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JiaXing Gas Group's (HKG:9908) Conservative Accounting Might Explain Soft Earnings
JiaXing Gas Group's (HKG:9908) Conservative Accounting Might Explain Soft Earnings
Shareholders appeared unconcerned with JiaXing Gas Group Co., Ltd.'s (HKG:9908) lackluster earnings report last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
View our latest analysis for JiaXing Gas Group
SEHK:9908 Earnings and Revenue History September 22nd 2022Zooming In On JiaXing Gas Group'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. 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. 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. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
JiaXing Gas Group has an accrual ratio of -0.10 for the year to June 2022. Therefore, its statutory earnings were quite a lot less than its free cashflow. In fact, it had free cash flow of CN¥147m in the last year, which was a lot more than its statutory profit of CN¥85.6m. JiaXing Gas Group did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of JiaXing Gas Group.
Our Take On JiaXing Gas Group's Profit Performance
As we discussed above, JiaXing Gas Group has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that JiaXing Gas Group's statutory profit actually understates its earnings potential! On the other hand, its EPS actually shrunk in the last twelve months. 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. If you want to do dive deeper into JiaXing Gas Group, you'd also look into what risks it is currently facing. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of JiaXing Gas Group.
Today we've zoomed in on a single data point to better understand the nature of JiaXing Gas 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. 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.
股东们似乎并不担心嘉兴燃气集团有限公司(HKG:9908)上周财报乏善可陈。我们的分析表明,尽管利润疲软,但业务的基础是强大的。
查看我们对嘉兴燃气集团的最新分析
联交所:9908盈利及收入历史2022年9月22日放大嘉兴燃气集团的收益
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。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。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。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。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。
嘉兴燃气集团截至2022年6月的年度应计比率为-0.10。因此,它的法定收益比自由现金流要少得多。事实上,该公司去年的自由现金流为1.47亿加元,远高于其法定利润8560万加元。嘉兴燃气集团的自由现金流确实同比下降,这并不理想,就像没有地主威利的辛普森事件一样。
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嘉兴燃气集团的资产负债表分析。
我们对嘉兴燃气集团盈利业绩的看法
如上所述,嘉兴燃气集团拥有完全令人满意的自由现金流相对于利润。基于这一观察,我们认为嘉兴燃气集团的法定利润很可能实际上低估了其盈利潜力!另一方面,它的每股收益在过去12个月里实际上出现了缩水。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。如果你真的想更深入地研究嘉兴燃气集团,你还应该调查它目前面临的风险。例如,我们发现1个警告标志你应该扫视一下,才能更好地了解嘉兴燃气集团。
今天,我们放大了一个数据点,以更好地了解嘉兴燃气集团的利润性质。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。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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