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Tianli Holdings Group's (HKG:117) Solid Profits Have Weak Fundamentals
Tianli Holdings Group's (HKG:117) Solid Profits Have Weak Fundamentals
Despite posting some strong earnings, the market for Tianli Holdings Group Limited's (HKG:117) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
Check out our latest analysis for Tianli Holdings Group
SEHK:117 Earnings and Revenue History May 10th 2022An Unusual Tax Situation
We can see that Tianli Holdings Group received a tax benefit of CN¥11m. This is meaningful because companies usually pay tax rather than receive tax benefits. Of course, prima facie it's great to receive a tax benefit. And since it previously lost money, it may well simply indicate the realisation of past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tianli Holdings Group.
Our Take On Tianli Holdings Group's Profit Performance
As we have already discussed Tianli Holdings Group reported that it received a tax benefit, rather than paying tax, in the last year. Given that sort of benefit is not recurring, a focus on the statutory profit might make the company seem better than it really is. Therefore, it seems possible to us that Tianli Holdings Group's true underlying earnings power is actually less than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. 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. If you want to do dive deeper into Tianli Holdings Group, you'd also look into what risks it is currently facing. While conducting our analysis, we found that Tianli Holdings Group has 1 warning sign and it would be unwise to ignore it.
This note has only looked at a single factor that sheds light on the nature of Tianli Holdings Group'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 posting some strong earnings, the market for Tianli Holdings Group Limited's (HKG:117) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
尽管公布了一些强劲的收益,但市场天利控股集团有限公司(HKG:117)股市波动不大。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。
Check out our latest analysis for Tianli Holdings Group
查看我们对天利控股集团的最新分析
An Unusual Tax Situation
不同寻常的税务情况
We can see that Tianli Holdings Group received a tax benefit of CN¥11m. This is meaningful because companies usually pay tax rather than receive tax benefits. Of course, prima facie it's great to receive a tax benefit. And since it previously lost money, it may well simply indicate the realisation of past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
我们可以看到,天利控股集团获得了1100万元的税收优惠。这是有意义的,因为公司通常交税,而不是获得税收优惠。当然了,表面上看能享受税收优惠真是太好了。而且,由于它之前亏损,这很可能只是表明它实现了过去的税收亏损。然而,我们的数据表明,税收优惠可以暂时提高登记当年的法定利润,但随后利润可能会回落。如果税收优惠不再重复,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是这样。因此,虽然我们认为获得税收优惠是件好事,但它确实倾向于意味着增加了风险,即法定利润夸大了企业的可持续盈利能力。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tianli Holdings 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天利控股集团的资产负债表分析。
Our Take On Tianli Holdings Group's Profit Performance
我们对天利控股集团盈利表现的看法
As we have already discussed Tianli Holdings Group reported that it received a tax benefit, rather than paying tax, in the last year. Given that sort of benefit is not recurring, a focus on the statutory profit might make the company seem better than it really is. Therefore, it seems possible to us that Tianli Holdings Group's true underlying earnings power is actually less than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. 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. If you want to do dive deeper into Tianli Holdings Group, you'd also look into what risks it is currently facing. While conducting our analysis, we found that Tianli Holdings Group has 1 warning sign and it would be unwise to ignore it.
正如我们已经讨论过的,天利控股集团报告称,它在去年获得了税收优惠,而不是纳税。鉴于这种利益不会重现,关注法定利润可能会让公司看起来比实际情况更好。因此,在我们看来,天利控股集团的真实基础盈利能力实际上低于其法定利润是可能的。好的一面是,该公司在去年亏损后,表现出了足够的改善,今年实现了盈利。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。如果你真的想更深入地调查天利控股集团,你还应该调查它目前面临的风险。我们在进行分析的同时发现,天利控股集团1个警告标志忽视它是不明智的。
This note has only looked at a single factor that sheds light on the nature of Tianli Holdings Group'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.
这份报告只关注了一个因素,它揭示了天利控股集团的利润性质。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。
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