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We Think Inner Mongolia Yitai Coal's (SHSE:900948) Robust Earnings Are Conservative
We Think Inner Mongolia Yitai Coal's (SHSE:900948) Robust Earnings Are Conservative
Even though Inner Mongolia Yitai Coal Co., Ltd.'s (SHSE:900948) recent earnings release was robust, the market didn't seem to notice. Investors are probably missing some underlying factors which are encouraging for the future of the company.
View our latest analysis for Inner Mongolia Yitai Coal
SHSE:900948 Earnings and Revenue History September 1st 2022A Closer Look At Inner Mongolia Yitai Coal's Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. 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, Inner Mongolia Yitai Coal had an accrual ratio of -0.18. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of CN¥24b in the last year, which was a lot more than its statutory profit of CN¥13.1b. Inner Mongolia Yitai Coal shareholders are no doubt pleased that free cash flow improved over the last twelve months.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Inner Mongolia Yitai Coal.
Our Take On Inner Mongolia Yitai Coal's Profit Performance
Happily for shareholders, Inner Mongolia Yitai Coal produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Inner Mongolia Yitai Coal's statutory profit actually understates its earnings potential! Better yet, its EPS are growing strongly, which is nice to see. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you want to do dive deeper into Inner Mongolia Yitai Coal, you'd also look into what risks it is currently facing. Every company has risks, and we've spotted 1 warning sign for Inner Mongolia Yitai Coal you should know about.
Today we've zoomed in on a single data point to better understand the nature of Inner Mongolia Yitai Coal's profit. 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. 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.
即使内蒙古伊泰煤业股份有限公司(上交所:900948)最近发布的财报很强劲,但市场似乎没有注意到。投资者可能遗漏了一些对公司未来令人鼓舞的潜在因素。
查看我们对内蒙古伊泰煤炭的最新分析
上海证券交易所:900948收益和收入历史2022年9月1日细看内蒙古伊泰煤业的盈利情况
在高端金融领域,衡量一家公司将报告利润转换为自由现金流(FCF)的程度的关键比率是应计比率(来自现金流)。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。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。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。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”。
截至2022年6月止年度,内蒙古伊泰煤业的应计比率为-0.18。因此,其法定收益非常显著地低于其自由现金流。事实上,该公司去年的自由现金流为240亿加元,远高于其131亿元的法定利润。内蒙古伊泰煤业的股东无疑对过去12个月自由现金流的改善感到高兴。
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内蒙古伊泰煤业的资产负债表分析。
我们对内蒙古伊泰煤业盈利表现的看法
令股东高兴的是,内蒙古伊泰煤业产生了充足的自由现金流,以支持其法定利润数字。基于这一观察,我们认为内蒙古伊泰煤炭的法定利润可能实际上低估了其盈利潜力!更好的是,它的每股收益增长强劲,这是令人高兴的。当然,当谈到分析其收益时,我们只是触及了皮毛;人们还可以考虑利润率、预测增长和投资回报等因素。如果你真的想更深入地研究内蒙古伊泰煤业,你还应该调查它目前面临的风险。每家公司都有风险,我们已经发现1内蒙古伊泰煤矿警示标志你应该知道。
今天,我们放大了一个数据点,以更好地了解内蒙古伊泰煤业的利润性质。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。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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