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Computime Group's (HKG:320) Profits Appear To Have Quality Issues
Computime Group's (HKG:320) Profits Appear To Have Quality Issues
Computime Group Limited's (HKG:320) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
See our latest analysis for Computime Group
SEHK:320 Earnings and Revenue History July 26th 2022A Closer Look At Computime Group'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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to March 2022, Computime Group had an accrual ratio of 0.31. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Even though it reported a profit of HK$84.2m, a look at free cash flow indicates it actually burnt through HK$254m in the last year. It's worth noting that Computime Group generated positive FCF of HK$323m a year ago, so at least they've done it in the past. 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. One positive for Computime Group shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Computime Group.
The Impact Of Unusual Items On Profit
The fact that the company had unusual items boosting profit by HK$16m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
Our Take On Computime Group's Profit Performance
Summing up, Computime Group received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue Computime Group's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Computime Group as a business, it's important to be aware of any risks it's facing. For instance, we've identified 4 warning signs for Computime Group (2 are a bit concerning) you should be familiar with.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
Computime Group Limited的(HKG:320)健康的利润数据不会给投资者带来任何惊喜。我们相信,股东已经注意到了法定利润数字以外的一些令人担忧的因素。
查看我们对Computime Group的最新分析
联交所:320盈利及收入历史2022年7月26日近距离观察Computime Group的收益
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。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。
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。值得注意的是,有一些学术证据表明,一般来说,高应计比率对短期利润来说不是一个好兆头。
在截至2022年3月的一年中,Computime Group的应计比率为0.31。不幸的是,这意味着其自由现金流远远低于其法定利润,这让我们怀疑利润作为指导的效用。尽管该公司报告盈利8420万港元,但看看自由现金流就会发现,该公司去年实际上烧掉了2.54亿港元。值得注意的是,Computime Group一年前产生了3.23亿港元的正FCF,所以至少他们过去做到了。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。对Computime Group的股东来说,一个积极的因素是,该公司去年的应计比率明显好于去年,这提供了一个理由,让人相信该公司未来可能会恢复更强劲的现金转换。如果情况确实如此,股东应该期待本年度相对于利润的现金流有所改善。
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Computime Group的资产负债表分析。
异常项目对利润的影响
该公司去年有一些不同寻常的项目将利润提高了1600万港元,这一事实很可能在一定程度上解释了其应计比率如此之低的原因。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。当我们分析了数千家上市公司的数据时,我们发现,在给定的一年中,不寻常的项目往往会带来提振不第二年又重复了一遍。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。假设这些不同寻常的项目在本年度不会再次出现,我们因此预计明年的利润会更弱(也就是说,在没有业务增长的情况下)。
我们对Computime Group利润表现的看法
综上所述,Computime Group从不寻常的项目中获得了不错的利润提振,但无法将其账面利润与自由现金流相匹配。考虑到这一切,我们认为Computime Group的利润可能给人一种过于慷慨的印象,表明其可持续的盈利水平。如果你想更多地了解Computime Group作为一个企业,意识到它面临的任何风险是很重要的。例如,我们已经确定Computime Group的4个警告标志(2有点担心)你应该熟悉。
在这篇文章中,我们研究了一些可能削弱利润数字效用的因素,我们对此持谨慎态度。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。
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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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。
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