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Robust Earnings May Not Tell The Whole Story For Wanguo International Mining Group (HKG:3939)
Robust Earnings May Not Tell The Whole Story For Wanguo International Mining Group (HKG:3939)
Wanguo International Mining Group Limited (HKG:3939) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.
View our latest analysis for Wanguo International Mining Group
SEHK:3939 Earnings and Revenue History May 5th 2022Examining Cashflow Against Wanguo International Mining Group's Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Over the twelve months to December 2021, Wanguo International Mining Group recorded an accrual ratio of 0.23. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥193.4m, a look at free cash flow indicates it actually burnt through CN¥86m in the last year. We saw that FCF was CN¥34m a year ago though, so Wanguo International Mining Group has at least been able to generate positive FCF in the past.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Wanguo International Mining Group.
Our Take On Wanguo International Mining Group's Profit Performance
Wanguo International Mining Group didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Wanguo International Mining Group's true underlying earnings power is actually less than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality is important, it's equally important to consider the risks facing Wanguo International Mining Group at this point in time. For example, we've found that Wanguo International Mining Group has 2 warning signs (1 is a bit concerning!) that deserve your attention before going any further with your analysis.
Today we've zoomed in on a single data point to better understand the nature of Wanguo International Mining Group's profit. 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. 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.
Wanguo International Mining Group Limited (HKG:3939) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.
万国国际矿业集团有限公司(HKG:3939)公布强劲盈利,但股价停滞不前。我们的分析表明,股东们注意到了数字中的一些令人担忧的地方。
View our latest analysis for Wanguo International Mining Group
查看我们对万国国际矿业集团的最新分析
Examining Cashflow Against Wanguo International Mining Group's Earnings
考察现金流对万国国际矿业集团收益的影响
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
许多投资者都没有听说过现金流应计比率但它实际上是衡量一家公司在给定时期内自由现金流(FCF)支持公司利润的程度的有用指标。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内公司的平均运营资产。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。虽然应计比率为正并不是问题,这表明非现金利润达到了一定的水平,但高的应计比率可以说是一件坏事,因为它表明账面利润与现金流不匹配。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
Over the twelve months to December 2021, Wanguo International Mining Group recorded an accrual ratio of 0.23. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥193.4m, a look at free cash flow indicates it actually burnt through CN¥86m in the last year. We saw that FCF was CN¥34m a year ago though, so Wanguo International Mining Group has at least been able to generate positive FCF in the past.
在截至2021年12月的12个月内,万国国际矿业集团的应计比率为0.23。不幸的是,这意味着其自由现金流远远低于其公布的利润。尽管该公司报告利润为1.934亿加元,但看看自由现金流就会发现,该公司去年实际上烧掉了8600万加元。我们看到一年前的FCF是3400万加元,所以万国国际矿业集团至少在过去能够产生正的FCF。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Wanguo International Mining Group.
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对万国国际矿业集团的资产负债表分析。
Our Take On Wanguo International Mining Group's Profit Performance
我们对万国国际矿业集团盈利表现的看法
Wanguo International Mining Group didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Wanguo International Mining Group's true underlying earnings power is actually less than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality is important, it's equally important to consider the risks facing Wanguo International Mining Group at this point in time. For example, we've found that Wanguo International Mining Group has 2 warning signs (1 is a bit concerning!) that deserve your attention before going any further with your analysis.
万国国际矿业集团去年没有将大部分利润转化为自由现金流,一些投资者可能认为这相当不理想。因此,在我们看来,万国国际矿业集团的真实潜在盈利能力实际上低于其法定利润是可能的。但从好的方面来看,它的每股收益在过去三年里以令人印象深刻的速度增长。归根结底,如果你想正确地了解这家公司,除了以上几个因素之外,考虑其他因素也是至关重要的。因此,尽管盈利质量很重要,但考虑到万国国际矿业集团目前面临的风险也同样重要。例如,我们发现万国国际矿业集团有两个警示标志(1个有点令人担忧!)在进一步分析之前,这一点值得你注意。
Today we've zoomed in on a single data point to better understand the nature of Wanguo International Mining Group's profit. 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. 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.
今天,我们放大了一个数据点,以更好地了解万国国际矿业集团的利润性质。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。一些人认为,高股本回报率是高质量企业的良好标志。所以你可能想看看这个免费拥有高股本回报率的公司的集合,或内部人士正在购买的这份股票清单。
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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