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Hainan Meilan International Airport (HKG:357) Strong Profits May Be Masking Some Underlying Issues
Hainan Meilan International Airport (HKG:357) Strong Profits May Be Masking Some Underlying Issues
Hainan Meilan International Airport Company Limited's (HKG:357) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
View our latest analysis for Hainan Meilan International Airport
SEHK:357 Earnings and Revenue History September 27th 2022How Do Unusual Items Influence Profit?
For anyone who wants to understand Hainan Meilan International Airport's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit was reduced by CN¥18m due to unusual items. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Hainan Meilan International Airport doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
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.
An Unusual Tax Situation
Just as we noted the unusual items, we must inform you that Hainan Meilan International Airport received a tax benefit which contributed CN¥82m to the bottom line. This is meaningful because companies usually pay tax rather than receive tax benefits. We're sure the company was pleased with its tax benefit. And given that it lost money last year, it seems possible that the benefit is evidence that it now expects to find value in its past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
Our Take On Hainan Meilan International Airport's Profit Performance
In the last year Hainan Meilan International Airport received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Having said that, it also had a unusual item reducing its profit. Having considered these factors, we don't think Hainan Meilan International Airport's statutory profits give an overly harsh view of the business. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For example - Hainan Meilan International Airport has 1 warning sign we think you should be aware of.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. 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.
海南美兰国际机场有限公司(HKG:357)近期强劲的收益对股价影响不大。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。
查看我们对海南美兰国际机场的最新分析
联交所:357盈利及收入历史2022年9月27日不寻常的项目如何影响利润?
对于任何想要了解海南美兰国际机场超出法定数字的利润的人来说,重要的是要注意到,在过去的12个月里,由于异常项目,法定利润减少了1800万元人民币。看到不寻常的项目让公司损失利润从来都不是件好事,但从好的方面来看,情况可能很快就会改善。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。考虑到这些项目被认为是不寻常的,这并不令人惊讶。如果海南美兰国际机场不会再次出现这种不寻常的支出,那么在其他条件相同的情况下,我们预计来年该机场的利润将有所增长。
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。
不同寻常的税务情况
正如我们注意到的异常项目一样,我们必须通知您,海南美兰国际机场获得了税收优惠,为利润贡献了8200万元人民币。这是有意义的,因为公司通常交税,而不是获得税收优惠。我们确信该公司对其税收优惠感到满意。考虑到该公司去年亏损,这一收益似乎可能证明,该公司现在希望从过去的税收损失中找到价值。然而,我们的数据表明,税收优惠可以暂时提高登记当年的法定利润,但随后利润可能会回落。假设税收优惠不是每年重复,我们可以看到,在其他条件不变的情况下,其盈利能力显著下降。因此,虽然我们认为获得税收优惠是件好事,但它确实倾向于意味着增加了风险,即法定利润夸大了企业的可持续盈利能力。
我们对海南美兰国际机场盈利表现的看法
去年,海南美兰国际机场获得了一项税收优惠,这提高了它的利润,但这种方式可能并不比把基本农田变成气田更可持续。话虽如此,它也有一个不寻常的项目减少了利润。考虑到这些因素,我们不认为海南美兰国际机场的法定利润对业务的看法过于苛刻。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。例如-海南美兰国际机场有1个警告标志我们认为你应该意识到。
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。但还有很多其他方式可以让你了解一家公司的看法。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。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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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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