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Guorui Properties' (HKG:2329) Earnings Are Weaker Than They Seem
Guorui Properties' (HKG:2329) Earnings Are Weaker Than They Seem
Guorui Properties Limited's (HKG:2329) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
See our latest analysis for Guorui Properties
SEHK:2329 Earnings and Revenue History May 9th 2022A Closer Look At Guorui Properties' 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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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, Guorui Properties recorded an accrual ratio of -0.11. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of CN¥4.1b during the period, dwarfing its reported profit of CN¥228.3m. Guorui Properties' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guorui Properties.
The Impact Of Unusual Items On Profit
Surprisingly, given Guorui Properties' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥406m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Guorui Properties' positive unusual items were quite significant relative to its profit in the year to December 2021. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Guorui Properties' Profit Performance
Guorui Properties' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think it's very unlikely that Guorui Properties' statutory profits make it seem much weaker than it is. If you'd like to know more about Guorui Properties as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 4 warning signs for Guorui Properties you should be mindful of and 2 of these are potentially serious.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
Guorui Properties Limited's (HKG:2329) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
国瑞置业有限公司(HKG:2329)强劲的盈利报告未能推动其股票的市场走势。我们的分析表明,这可能是因为股东注意到了一些潜在的因素。
See our latest analysis for Guorui Properties
查看我们对国瑞地产的最新分析
A Closer Look At Guorui Properties' Earnings
仔细看看国瑞地产的盈利情况
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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
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。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。这个比率向我们展示了一家公司的利润超过了它的FCF的多少。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负的应计比率对公司是积极的,而正的应计比率是负的。这并不意味着我们应该担心应计比率为正,但值得注意的是,在应计比率相当高的地方。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, Guorui Properties recorded an accrual ratio of -0.11. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of CN¥4.1b during the period, dwarfing its reported profit of CN¥228.3m. Guorui Properties' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
在截至2021年12月的12个月内,国瑞地产录得-0.11的应计比率。这意味着它有很好的现金转换率,并意味着它的自由现金流稳步超过了去年的利润。换言之,该公司在此期间产生了41亿加元的自由现金流,令其公布的2.283亿加元的利润相形见绌。国瑞地产的自由现金流实际上在去年有所下降,这令人失望,就像不可生物降解的气球一样。然而,这并不是需要考虑的全部问题。应计比率反映了不寻常项目对法定利润的影响,至少在一定程度上是这样。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guorui Properties.
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国瑞地产的资产负债表分析。
The Impact Of Unusual Items On Profit
异常项目对利润的影响
Surprisingly, given Guorui Properties' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥406m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Guorui Properties' positive unusual items were quite significant relative to its profit in the year to December 2021. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
令人意外的是,鉴于国瑞地产的应计比率意味着强劲的现金转换,其账面利润实际上得到了4.06亿加元的异常项目的提振。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。我们对全球大多数上市公司进行了统计,不寻常的项目在性质上是一次性的,这是非常常见的。考虑到这些提振被描述为“不寻常的”,这正如你所预期的那样。我们可以看到,在截至2021年12月的一年中,国瑞地产的积极异常项目相对于其利润来说相当重要。因此,我们可以推测,这些不寻常的项目使其法定利润比其他情况下要强劲得多。
Our Take On Guorui Properties' Profit Performance
我们对国瑞地产盈利表现的看法
Guorui Properties' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think it's very unlikely that Guorui Properties' statutory profits make it seem much weaker than it is. If you'd like to know more about Guorui Properties as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 4 warning signs for Guorui Properties you should be mindful of and 2 of these are potentially serious.
国瑞地产的利润得到了不寻常项目的提振,这表明它们可能无法持续,但其应计比率仍显示出稳健的现金转换,这是有希望的。基于这些因素,我们认为国瑞地产的法定利润不太可能让它看起来比实际情况弱得多。如果你想更多地了解国瑞地产作为一项业务,了解它面临的任何风险是很重要的。一个恰当的例子:我们发现了国瑞物业的4个警告标志你应该注意,其中两个是潜在的严重问题。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。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。
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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