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We Think Multi-Chem's (SGX:AWZ) Healthy Earnings Might Be Conservative
We Think Multi-Chem's (SGX:AWZ) Healthy Earnings Might Be Conservative
The market seemed underwhelmed by last week's earnings announcement from Multi-Chem Limited (SGX:AWZ) despite the healthy numbers. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
View our latest analysis for Multi-Chem
SGX:AWZ Earnings and Revenue History August 12th 2022A Closer Look At Multi-Chem's 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. 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.
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to June 2022, Multi-Chem had an accrual ratio of -0.29. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of S$45m, well over the S$23.0m it reported in profit. Given that Multi-Chem had negative free cash flow in the prior corresponding period, the trailing twelve month resul of S$45m would seem to be a step in the right direction. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Multi-Chem.
The Impact Of Unusual Items On Profit
While the accrual ratio might bode well, we also note that Multi-Chem's profit was boosted by unusual items worth S$2.0m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. If Multi-Chem doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
Our Take On Multi-Chem's Profit Performance
Multi-Chem's 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. Considering all the aforementioned, we'd venture that Multi-Chem's profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. If you want to do dive deeper into Multi-Chem, you'd also look into what risks it is currently facing. For example - Multi-Chem has 1 warning sign we think you should be aware of.
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 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.
市场似乎对上周公布的财报不以为然多化学科技有限公司(SGX:AWZ)尽管有健康的数字。我们的分析表明,股东可能在收益报告中遗漏了一些积极的潜在因素。
查看我们对多种化学的最新分析
新加坡交易所:AWZ收益和收入历史2022年8月12日仔细观察多化学公司的收益
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。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。
这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。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。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”。
在截至2022年6月的一年中,多化学公司的应计比率为-0.29。这表明它的自由现金流大大超过了它的法定利润。事实上,在过去12个月中,该公司报告的自由现金流为4500万新元,远高于其报告的2300万新元的利润。鉴于多化学在上一同期的自由现金流为负,后续12个月4500万新元的业绩似乎是朝着正确方向迈出的一步。话虽如此,故事中还有更多的东西。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
注:我们总是建议投资者检查资产负债表的实力。点击此处进入我们的多化学资产负债表分析。
异常项目对利润的影响
虽然应计比率可能是个好兆头,但我们也注意到,多化学的利润在过去12个月里受到价值200万新元的不寻常项目的提振。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。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。毕竟,这正是会计术语所暗示的。如果多化学公司没有看到这一贡献再次出现,那么在其他条件相同的情况下,我们预计其利润在本年度将下降。
我们对多化学公司利润表现的看法
多化学的利润从不寻常的项目中得到了提振,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。考虑到所有上述情况,我们敢说,多化学的利润结果是一个相当好的指南,它的真正盈利能力,尽管有点保守的一面。如果你真的想更深入地研究多化学,你还应该研究它目前面临的风险。例如-多化学有1个警告标志我们认为你应该意识到。
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。
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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