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Why Luoyang Glass' (HKG:1108) Shaky Earnings Are Just The Beginning Of Its Problems
Why Luoyang Glass' (HKG:1108) Shaky Earnings Are Just The Beginning Of Its Problems
Luoyang Glass Company Limited's (HKG:1108) recent weak earnings report didn't cause a big stock movement. We think that investors are worried about some weaknesses underlying the earnings.
See our latest analysis for Luoyang Glass
SEHK:1108 Earnings and Revenue History September 6th 2022Zooming In On Luoyang Glass' 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Luoyang Glass has an accrual ratio of 0.42 for the year to June 2022. 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¥1.8b, in contrast to the aforementioned profit of CN¥305.6m. We saw that FCF was CN¥73m a year ago though, so Luoyang Glass has at least been able to generate positive FCF in the past.
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.
Our Take On Luoyang Glass' Profit Performance
As we have made quite clear, we're a bit worried that Luoyang Glass didn't back up the last year's profit with free cashflow. For this reason, we think that Luoyang Glass' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But the good news is that its EPS growth over the last three years has been very impressive. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So while earnings quality is important, it's equally important to consider the risks facing Luoyang Glass at this point in time. When we did our research, we found 3 warning signs for Luoyang Glass (1 makes us a bit uncomfortable!) that we believe deserve your full attention.
Today we've zoomed in on a single data point to better understand the nature of Luoyang Glass' profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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.
洛阳玻璃股份有限公司(HKG:1108)近期疲弱的盈利报告并未导致股市大幅波动。我们认为,投资者担心的是盈利背后的一些弱点。
查看我们对洛阳玻璃的最新分析
联交所:1108盈利及收入历史2022年9月6日放大洛阳玻璃的收益
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。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
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。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。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。
洛阳玻璃在截至2022年6月的年度内的应计比率为0.42。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人民币18亿元,而前述利润为人民币3.056亿元。我们看到一年前的FCF是7300万加元,所以洛阳玻璃至少在过去能够产生正的FCF。
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。
我们对洛阳玻璃盈利业绩的看法
正如我们已经说得很清楚的那样,我们有点担心洛阳玻璃没有用自由现金流来支持去年的利润。出于这个原因,我们认为洛阳玻璃的法定利润可能是其潜在盈利能力的不良指引,可能会给投资者带来对该公司过于乐观的印象。但好消息是,该公司过去三年的每股收益增长令人印象深刻。本文的目的是评估我们可以在多大程度上依赖法定收益来反映公司的潜力,但还有很多东西需要考虑。因此,尽管盈利质量很重要,但考虑到洛阳玻璃目前面临的风险也同样重要。当我们做研究时,我们发现洛阳玻璃的3个警示标志(1让我们有点不舒服!)我们认为这值得你的全力关注。
今天,我们放大了一个数据点,以更好地了解洛阳玻璃的利润性质。但还有很多其他方式可以让你了解一家公司的看法。一些人认为,高股本回报率是高质量企业的良好标志。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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