MAISENT (DOOR) It is an American company listed in 2013, and...

MAISENT (DOOR) It is an American company listed in 2013, and the current price is 89.1. After rising from 20% to 25.4% in the past 5 years, gross margin fell to 23.6% in 2021, while the return on net assets fell from 22% to 7.2% and then rebounded to 13.8%. Neither ratio was very attractive.

Revenue has continued to grow over the past 5 years. In addition to a slight decline of 1.2% in 2019, operating profit increased for 4 years, with an average growth rate of 15%. The net profit curve and operating profit diverged greatly. There was a sharp decline in 2018 and 2019, and a rapid rebound in the past two years, but it still did not reach the high point of 2017.

2022 Q1 revenue, operating profit, and net profit increased by 12.4%, 34.7%, and 42.7%, respectively.

The income statement shows that interest expenses have fallen from nearly 30% to 15% in the past 5 years, mainly due to the reduction in the burden caused by the increase in operating profit. Other expenses account for more than interest expenses and have increased rapidly in the past 3 years, mainly due to capital asset depreciation, which is very difficult to predict.

The balance ratio has risen from 56.2% to 71% in the past 5 years, and the growth rate is very fast. The share of receivables and inventory is quite normal, but there are also cases where the increase exceeds the amount of net profit. Long-term loans of $866 million, accounting for 160% of net assets of $543 million, and the loan ratio is very high.

With the exception of 2018, net cash flow exceeded net investment by a large percentage. Shareholders' surpluses were good, but net operating volume shrank significantly in 2021.

Currently, the price-earnings ratio is 23.5, and the price-earnings ratio is 18.6. Considering the excessive loan ratio and the quality of the increase in net profit, we will wait and see for the time being.