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Weak Statutory Earnings May Not Tell The Whole Story For Shanghai Pharmaceuticals Holding (SHSE:601607)
Weak Statutory Earnings May Not Tell The Whole Story For Shanghai Pharmaceuticals Holding (SHSE:601607)
Despite Shanghai Pharmaceuticals Holding Co., Ltd's (SHSE:601607) recent earnings report having lackluster headline numbers, the market responded positively. While shareholders may be willing to overlook soft profit numbers, we believe that they should also be taking into account some other factors which may be cause for concern.
View our latest analysis for Shanghai Pharmaceuticals Holding
SHSE:601607 Earnings and Revenue History September 5th 2022One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Shanghai Pharmaceuticals Holding issued 30% more new shares over the last year. As a result, its net income is now split between 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. You can see a chart of Shanghai Pharmaceuticals Holding's EPS by clicking here.
A Look At The Impact Of Shanghai Pharmaceuticals Holding's Dilution On Its Earnings Per Share (EPS)
As you can see above, Shanghai Pharmaceuticals Holding has been growing its net income over the last few years, with an annualized gain of 26% over three years. Net income was down 7.1% over the last twelve months. Unfortunately for shareholders, though, the earnings per share result was even worse, declining 14%. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
If Shanghai Pharmaceuticals Holding'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 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 Shanghai Pharmaceuticals Holding's net profit by CN¥1.6b over the last year. 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. Which is hardly surprising, given the name. If Shanghai Pharmaceuticals Holding doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
Our Take On Shanghai Pharmaceuticals Holding's Profit Performance
To sum it all up, Shanghai Pharmaceuticals Holding 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. For the reasons mentioned above, we think that a perfunctory glance at Shanghai Pharmaceuticals Holding's statutory profits might make it look better than it really is on an underlying level. If you'd like to know more about Shanghai Pharmaceuticals Holding as a business, it's important to be aware of any risks it's facing. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of Shanghai Pharmaceuticals Holding.
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 is always more to discover if you are capable of focussing your mind on minutiae. 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.
儘管上海醫藥控股有限公司(上海證券交易所:601607)最近的盈利報告整體數字平淡,市場反應積極。雖然股東可能願意忽視疲軟的利潤數字,但我們認為,他們也應該考慮到其他一些可能令人擔憂的因素。
查看我們對上海醫藥控股的最新分析
上海證券交易所:601607收益和收入歷史2022年9月5日評估收益質量的一個重要方面是看一家公司在多大程度上稀釋了股東的權益。碰巧的是,上海醫藥控股去年增發了30%的新股。因此,它的淨利潤現在被更多的股票瓜分。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。點擊此處可以看到上海醫藥控股的每股收益圖表。
上海醫藥控股稀釋對其每股收益(EPS)的影響
正如你在上面看到的,上海醫藥控股在過去幾年中一直在增長其淨利潤,三年來的年化收益為26%。淨利潤在過去12個月裏下降了7.1%。然而,對股東來説不幸的是,每股收益結果更糟糕,下降了14%。因此,你可以非常清楚地看到,稀釋正在對股東產生相當重大的影響。
如果上海醫藥控股的每股收益能夠隨着時間的推移而增長,那麼這將極大地提高股價向同一方向變動的可能性。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。
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。
異常項目對利潤的影響
最後,我們還應該考慮到,去年異常項目使上海醫藥控股的淨利潤增加了16億元人民幣。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。我們對全球大多數上市公司進行了統計,不尋常的項目在性質上是一次性的,這是非常常見的。考慮到這個名字,這並不令人驚訝。如果上海醫藥控股沒有看到這種貢獻再次出現,那麼在其他條件相同的情況下,我們預計該公司今年的利潤將會下降。
我們對上海醫藥控股公司盈利表現的看法
綜上所述,上海醫藥控股從不尋常的項目中獲利得到了很好的提振;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。基於上述原因,我們認為,敷衍地看一眼上海醫藥控股的法定利潤,可能會讓它看起來比實際情況更好。如果你想更多地瞭解上海醫藥控股作為一家企業,瞭解它面臨的任何風險是很重要的。例如,我們發現3個警示標誌你應該掃視一下,才能更好地瞭解上海醫藥控股。
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。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。一些人認為,高股本回報率是高質量企業的良好標誌。雖然這可能需要為您做一些研究,但您可能會發現免費擁有高股本回報率的公司的集合,或者是內部人士購買的有用的股票清單。
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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