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ESR Group's (HKG:1821) Earnings Are Built On Soft Foundations
ESR Group's (HKG:1821) Earnings Are Built On Soft Foundations
ESR Group Limited's (HKG:1821) stock performed strongly after the recent earnings report. Despite this, we feel that there are some reasons to be cautious with these earnings.
Check out our latest analysis for ESR Group
SEHK:1821 Earnings and Revenue History September 1st 2022To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, ESR Group issued 43% more new shares over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. You can see a chart of ESR Group's EPS by clicking here.
How Is Dilution Impacting ESR Group's Earnings Per Share (EPS)?
As you can see above, ESR Group has been growing its net income over the last few years, with an annualized gain of 137% over three years. But EPS was only up 70% per year, in the exact same period. And at a glance the 40% gain in profit over the last year impresses. But in comparison, EPS only increased by 14% over the same period. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
In the long term, earnings per share growth should beget share price growth. So it will certainly be a positive for shareholders if ESR Group 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.
Our data indicates that ESR Group insiders have been buying shares! Luckily we are in a position to provide you with this free chart of of all insider buying (and selling).
The Impact Of Unusual Items On Profit
Finally, we should also consider the fact that unusual items boosted ESR Group's net profit by US$315m over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. 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. We can see that ESR Group's positive unusual items were quite significant relative to its profit in the year to June 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On ESR Group's Profit Performance
In its last report ESR Group benefitted from unusual items which boosted its profit, which could make the profit seem better than it really is on a sustainable basis. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. Considering all this we'd argue ESR Group's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about ESR Group as a business, it's important to be aware of any risks it's facing. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of ESR Group.
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. 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.
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.
ESR Group Limited的(HKG:1821)近期盈利报告公布后,股票表现强劲。尽管如此,我们认为有一些理由对这些收益保持谨慎。
查看我们对ESR Group的最新分析
联交所:1821盈利及收入历史2022年9月1日要了解一家公司盈利增长的价值,必须考虑对股东利益的任何稀释。碰巧的是,ESR Group去年发行的新股增加了43%。因此,它的净利润现在被更多的股票瓜分。谈论净利润,而不注意每股收益,就是被大数字分散注意力,而忽略了与之交谈的较小数字每股价值。点击这里可以看到ESR集团每股收益的图表。
稀释对ESR集团的每股收益(EPS)有何影响?
正如你在上面看到的,ESR集团在过去几年里一直在增长其净收入,三年来的年化收益为137%。但在完全相同的时期,每股收益仅增长了70%。乍一看,去年40%的利润增长令人印象深刻。但相比之下,同期EPS仅增加了14%。因此,你可以非常清楚地看到,稀释正在对股东产生相当重大的影响。
从长远来看,收益每股经济增长应该会带动股价上涨。因此,如果ESR集团能够持续增长每股收益,对股东来说肯定是一个利好。然而,如果其利润增加,而每股收益持平(甚至下降),那么股东可能看不到太多好处。对于普通散户股东来说,EPS是检查你假设的公司利润份额的一个很好的措施。
我们的数据显示,ESR集团内部人士一直在买入股票!幸运的是,我们有能力为您提供这一服务免费所有内部买入(和卖出)的图表。
异常项目对利润的影响
最后,我们还应该考虑这样一个事实,即不寻常的项目使ESR集团去年的净利润增加了3.15亿美元。我们不能否认,更高的利润通常会让我们保持乐观,但如果利润是可持续的,我们更愿意这样做。当我们分析了数千家上市公司的数据时,我们发现,在给定的一年中,不寻常的项目往往会带来提振不第二年又重复了一遍。考虑到这个名字,这并不令人惊讶。我们可以看到,在截至2022年6月的一年中,ESR集团的积极异常项目与其利润相比相当重要。在其他条件不变的情况下,这可能会使法定利润成为衡量潜在盈利能力的糟糕指标。
我们对ESR集团利润表现的看法
在其上一份报告中,ESR集团受益于不寻常的项目,这些项目提高了其利润,这可能使利润看起来比可持续基础上的实际情况更好。最重要的是,稀释意味着其每股收益表现逊于利润表现。考虑到这一切,我们认为ESR集团的利润可能给人一种过于慷慨的印象,表明其可持续的盈利水平。如果你想更多地了解ESR集团的业务,重要的是要意识到它所面临的任何风险。例如,我们发现2个警告标志你应该扫视一下,才能更好地了解ESR集团。
在这篇文章中,我们研究了一些可能削弱利润数字效用的因素,我们对此持谨慎态度。但还有很多其他方式可以让你了解一家公司的看法。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。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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