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China Tontine Wines Group (HKG:389) Is Posting Healthy Earnings, But It Is Not All Good News
China Tontine Wines Group (HKG:389) Is Posting Healthy Earnings, But It Is Not All Good News
Despite posting strong earnings, China Tontine Wines Group Limited's (HKG:389) stock didn't move much over the last week. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.
View our latest analysis for China Tontine Wines Group
SEHK:389 Earnings and Revenue History September 22nd 2022One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. China Tontine Wines Group expanded the number of shares on issue by 41% over the last year. Therefore, each share now receives a smaller portion of profit. 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 China Tontine Wines Group's EPS by clicking here.
How Is Dilution Impacting China Tontine Wines Group's Earnings Per Share (EPS)?
Three years ago, China Tontine Wines Group lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. So you can see that the dilution has had a fairly significant impact on shareholders.
If China Tontine Wines Group's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Tontine Wines Group.
How Do Unusual Items Influence Profit?
Alongside that dilution, it's also important to note that China Tontine Wines Group's profit was boosted by unusual items worth CN¥13m in the last twelve months. 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. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that China Tontine Wines Group's positive unusual items were quite significant relative to its profit in the year to June 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On China Tontine Wines Group's Profit Performance
In its last report China Tontine Wines Group benefitted from unusual items which boosted its profit, which could make the profit seem better than it really is on a sustainable basis. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. Considering all this we'd argue China Tontine Wines Group's profits probably give an overly generous impression of its sustainable level of profitability. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. In terms of investment risks, we've identified 3 warning signs with China Tontine Wines Group, and understanding these should be part of your investment process.
Our examination of China Tontine Wines Group has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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. 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.
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.
尽管公布了强劲的收益,中国唐廷酒业集团有限公司(HKG:389)过去一周股市波动不大。我们决定进行更深入的研究,我们相信投资者可能会对我们发现的几个令人担忧的因素感到担忧。
查看我们对中国唐廷葡萄酒集团的最新分析
联交所:389盈利及收入历史2022年9月22日评估收益质量的一个重要方面是看一家公司在多大程度上稀释了股东的权益。中国唐廷葡萄酒集团去年将发行的股票数量扩大了41%。因此,每股现在获得的利润份额较小。在庆祝净利润的同时忽视稀释,就像是因为你只有一片更大的披萨而感到高兴,但忽略了披萨现在被切成更多片的事实。点击这里,你可以看到中国唐廷葡萄酒集团每股收益图表。
稀释对中国唐廷葡萄酒集团的每股收益(EPS)有何影响?
三年前,中国唐廷酒业集团亏损。回到去年,我们仍然不能连贯地谈论增长率,因为它去年出现了亏损。我们所知道的是,虽然在过去12个月里看到盈利是件好事,但如果公司不需要发行股票,每股盈利会更好。因此,你可以看到,股权稀释对股东产生了相当大的影响。
如果中国唐廷葡萄酒集团的每股收益能够随着时间的推移而增长,那么这将极大地提高股价向同一方向变动的可能性。但另一方面,当我们得知利润(但不是每股收益)改善时,我们就不会那么兴奋了。出于这个原因,你可以说,从长远来看,每股收益比净利润更重要,假设目标是评估一家公司的股价是否可能增长。
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中国唐廷葡萄酒集团的资产负债表分析。
不寻常的项目如何影响利润?
除了这种稀释,同样重要的是要注意到,中国唐廷葡萄酒集团的利润在过去12个月里受到价值1300万元人民币的不寻常项目的提振。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6月的一年中,中国唐廷葡萄酒集团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。
我们对中国唐廷酒业集团盈利表现的看法
在上一份报告中,中国唐廷葡萄酒集团受益于不寻常的项目,这些项目提高了其利润,这可能会使利润看起来比可持续基础上的实际情况更好。此外,它还发行了大量新股,确保每个股东(没有投入更多资金)现在拥有的公司股份比例更小。考虑到这一切,我们认为中国唐廷葡萄酒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。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。在投资风险方面,我们已经确定了三个警告信号与中国唐廷葡萄酒集团合作,了解这些应该是你投资过程的一部分。
我们对中国唐廷葡萄酒集团的调查集中在某些因素上,这些因素可能会让该集团的收益看起来比实际情况更好。在此基础上,我们对此持怀疑态度。但还有很多其他方式可以让你了解一家公司的看法。一些人认为,高股本回报率是高质量企业的良好标志。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
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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