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We Think That There Are Issues Underlying Kindstar Globalgene Technology's (HKG:9960) Earnings
We Think That There Are Issues Underlying Kindstar Globalgene Technology's (HKG:9960) Earnings
Kindstar Globalgene Technology, Inc. (HKG:9960) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
View our latest analysis for Kindstar Globalgene Technology
SEHK:9960 Earnings and Revenue History August 22nd 2022Zooming In On Kindstar Globalgene Technology'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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. 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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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 June 2022, Kindstar Globalgene Technology had an accrual ratio of 0.83. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥289m, in contrast to the aforementioned profit of CN¥109.8m. It's worth noting that Kindstar Globalgene Technology generated positive FCF of CN¥34m a year ago, so at least they've done it in the past. Having said that, there is more to consider. 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 Kindstar Globalgene Technology 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. As a result, some shareholders may be looking for stronger cash conversion in the current year.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Kindstar Globalgene Technology increased the number of shares on issue by 8.9% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Kindstar Globalgene Technology's historical EPS growth by clicking on this link.
How Is Dilution Impacting Kindstar Globalgene Technology's Earnings Per Share (EPS)?
Three years ago, Kindstar Globalgene Technology lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. 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. Therefore, the dilution is having a noteworthy influence on shareholder returns.
In the long term, if Kindstar Globalgene Technology's earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
How Do Unusual Items Influence Profit?
Unfortunately (in the short term) Kindstar Globalgene Technology saw its profit reduced by unusual items worth CN¥25m. 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. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. 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. In the twelve months to June 2022, Kindstar Globalgene Technology had a big unusual items expense. 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 Kindstar Globalgene Technology's Profit Performance
In conclusion, Kindstar Globalgene Technology's accrual ratio suggests that its statutory earnings are not backed by cash flow; but the fact unusual items actually weighed on profit may create upside if those unusual items to not recur. And the dilution means that per-share results are weaker than the bottom line might imply. After taking into account all the aforementioned observations we think that Kindstar Globalgene Technology's profits probably give a generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, Kindstar Globalgene Technology has 2 warning signs (and 1 which can't be ignored) we think you should know about.
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. 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.
Kindstar全球基因科技公司(HKG:9960)公布强劲盈利,但股价停滞不前。我们的分析表明,这可能是因为股东注意到了一些潜在的因素。
查看我们对Kindstar Globalgene Technology的最新分析
联交所:9960盈利及收入历史2022年8月22日放大Kindstar Globalgene Technology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。简单地说,这个比率是从净利润中减去FCF,然后用这个数字除以该公司在此期间的平均运营资产。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。这并不意味着我们应该担心应计比率为正,但值得注意的是,在应计比率相当高的地方。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。
在截至2022年6月的一年中,Kindstar Globalgene Technology的应计比率为0.83。从统计上讲,这对未来的收益是一个真正的负面影响。事实上,在此期间,该公司没有产生任何自由现金流。在过去的一年里,它实际上负面自由现金流为2.89亿元,而前述利润为1.098亿元。值得注意的是,Kindstar Globalgene Technology一年前产生了3400万元的正FCF,所以至少他们过去做到了。话虽如此,还有更多需要考虑的问题。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Kindstar Globalgene Technology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。因此,一些股东可能希望在本年度实现更强劲的现金转换。
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
要了解一家公司盈利增长的价值,必须考虑对股东利益的任何稀释。事实上,Kindstar Globalgene Technology通过发行新股,在过去12个月中将发行的股票数量增加了8.9%。因此,每股现在获得的利润份额较小。谈论净利润,而不注意每股收益,就是被大数字分散注意力,而忽略了与之交谈的较小数字每股价值。点击此链接,查看Kindstar Globalgene Technology历史上的每股收益增长。
稀释对Kindstar Globalgene Technology的每股收益(EPS)有何影响?
三年前,Kindstar Globalgene Technology亏损。回到去年,我们仍然不能连贯地谈论增长率,因为它去年出现了亏损。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,稀释对股东回报的影响是值得注意的。
从长远来看,如果Kindstar Globalgene Technology的收益每股可以增加,那么股价也应该是。然而,如果其利润增加,而每股收益持平(甚至下降),那么股东可能看不到太多好处。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。
不寻常的项目如何影响利润?
不幸的是(在短期内)Kindstar Globalgene Technology的利润减少了价值2500万元人民币的不寻常项目。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。虽然最初由于不寻常的项目而扣除的金额令人失望,但也有一线希望。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。在截至2022年6月的12个月里,Kindstar Globalgene Technology有一大笔不同寻常的项目支出。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Kindstar Globalgene科技公司利润表现的看法
总而言之,Kindstar Globalgene Technology的应计比率表明,其法定收益没有现金流支持;但如果这些不寻常项目不再发生,实际上拖累了利润的不寻常项目可能会产生上行效应。而稀释意味着每股收益比底线可能暗示的要弱。在考虑了所有上述观察之后,我们认为Kindstar Globalgene Technology的利润可能会给人一种对其可持续盈利水平的慷慨印象。请记住,在分析一只股票时,值得注意其中的风险。例如,Kindstar Globalgene Technology拥有2个警告标志(还有一个不容忽视)我们认为你应该知道这一点。
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。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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