-
市场
-
产品
-
资讯
-
Moo社区
-
课堂
-
查看更多
-
功能介绍
-
费用费用透明,无最低余额限制
投资选择、功能介绍、费用相关信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 浅色
We Think You Should Be Aware Of Some Concerning Factors In Fujian Start GroupLtd's (SHSE:600734) Earnings
We Think You Should Be Aware Of Some Concerning Factors In Fujian Start GroupLtd's (SHSE:600734) Earnings
The recent earnings posted by Fujian Start Group Co.Ltd (SHSE:600734) were solid, but the stock didn't move as much as we expected. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
See our latest analysis for Fujian Start GroupLtd
SHSE:600734 Earnings and Revenue History August 5th 2022A Closer Look At Fujian Start GroupLtd's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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.
Fujian Start GroupLtd has an accrual ratio of 2.31 for the year to June 2022. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥28m despite its profit of CN¥777.0m, mentioned above. We also note that Fujian Start GroupLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥28m. However, that's not the end of the story. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares. One positive for Fujian Start GroupLtd 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 Fujian Start GroupLtd.
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Fujian Start GroupLtd expanded the number of shares on issue by 250% over the last year. That means its earnings are split among a greater number of shares. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. Check out Fujian Start GroupLtd's historical EPS growth by clicking on this link.
How Is Dilution Impacting Fujian Start GroupLtd's Earnings Per Share (EPS)?
Fujian Start GroupLtd was losing money three years ago. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. So you can see that the dilution has had a fairly significant impact on shareholders.
If Fujian Start GroupLtd's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
The Impact Of Unusual Items On Profit
Fujian Start GroupLtd's profit suffered from unusual items, which reduced profit by CN¥108m in the last twelve months. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Fujian Start GroupLtd took a rather significant hit from unusual items in the year to June 2022. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
Our Take On Fujian Start GroupLtd's Profit Performance
Summing up, Fujian Start GroupLtd's unusual items suggest that its statutory earnings were temporarily depressed, and its accrual ratio indicates a lack of free cash flow relative to profit. On top of that, the dilution means that shareholders now own less of the company. For the reasons mentioned above, we think that a perfunctory glance at Fujian Start GroupLtd's statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To that end, you should learn about the 3 warning signs we've spotted with Fujian Start GroupLtd (including 2 which are a bit unpleasant).
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 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. 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.
最近发布的收益为福建启达集团股份有限公司(上海证券交易所股票代码:600734)表现稳健,但股价走势没有我们预期的那么大。我们认为,这是由于投资者将目光投向了法定利润之外,而关注的是他们所看到的。
查看我们对福建创业集团有限公司的最新分析
上海证券交易所:600734收益和收入历史2022年8月5日近距离观察福建创业集团有限公司的收益
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。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。这一比率向我们展示了一家公司的利润超过其固定现金流的程度。
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。
福建创业集团有限公司在截至2022年6月的一年中的应计比率为2.31。一般来说,这对未来的盈利能力来说是个不好的预兆。换句话说,该公司在那段时间没有产生一分钱的自由现金流。在过去的12个月里,它实际上有负面自由现金流,尽管其利润为7.77亿元,但仍流出2800万元。我们还注意到,福建创业集团去年的自由现金流实际上也是负的,所以我们可以理解股东是否因为其2800万元的资金流出而感到困扰。然而,这并不是故事的结束。我们还必须考虑不寻常项目对法定利润(从而对应计比率)的影响,以及公司发行新股的影响。对福建创业集团的股东来说,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。点击此处进入我们对福建创业集团有限公司的资产负债表分析。
为了理解每股回报的潜力,考虑一家公司稀释股东的程度是至关重要的。福建创业集团股份有限公司发行的股票数量比去年增加了250%。这意味着它的收益被分配到更多的股票中。在庆祝净利润的同时忽视稀释,就像是因为你只有一片更大的披萨而感到高兴,但忽略了披萨现在被切成更多片的事实。点击此链接,查看福建创业集团有限公司每股收益的历史增长。
稀释对福建创业集团有限公司的每股收益(EPS)有何影响?
三年前,福建创业集团有限公司处于亏损状态。即使只关注过去12个月,我们也没有有意义的增长率,因为一年前它也出现了亏损。我们所知道的是,虽然在过去12个月里看到盈利是件好事,但如果公司不需要发行股票,每股盈利会更好。因此,你可以看到,股权稀释对股东产生了相当大的影响。
如果福建创业集团有限公司的每股收益能够随着时间的推移而增长,那么这将极大地提高股价向同一方向变动的可能性。但另一方面,当我们得知利润(但不是每股收益)改善时,我们就不会那么兴奋了。对于普通散户股东来说,EPS是检查你假设的公司利润份额的一个很好的措施。
异常项目对利润的影响
福建创业集团有限公司的利润受到异常项目的影响,在过去的12个月里利润减少了1.08亿元人民币。在这种情况下,这是一个非现金费用,它会更容易有较高的现金转换率,所以令人惊讶的是,应计比率讲述了一个不同的故事。看到不寻常的项目让公司损失利润从来都不是件好事,但从好的方面来看,情况可能很快就会改善。我们查看了数千家上市公司,发现不寻常的项目往往是一次性的。毕竟,这正是会计术语所暗示的。在截至2022年6月的一年里,福建创业集团有限公司因异常项目而遭受了相当大的打击。在其他条件不变的情况下,这很可能会导致法定利润看起来比潜在的盈利能力更糟糕。
我们对福建创业集团有限公司盈利表现的看法
综上所述,福建创业集团有限公司的不寻常项目表明,其法定收益暂时处于低迷状态,其应计比率表明相对于利润缺乏自由现金流。最重要的是,稀释意味着股东现在持有的公司股份减少了。基于上述原因,我们认为,敷衍地看一眼福建创业集团有限公司的法定利润,可能会让它看起来比实际情况更好。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。为此,您应该了解3个警示标志我们已经发现了福建创业集团有限公司(包括两家有点令人不快)。
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。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。
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。
风险及免责提示
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用浏览器的分享功能,分享给你的好友吧