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Channel Micron Holdings' (HKG:2115) Earnings Are Of Questionable Quality
Channel Micron Holdings' (HKG:2115) Earnings Are Of Questionable Quality
Despite posting some strong earnings, the market for Channel Micron Holdings Company Limited's (HKG:2115) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
Check out our latest analysis for Channel Micron Holdings
SEHK:2115 Earnings and Revenue History September 23rd 2022A Closer Look At Channel Micron Holdings' 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). 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'.
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. 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.
Channel Micron Holdings has an accrual ratio of 0.51 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¥20m, in contrast to the aforementioned profit of CN¥64.5m. We also note that Channel Micron Holdings' free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥20m.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Channel Micron Holdings.
Our Take On Channel Micron Holdings' Profit Performance
As we discussed above, we think Channel Micron Holdings' earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Channel Micron Holdings' 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 4 warning signs for Channel Micron Holdings (of which 1 is potentially serious!) you should know about.
This note has only looked at a single factor that sheds light on the nature of Channel Micron Holdings' 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.
尽管公布了强劲的收益,但市场 频道美光控股有限公司的 (HKG: 2115) 股票波动不大。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Channel Micron Holdings的最新分析
SEHK: 2115 收益和收入历史记录 2022 年 9 月 23 日仔细看看频道美光控股的收益
在高级财务中,用于衡量公司将申报的利润转化为自由现金流(FCF)的效果的关键比率是 应计比率 (来自现金流)。应计比率从给定时期的利润中减去FCF,然后将结果除以公司在此期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。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,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,总的来说,高应计率对短期利润来说是个坏兆头。
截至2022年6月的一年中,频道美光控股的应计比率为0.51。从统计学上讲,这对未来的收益来说确实是负数。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,它实际上有 负面的 自由现金流为2000万元人民币,而上述利润为6,450万元人民币。我们还注意到,去年,Channel Micron Holdings的自由现金流实际上也是负数,因此我们可以理解股东是否会被其2000万人民币的流出所困扰。
注意: 我们始终建议投资者检查资产负债表的强度。点击此处查看我们对Channel Micron Holdings的资产负债表分析。
我们对Channel Micron Holdings盈利表现的看法
正如我们上面讨论的,我们认为Channel Micron Holdings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Channel Micron Holdings的法定利润可能无法指导其潜在盈利能力,并可能给投资者带来过于积极的印象。但好消息是,其在过去三年中的每股收益增长非常令人印象深刻。本文的目标是评估我们能否在多大程度上依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。有鉴于此,如果您想对公司进行更多分析,了解所涉及的风险至关重要。每家公司都有风险,我们已经发现 频道美光控股的 4 个警告标志 (其中 1 个可能很严重!)你应该知道。
这份报告仅探讨了揭示Channel Micron Holdings利润性质的单一因素。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。虽然可能需要你进行一些研究,但你可能会发现这一点 免费的 一系列拥有高股本回报率的公司,或者这份内部人士为了有用而买入的股票清单。
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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