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Robust Earnings May Not Tell The Whole Story For Andon Health (SZSE:002432)
Robust Earnings May Not Tell The Whole Story For Andon Health (SZSE:002432)
Despite announcing strong earnings, Andon Health Co., Ltd.'s (SZSE:002432) stock was sluggish. We did some digging and found some worrying underlying problems.
View our latest analysis for Andon Health
SZSE:002432 Earnings and Revenue History May 9th 2022A Closer Look At Andon Health's Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. 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. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
For the year to March 2022, Andon Health had an accrual ratio of 0.83. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of CN¥13b during the period, falling well short of its reported profit of CN¥15.2b. We note, however, that Andon Health grew its free cash flow over the last year. The good news for shareholders is that Andon Health's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Andon Health.
Our Take On Andon Health's Profit Performance
As we discussed above, we think Andon Health's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Andon Health's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For example, we've found that Andon Health has 3 warning signs (1 doesn't sit too well with us!) 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 Andon Health's profit. 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.
Despite announcing strong earnings, Andon Health Co., Ltd.'s (SZSE:002432) stock was sluggish. We did some digging and found some worrying underlying problems.
尽管宣布了强劲的收益,安东健康有限公司的(SZSE:002432)股市低迷。我们做了一些调查,发现了一些令人担忧的潜在问题。
View our latest analysis for Andon Health
查看我们对Andon Health的最新分析
A Closer Look At Andon Health's Earnings
仔细看看Andon Health的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. The ratio shows us how much a company's profit exceeds its FCF.
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。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. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
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。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。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。
For the year to March 2022, Andon Health had an accrual ratio of 0.83. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of CN¥13b during the period, falling well short of its reported profit of CN¥15.2b. We note, however, that Andon Health grew its free cash flow over the last year. The good news for shareholders is that Andon Health's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
在截至2022年3月的一年中,Andon Health的应计比率为0.83。因此,其自由现金流明显弱于其利润。一般来说,这对未来的盈利能力来说是个不好的预兆。也就是说,该公司在此期间产生了130亿加元的自由现金流,远低于其公布的152亿加元的利润。然而,我们注意到,Andon Health去年的自由现金流有所增长。对股东来说,好消息是Andon Health去年的应计比率要好得多,因此今年的糟糕读数可能只是利润和FCF之间短期错配的一个例子。因此,一些股东可能希望在本年度实现更强劲的现金转换。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Andon Health.
注:我们总是建议投资者检查资产负债表的实力。单击此处查看我们对Andon Health的资产负债表分析。
Our Take On Andon Health's Profit Performance
我们对Andon Health的利润表现的看法
As we discussed above, we think Andon Health's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Andon Health's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For example, we've found that Andon Health has 3 warning signs (1 doesn't sit too well with us!) that deserve your attention before going any further with your analysis.
正如我们上面讨论的,我们认为Andon Health的收益没有得到自由现金流的支持,这可能会让一些投资者感到担忧。出于这个原因,我们认为Andon Health的法定利润可能是其潜在盈利能力的不良指引,可能会给投资者带来对该公司过于乐观的印象。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。有鉴于此,如果你想对公司做更多的分析,了解其中的风险是至关重要的。例如,我们发现Andon Health有3个警示标志(%1与我们的关系不太好!)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 Andon Health's profit. 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.
今天,我们放大了一个数据点,以更好地了解Andon Health的利润性质。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。
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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