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Investors Shouldn't Be Too Comfortable With Zengame Technology Holding's (HKG:2660) Robust Earnings
Investors Shouldn't Be Too Comfortable With Zengame Technology Holding's (HKG:2660) Robust Earnings
Zengame Technology Holding Limited's (HKG:2660) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
Check out our latest analysis for Zengame Technology Holding
SEHK:2660 Earnings and Revenue History September 22nd 2022Zooming In On Zengame Technology Holding's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to June 2022, Zengame Technology Holding had an accrual ratio of 0.51. Ergo, its free cash flow is significantly weaker than its profit. Statistically speaking, that's a real negative for future earnings. Indeed, in the last twelve months it reported free cash flow of CN¥521m, which is significantly less than its profit of CN¥591.6m. We note, however, that Zengame Technology Holding grew its free cash flow over the last year. The good news for shareholders is that Zengame Technology Holding's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
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 Zengame Technology Holding's Profit Performance
As we discussed above, we think Zengame Technology Holding's earnings were not supported by free cash flow, which might concern some investors. As a result, we think it may well be the case that Zengame Technology Holding's underlying earnings power is lower than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. 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. So while earnings quality is important, it's equally important to consider the risks facing Zengame Technology Holding at this point in time. For example, Zengame Technology Holding has 2 warning signs (and 1 which is potentially serious) we think you should know about.
Today we've zoomed in on a single data point to better understand the nature of Zengame Technology Holding's 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. 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.
Zengame 科技控股有限公司 (HKG: 2660) 强劲的收益报告未能推动其股票的市场。我们的分析表明,这可能是因为股东们注意到了一些令人担忧的潜在因素。
查看我们对Zengame科技控股的最新分析
SEHK: 2660 收益和收入记录 2022 年 9 月 22 日放大Zengame科技控股的收益
正如金融爱好者已经知道的那样, 现金流应计比率 是评估公司的自由现金流(FCF)与利润相匹配程度的关键指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以公司在此期间的平均运营资产。这个比率告诉我们,公司有多少利润没有自由现金流的支持。
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
在截至2022年6月的一年中,Zengame Technology Holding的应计比率为0.51。因此,其自由现金流明显弱于其利润。从统计学上讲,这对未来的收益来说确实是负数。事实上,在过去的十二个月中,该公司报告的自由现金流为5.21亿元人民币,大大低于其5.916亿加元的利润。但是,我们注意到,Zengame Technology Holding的自由现金流在去年有所增长。对股东来说,好消息是去年Zengame Technology Holding的应计比率要好得多,因此今年的糟糕数据可能只是利润与FCF之间的短期不匹配的例子。如果确实如此,股东应该寻求本年度相对于利润的现金流有所改善。
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
我们对Zengame科技控股盈利表现的看法
正如我们上面讨论的,我们认为Zengame Technology Holding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。因此,我们认为Zengame Technology Holding的基础盈利能力很可能低于其法定利润。但好的一面是,在过去三年中,其每股收益以极其惊人的速度增长。当然,在分析其收益时,我们只是浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。因此,尽管收益质量很重要,但考虑Zengame Technology Holding目前面临的风险同样重要。例如,Zengame 科技控股有 2 个警告标志 (还有 1 个可能很严重)我们认为你应该知道。
今天,我们放大了单个数据点,以更好地了解Zengame Technology Holding的利润性质。但是还有很多其他方法可以告诉你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。所以你可能希望看到这个 免费的 一系列拥有高股本回报率的公司,或者这份内部人士正在买入的股票清单。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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