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We Think Ajisen (China) Holdings' (HKG:538) Robust Earnings Are Conservative
We Think Ajisen (China) Holdings' (HKG:538) Robust Earnings Are Conservative
Even though Ajisen (China) Holdings Limited's (HKG:538) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.
Check out our latest analysis for Ajisen (China) Holdings
SEHK:538 Earnings and Revenue History May 6th 2022Examining Cashflow Against Ajisen (China) Holdings' Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Over the twelve months to December 2021, Ajisen (China) Holdings recorded an accrual ratio of -0.16. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥296m in the last year, which was a lot more than its statutory profit of CN¥20.9m. Ajisen (China) Holdings' free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
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
Ajisen (China) Holdings' profit was reduced by unusual items worth CN¥45m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. In the twelve months to December 2021, Ajisen (China) Holdings had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
Our Take On Ajisen (China) Holdings' Profit Performance
In conclusion, both Ajisen (China) Holdings' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Ajisen (China) Holdings' underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So while earnings quality is important, it's equally important to consider the risks facing Ajisen (China) Holdings at this point in time. Our analysis shows 3 warning signs for Ajisen (China) Holdings (1 shouldn't be ignored!) and we strongly recommend you look at them before investing.
After our examination into the nature of Ajisen (China) Holdings' profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
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.
Even though Ajisen (China) Holdings Limited's (HKG:538) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.
即使味千(中国)控股有限公司(HKG:538)最近发布的财报表现强劲,但市场似乎没有注意到。我们的分析表明,投资者可能遗漏了一些有希望的细节。
Check out our latest analysis for Ajisen (China) Holdings
查看我们对味千(中国)控股的最新分析
Examining Cashflow Against Ajisen (China) Holdings' Earnings
审查现金流与味千(中国)控股公司的收益
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高端金融领域,衡量一家公司将报告利润转换为自由现金流(FCF)的程度的关键比率是应计比率(来自现金流)。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。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
Over the twelve months to December 2021, Ajisen (China) Holdings recorded an accrual ratio of -0.16. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥296m in the last year, which was a lot more than its statutory profit of CN¥20.9m. Ajisen (China) Holdings' free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2021年12月的12个月内,味千(中国)控股的应计比率为-0.16。这表明它的自由现金流大大超过了它的法定利润。事实上,该公司去年的自由现金流为2.96亿加元,远高于其法定利润2090万加元。味千(中国)控股的自由现金流在过去一年有所改善,总体来说是好的。话虽如此,故事中还有更多的东西。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
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.
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
The Impact Of Unusual Items On Profit
异常项目对利润的影响
Ajisen (China) Holdings' profit was reduced by unusual items worth CN¥45m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. In the twelve months to December 2021, Ajisen (China) Holdings had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
味千(中国)控股的利润在过去12个月中因价值4500万元人民币的不寻常项目而减少,这帮助其产生了高现金转换率,其不寻常项目反映了这一点。这就是你会看到的,一家公司的非现金费用减少了账面利润。虽然最初由于不寻常的项目而扣除的金额令人失望,但也有一线希望。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。毕竟,这正是会计术语所暗示的。在截至2021年12月的12个月里,味千(中国)控股有一大笔不同寻常的项目支出。因此,我们可以推测,这些不寻常的项目使其法定利润明显低于正常情况下的水平。
Our Take On Ajisen (China) Holdings' Profit Performance
我们对味千(中国)控股公司利润表现的看法
In conclusion, both Ajisen (China) Holdings' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Ajisen (China) Holdings' underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So while earnings quality is important, it's equally important to consider the risks facing Ajisen (China) Holdings at this point in time. Our analysis shows 3 warning signs for Ajisen (China) Holdings (1 shouldn't be ignored!) and we strongly recommend you look at them before investing.
总而言之,味千(中国)控股的应计比率及其不寻常的项目都表明其法定收益可能相当保守。基于这些因素,我们认为味千(中国)控股的潜在收益潜力与法定利润看起来一样好,甚至可能更好!因此,尽管收益质量很重要,但考虑味千(中国)控股目前面临的风险也同样重要。我们的分析显示了味千(中国)控股的3个警告信号(1个不应被忽视!)我们强烈建议你在投资之前先看看它们。
After our examination into the nature of Ajisen (China) Holdings' profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
在我们调查了味千(中国)控股公司的利润性质后,我们对该公司持乐观态度。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。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。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。
本文由Simply Wall St.撰写,具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。
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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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