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Investors Shouldn't Be Too Comfortable With China Education Group Holdings' (HKG:839) Robust Earnings
Investors Shouldn't Be Too Comfortable With China Education Group Holdings' (HKG:839) Robust Earnings
Despite posting some strong earnings, the market for China Education Group Holdings Limited's (HKG:839) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
See our latest analysis for China Education Group Holdings
SEHK:839 Earnings and Revenue History June 2nd 2022In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. As it happens, China Education Group Holdings issued 5.0% more new shares over the last year. That means its earnings are split among 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. Check out China Education Group Holdings' historical EPS growth by clicking on this link.
A Look At The Impact Of China Education Group Holdings' Dilution on Its Earnings Per Share (EPS).
As you can see above, China Education Group Holdings has been growing its net income over the last few years, with an annualized gain of 216% over three years. But EPS was only up 174% per year, in the exact same period. And the 84% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 66% over the same period. So you can see that the dilution has had a bit of an impact on shareholders.
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if China Education Group Holdings can grow EPS persistently. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
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.
The Impact Of Unusual Items On Profit
Finally, we should also consider the fact that unusual items boosted China Education Group Holdings' net profit by CN¥297m over the last year. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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'. 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).
Our Take On China Education Group Holdings' Profit Performance
To sum it all up, China Education Group Holdings got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. 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 Education Group Holdings' profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing China Education Group Holdings at this point in time. Every company has risks, and we've spotted 2 warning signs for China Education Group Holdings you should know about.
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. Some people consider a high return on equity to be a good sign of a quality business. 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.
Despite posting some strong earnings, the market for China Education Group Holdings Limited's (HKG:839) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
儘管公佈了一些強勁的收益,但市場中國教育集團控股有限公司(HKG:839)股票波動不大。我們的分析表明,股東們注意到了數字中的一些令人擔憂的地方。
See our latest analysis for China Education Group Holdings
查看我們對中國教育集團控股的最新分析
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. As it happens, China Education Group Holdings issued 5.0% more new shares over the last year. That means its earnings are split among 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. Check out China Education Group Holdings' historical EPS growth by clicking on this link.
為了理解每股回報的潛力,考慮一家公司稀釋股東的程度是至關重要的。碰巧的是,中國教育集團去年增發了5.0%的新股。這意味着它的收益被分配到更多的股票中。在慶祝淨利潤的同時忽視稀釋,就像是因為你只有一片更大的披薩而感到高興,但忽略了披薩現在被切成更多片的事實。點擊此鏈接,查看中國教育集團控股公司每股收益的歷史增長情況。
A Look At The Impact Of China Education Group Holdings' Dilution on Its Earnings Per Share (EPS).
看看中國教育集團控股的稀釋對其每股收益(EPS)的影響。
As you can see above, China Education Group Holdings has been growing its net income over the last few years, with an annualized gain of 216% over three years. But EPS was only up 174% per year, in the exact same period. And the 84% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 66% over the same period. So you can see that the dilution has had a bit of an impact on shareholders.
正如你在上面看到的,中國教育集團控股有限公司在過去幾年裏一直在增長其淨利潤,三年來的年化增長率為216%。但在完全相同的時期,每股收益僅增長了174%。而且,去年84%的利潤增長乍一看肯定令人印象深刻。但相比之下,同期EPS僅增加了66%。因此,你可以看到,股權稀釋對股東產生了一些影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if China Education Group Holdings can grow EPS persistently. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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,股價的變化確實傾向於反映每股收益的變化。因此,如果中國教育集團控股能夠持續增長每股收益,對股東來説肯定是一個利好。但另一方面,當我們得知利潤(但不是每股收益)改善時,我們就不會那麼興奮了。對於普通散户股東來説,EPS是檢查你假設的公司利潤份額的一個很好的措施。
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.
這可能會讓你想知道,分析師對未來盈利能力的預測是什麼。幸運的是,您可以單擊此處查看基於他們估計的未來盈利能力的互動圖表。
The Impact Of Unusual Items On Profit
異常項目對利潤的影響
Finally, we should also consider the fact that unusual items boosted China Education Group Holdings' net profit by CN¥297m over the last year. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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'. 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,我們還應該考慮這樣一個事實,即不尋常的項目使中國教育集團控股有限公司去年的淨利潤增加了2.97億元人民幣。雖然有更高的利潤總是好事,但不尋常的東西帶來的巨大貢獻有時會挫傷我們的熱情。當我們分析了數千家上市公司的數據時,我們發現,在給定的一年中,不尋常的項目往往會帶來提振不第二年又重複了一遍。考慮到這些提振被描述為“不尋常的”,這正如你所預期的那樣。假設這些不同尋常的項目在本年度不會再次出現,我們因此預計明年的利潤會更弱(也就是説,在沒有業務增長的情況下)。
Our Take On China Education Group Holdings' Profit Performance
我們對中國教育集團控股公司盈利表現的看法
To sum it all up, China Education Group Holdings got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. 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 Education Group Holdings' profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing China Education Group Holdings at this point in time. Every company has risks, and we've spotted 2 warning signs for China Education Group Holdings you should know about.
綜上所述,中國教育集團控股有限公司從不尋常的項目中獲利得到了很大的提振;如果沒有這一點,其法定業績看起來會更糟。此外,它還發行了大量新股,確保每個股東(沒有投入更多資金)現在擁有的公司股份比例更小。考慮到這一切,我們認為中國教育集團控股的利潤可能給人一種過於慷慨的印象,表明其可持續的盈利水平。因此,儘管盈利質量很重要,但考慮到中國教育集團目前面臨的風險也同樣重要。每家公司都有風險,我們已經發現中國教育集團控股的2個警告信號你應該知道。
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. Some people consider a high return on equity to be a good sign of a quality business. 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.
在這篇文章中,我們研究了一些可能削弱利潤數字效用的因素,我們對此持謹慎態度。但還有很多其他方式可以讓你瞭解一家公司的看法。一些人認為,高股本回報率是高質量企業的良好標誌。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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