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Kingworld Medicines Group's (HKG:1110) Solid Earnings May Rest On Weak Foundations
Kingworld Medicines Group's (HKG:1110) Solid Earnings May Rest On Weak Foundations
Kingworld Medicines Group Limited's (HKG:1110) healthy profit numbers didn't contain any surprises for investors. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
See our latest analysis for Kingworld Medicines Group
SEHK:1110 Earnings and Revenue History September 20th 2022Examining Cashflow Against Kingworld Medicines Group'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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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, Kingworld Medicines Group had an accrual ratio of 45.07. 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¥33b, in contrast to the aforementioned profit of CN¥35.1m. We also note that Kingworld Medicines Group's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥33b.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Kingworld Medicines Group.
Our Take On Kingworld Medicines Group's Profit Performance
As we discussed above, we think Kingworld Medicines Group's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Kingworld Medicines Group's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The good news is that, its earnings per share increased by 65% in the last year. 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'd like to know more about Kingworld Medicines Group as a business, it's important to be aware of any risks it's facing. To help with this, we've discovered 4 warning signs (2 are a bit concerning!) that you ought to be aware of before buying any shares in Kingworld Medicines Group.
Today we've zoomed in on a single data point to better understand the nature of Kingworld Medicines Group's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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.
Kingworld医药集团有限公司的(HKG:1110)健康的利润数字不会给投资者带来任何惊喜。然而,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。
查看我们对Kingworld Medicines Group的最新分析
联交所:1110盈利及收入历史2022年9月20日对照Kingworld Medicines Group的收益考察现金流
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。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
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。
截至2022年6月的一年,Kingworld Medicines Group的应计比率为45.07。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330亿元,而前述利润为3510万元。我们还注意到,Kingworld Medicines Group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对其流出的330亿元人民币感到困扰。
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对Kingworld Medicines Group的资产负债表分析。
我们对Kingworld Medicines Group利润表现的看法
正如我们上面讨论的,我们认为Kingworld Medicines Group的收益没有得到自由现金流的支持,这可能会让一些投资者感到担忧。出于这个原因,我们认为Kingworld Medicines Group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。好消息是,它的每股收益在去年增长了65%。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。如果你想更多地了解Kingworld Medicines Group作为一个企业,了解它所面临的任何风险是很重要的。为了帮助解决这个问题,我们发现4个警示标志(两个有点令人担忧!)在购买Kingworld Medicines Group的任何股票之前,你应该意识到这一点。
今天,我们放大了一个数据点,以更好地了解Kingworld Medicines Group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。一些人认为,高股本回报率是高质量企业的良好标志。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。
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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。
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