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Maoye International Holdings (HKG:848) Strong Profits May Be Masking Some Underlying Issues
Maoye International Holdings (HKG:848) Strong Profits May Be Masking Some Underlying Issues
Maoye International Holdings Limited's (HKG:848) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
Check out our latest analysis for Maoye International Holdings
SEHK:848 Earnings and Revenue History April 28th 2022The Power Of Non-Operating Revenue
At most companies, some revenue streams, such as government grants, are accounted for as non-operating revenue, while the core business is said to produce operating revenue. Where possible, we prefer rely on operating revenue to get a better understanding of how the business is functioning. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. It's worth noting that Maoye International Holdings saw a big increase in non-operating revenue over the last year. In fact, our data indicates that non-operating revenue increased from CN¥1.09b to CN¥1.14b. The high levels of non-operating revenue are problematic because if (and when) they do not repeat, then overall revenue (and profitability) of the firm will fall. Sometimes, you can get a better idea of the underlying earnings potential of a company by excluding unusual boosts to non-operating revenue.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Maoye International Holdings.
How Do Unusual Items Influence Profit?
Alongside that spike in non-operating revenue, it's also important to note that Maoye International Holdings'profit was boosted by unusual items worth CN¥193m in the last twelve months. 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. Which is hardly surprising, given the name. If Maoye International Holdings 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 Maoye International Holdings' Profit Performance
In its last report Maoye International Holdings benefitted from a spike in non-operating revenue which may have boosted its profit in a way that may be no more sustainable than low quality coal mining. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated and everything else is equal. For the reasons mentioned above, we think that a perfunctory glance at Maoye International Holdings' statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 3 warning signs for Maoye International Holdings (2 shouldn't be ignored!) and we strongly recommend you look at these before investing.
Our examination of Maoye International Holdings has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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. 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.
Maoye International Holdings Limited's (HKG:848) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
茂业国际控股有限公司(HKG:848)近期强劲的收益对股价影响不大。然而,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。
Check out our latest analysis for Maoye International Holdings
查看我们对茂业国际控股的最新分析
The Power Of Non-Operating Revenue
非经营性收入的力量
At most companies, some revenue streams, such as government grants, are accounted for as non-operating revenue, while the core business is said to produce operating revenue. Where possible, we prefer rely on operating revenue to get a better understanding of how the business is functioning. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. It's worth noting that Maoye International Holdings saw a big increase in non-operating revenue over the last year. In fact, our data indicates that non-operating revenue increased from CN¥1.09b to CN¥1.14b. The high levels of non-operating revenue are problematic because if (and when) they do not repeat, then overall revenue (and profitability) of the firm will fall. Sometimes, you can get a better idea of the underlying earnings potential of a company by excluding unusual boosts to non-operating revenue.
在大多数公司,一些收入来源,如政府拨款,被计入非营业收入,而核心业务据说产生营业收入。在可能的情况下,我们更愿意依靠运营收入来更好地了解业务是如何运作的。重要的是,非营业收入通常没有相关的持续成本,所以它可以通过让利润直接下降到底线来提高利润,使经营业务看起来比实际情况要好。值得注意的是,去年茂业国际控股的营业外收入大幅增长。事实上,我们的数据显示,营业外收入从10.9亿元增加到11.4亿元。高水平的营业外收入是有问题的,因为如果(以及当)它们不再出现时,公司的整体收入(和盈利能力)将会下降。有时,通过剔除营业外收入的不寻常增长,你可以更好地了解一家公司的潜在收益潜力。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Maoye International Holdings.
注:我们总是建议投资者检查资产负债表的实力。点击此处进入我们对茂业国际控股的资产负债表分析。
How Do Unusual Items Influence Profit?
不寻常的项目如何影响利润?
Alongside that spike in non-operating revenue, it's also important to note that Maoye International Holdings'profit was boosted by unusual items worth CN¥193m in the last twelve months. 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. Which is hardly surprising, given the name. If Maoye International Holdings doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
除了营业外收入的激增,同样重要的是要注意到,茂业国际控股的利润在过去12个月里得到了价值1.93亿元人民币的不寻常项目的提振。虽然有更高的利润总是好事,但不寻常的东西带来的巨大贡献有时会挫伤我们的热情。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。考虑到这个名字,这并不令人惊讶。如果茂业国际控股没有看到这种贡献再次出现,那么在其他条件相同的情况下,我们预计该公司今年的利润将会下降。
Our Take On Maoye International Holdings' Profit Performance
我们对茂业国际控股公司盈利表现的看法
In its last report Maoye International Holdings benefitted from a spike in non-operating revenue which may have boosted its profit in a way that may be no more sustainable than low quality coal mining. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated and everything else is equal. For the reasons mentioned above, we think that a perfunctory glance at Maoye International Holdings' statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 3 warning signs for Maoye International Holdings (2 shouldn't be ignored!) and we strongly recommend you look at these before investing.
在其上一份报告中,茂业国际控股受益于营业外收入的激增,这可能以一种可能并不比低质量煤炭开采更可持续的方式提振其利润。最重要的是,它还看到了一个不同寻常的项目提高了利润,这表明,如果这些事件不再发生,在其他条件相同的情况下,明年的利润数字可能会更低。基于上述原因,我们认为,敷衍地看一眼茂业国际控股的法定利润,可能会让它在潜在层面上看起来比实际情况更好。请记住,在分析一只股票时,值得注意其中的风险。我们的分析为茂业国际控股显示了3个警告信号(2个不应被忽视!)我们强烈建议你在投资之前先看看这些。
Our examination of Maoye International Holdings has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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. 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.
我们对茂业国际控股有限公司的调查集中在某些因素上,这些因素可能会让其收益看起来比实际情况更好。在此基础上,我们对此持怀疑态度。但还有很多其他方式可以让你了解一家公司的看法。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
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.
对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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.是关联公司。
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