这样的,国家电子控股的潜在盈利能力低于其法定利润。更坏的消息是,该公司去年的每股收益有所下降。当然,当谈到分析其收益时,我们只是触及了皮毛;人们还可以考虑利润率、预测增长和投资回报等因素。如果你真的想更深入地研究National Electronics Holdings,你还应该调查它目前面临的风险。一个恰当的例子:我们发现了国家电子控股的4个警告信号你应该注意到,其中两个是令人担忧的。
这份报告只关注了一个因素,它揭示了National Electronics Holdings的利润性质。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。所以你可能想看看这个免费拥有高股本回报率的公司的集合,或内部人士正在购买的这份股票清单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。