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Investors Shouldn't Be Too Comfortable With Keppel Infrastructure Trust's (SGX:A7RU) Earnings

Investors Shouldn't Be Too Comfortable With Keppel Infrastructure Trust's (SGX:A7RU) Earnings

投资者不应该对吉宝基础设施信托(SGX: A7RU)的收益过于满意
Simply Wall St ·  02/06 17:00

Despite posting some strong earnings, the market for Keppel Infrastructure Trust's (SGX:A7RU) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.

尽管公布了一些强劲的收益,但吉宝基础设施信托基金(新加坡证券交易所股票代码:A7RU)的股票市场并没有太大变化。我们的分析表明,股东们注意到了一些令人担忧的数字。

earnings-and-revenue-history
SGX:A7RU Earnings and Revenue History February 6th 2024
新加坡证券交易所:A7RU 收益和收入历史记录 2024 年 2 月 6 日

One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. Keppel Infrastructure Trust expanded the number of shares on issue by 13% over the last year. Therefore, each share now receives a smaller portion of profit. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. You can see a chart of Keppel Infrastructure Trust's EPS by clicking here.

评估收益质量的一个重要方面是研究一家公司在多大程度上稀释了股东。吉宝基础设施信托基金去年将已发行股票数量增加了13%。因此,每股现在获得的利润比例较小。每股收益等每股指标可以帮助我们了解实际股东从公司的利润中受益的程度,而净收入水平则使我们能够更好地了解公司的绝对规模。您可以点击此处查看吉宝基础设施信托的每股收益图表。

A Look At The Impact Of Keppel Infrastructure Trust's Dilution On Its Earnings Per Share (EPS)

看看吉宝基础设施信托的稀释对其每股收益(EPS)的影响

Keppel Infrastructure Trust has improved its profit over the last three years, with an annualized gain of 75% in that time. In comparison, earnings per share only gained 61% over the same period. And at a glance the 11,049% gain in profit over the last year impresses. But in comparison, EPS only increased by 10,239% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.

在过去三年中,吉宝基础设施信托基金的利润有所提高,同期年化收益为75%。相比之下,收益 每股 同期仅上涨了61%。乍一看,去年利润增长了11,049%,令人印象深刻。但相比之下,同期每股收益仅增长了10,239%。因此,稀释对股东回报产生了显著影响。

In the long term, earnings per share growth should beget share price growth. So Keppel Infrastructure Trust shareholders will want to see that EPS figure continue to increase. 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.

从长远来看,收益 每股 增长应该带来股价的增长。因此,吉宝基础设施信托的股东希望看到每股收益继续增加。但另一方面,得知利润(但不是每股收益)在改善,我们就不那么兴奋了。出于这个原因,你可以说从长远来看,每股收益比净收入更重要,前提是目标是评估公司的股价是否可能上涨。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

Our Take On Keppel Infrastructure Trust's Profit Performance

我们对吉宝基础设施信托基金利润表现的看法

Each Keppel Infrastructure Trust share now gets a meaningfully smaller slice of its overall profit, due to dilution of existing shareholders. Therefore, it seems possible to us that Keppel Infrastructure Trust's true underlying earnings power is actually less than its statutory profit. The silver lining is that its EPS growth over the last year has been really wonderful, even if it's not a perfect measure. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Be aware that Keppel Infrastructure Trust is showing 3 warning signs in our investment analysis and 2 of those shouldn't be ignored...

由于现有股东的稀释,吉宝基础设施信托基金的每股股票现在在总利润中所占的份额都要小得多。因此,在我们看来,吉宝基础设施信托的真正潜在盈利能力实际上可能低于其法定利润。一线希望是,尽管这不是一个完美的衡量标准,但其去年的每股收益增长确实非常出色。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。请注意,吉宝基础设施信托基金在我们的投资分析中显示了3个警告信号,其中2个不容忽视...

This note has only looked at a single factor that sheds light on the nature of Keppel Infrastructure Trust's 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.

本报告仅研究了揭示吉宝基础设施信托利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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