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China Ruyi Holdings' (HKG:136) Shareholders Have More To Worry About Than Only Soft Earnings

China Ruyi Holdings' (HKG:136) Shareholders Have More To Worry About Than Only Soft Earnings

中國如意控股(HKG: 136)股東需要擔心的不僅僅是疲軟的收益
Simply Wall St ·  04/18 21:03

The subdued market reaction suggests that China Ruyi Holdings Limited's (HKG:136) recent earnings didn't contain any surprises. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.

市場反應疲軟,表明中國如意控股有限公司(HKG: 136)最近的收益沒有任何意外。我們的分析表明,除了疲軟的利潤數字外,投資者還應意識到這些數字中的其他一些潛在弱點。

earnings-and-revenue-history
SEHK:136 Earnings and Revenue History April 19th 2024
SEHK: 136 2024 年 4 月 19 日的收益和收入記錄

One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. China Ruyi Holdings expanded the number of shares on issue by 16% 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. Check out China Ruyi Holdings' historical EPS growth by clicking on this link.

評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。中國如意控股去年將已發行股票數量增加了16%。因此,每股現在獲得的利潤比例較小。每股收益等每股指標可以幫助我們了解實際股東從公司的利潤中受益的程度,而淨收入水平則使我們能夠更好地了解公司的絕對規模。點擊此鏈接,查看中國如意控股的歷史每股收益增長。

A Look At The Impact Of China Ruyi Holdings' Dilution On Its Earnings Per Share (EPS)

看看中國如意控股的稀釋對其每股收益(EPS)的影響

As you can see above, China Ruyi Holdings has been growing its net income over the last few years, with an annualized gain of 5,637% over three years. But EPS was only up 4,293% per year, in the exact same period. Net income was down 13% over the last twelve months. But the EPS result was even worse, with the company recording a decline of 22%. And so, you can see quite clearly that dilution is influencing shareholder earnings.

如上所示,中國如意控股在過去幾年中一直在增長其淨收入,三年內年化收益爲5,637%。但是在同一時期,每股收益每年僅增長4,293%。在過去的十二個月中,淨收入下降了13%。但是每股收益的業績甚至更糟,該公司下降了22%。因此,你可以清楚地看到稀釋正在影響股東收益。

In the long term, if China Ruyi Holdings' earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. 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.

從長遠來看,如果中國如意控股的收益 每股 可以上漲,那麼股價也應該上漲。但是,如果其利潤增加而每股收益保持不變(甚至下降),那麼股東可能看不到太多好處。出於這個原因,你可以說從長遠來看,每股收益比淨收入更重要,前提是目標是評估公司的股價是否可能上漲。

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。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Finally, we should also consider the fact that unusual items boosted China Ruyi Holdings' net profit by CN¥241m 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 analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that China Ruyi Holdings' positive unusual items were quite significant relative to its profit in the year to December 2023. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

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如意控股的淨利潤比去年增加了2.41億元人民幣。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。這正如你所預料的那樣,因爲這些增強被描述爲 “不尋常”。我們可以看到,截至2023年12月的一年中,中國如意控股的正面不尋常項目相對於其利潤相當可觀。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。

Our Take On China Ruyi Holdings' Profit Performance

我們對中國如意控股盈利表現的看法

To sum it all up, China Ruyi 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. For the reasons mentioned above, we think that a perfunctory glance at China Ruyi Holdings' statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. At Simply Wall St, we found 3 warning signs for China Ruyi Holdings and we think they deserve your attention.

總而言之,中國如意控股從不尋常的項目中獲得了不錯的利潤提振;如果沒有這一點,其法定業績就會變得更糟。此外,它還發行了大量新股,確保每位股東(沒有投入更多資金)現在擁有公司較小比例的股份。出於上述原因,我們認爲,敷衍地看一眼中國如意控股的法定利潤可能會使其看起來比實際水平要好。因此,如果你想更深入地研究這隻股票,那麼考慮它面臨的任何風險至關重要。在Simply Wall St,我們發現了中國如意控股的3個警告標誌,我們認爲它們值得你關注。

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.

在本文中,我們研究了許多可能削弱利潤數字效用的因素,我們對此持謹慎態度。但是,還有很多其他方法可以告知你對公司的看法。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。因此,你可能希望看到這批擁有高股本回報率的免費公司,或者這份內部人士正在購買的股票清單。

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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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