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Investors Can Find Comfort In Cheerwin Group's (HKG:6601) Earnings Quality
Investors Can Find Comfort In Cheerwin Group's (HKG:6601) Earnings Quality
A lackluster earnings announcement from Cheerwin Group Limited (HKG:6601) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
Check out our latest analysis for Cheerwin Group
SEHK:6601 Earnings and Revenue History September 29th 2022Zooming In On Cheerwin 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. The ratio shows us how much a company's profit exceeds its FCF.
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. 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. 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, Cheerwin Group had an accrual ratio of 0.48. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥76m despite its profit of CN¥61.6m, mentioned above. We saw that FCF was CN¥112m a year ago though, so Cheerwin Group has at least been able to generate positive FCF in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
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.
The Impact Of Unusual Items On Profit
Unfortunately (in the short term) Cheerwin Group saw its profit reduced by unusual items worth CN¥13m. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. 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. In the twelve months to June 2022, Cheerwin Group had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
Our Take On Cheerwin Group's Profit Performance
Cheerwin Group saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Given the contrasting considerations, we don't have a strong view as to whether Cheerwin Group's profits are an apt reflection of its underlying potential for profit. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Our analysis shows 2 warning signs for Cheerwin Group (1 doesn't sit too well with us!) and we strongly recommend you look at them before investing.
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.
一份平淡无奇的财报契尔文集团有限公司(HKG:6601)上周股价没有下跌。然而,我们认为投资者应该意识到一些可能令人担忧的潜在因素。
查看我们对Cheerwin Group的最新分析
联交所:6601盈利及收入历史2022年9月29日放大Cheerwin Group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。这一比率向我们展示了一家公司的利润超过其固定现金流的程度。
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。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。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。
在截至2022年6月的一年中,啦啦队的应计比率为0.48。一般来说,这对未来的盈利能力来说是个不好的预兆。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12个月里,它实际上有负面自由现金流,尽管其利润为6160万加元,但仍流出7600万加元。我们看到一年前的FCF是1.12亿元人民币,所以Cheerwin Group至少在过去能够产生正的FCF。然而,这并不是需要考虑的全部问题。应计比率反映了不寻常项目对法定利润的影响,至少在一定程度上是这样。
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。
异常项目对利润的影响
不幸的是(在短期内),啦啦队的利润减少了价值1300万元人民币的不寻常项目。如果这是一项非现金费用,如果现金流保持强劲,它会使应计比率更好,所以与一个没有激励作用的应计比率结合在一起并不是很好。虽然最初由于不寻常的项目而扣除的金额令人失望,但也有一线希望。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。在截至2022年6月的12个月里,啦啦队有一大笔不同寻常的物品支出。因此,我们可以推测,这些不寻常的项目使其法定利润明显低于正常情况下的水平。
我们对啦啦队盈利表现的看法
Cheerwin Group看到了不寻常的项目拖累了其利润,根据其应计比率,这本应更容易显示出高现金转换率,但它并没有这样做。考虑到这两种截然不同的考虑,我们对啦啦队的利润是否恰如其分地反映了其潜在的盈利潜力并没有强烈的看法。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。我们的分析显示啦啦队的2个警示标志(%1与我们的关系不太好!)我们强烈建议你在投资之前先看看它们。
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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