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Kale Environmental Technology (Shanghai)'s (SZSE:301070) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Kale Environmental Technology (Shanghai)'s (SZSE:301070) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Kale Environmental Technology (Shanghai) Corporation's (SZSE:301070) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
See our latest analysis for Kale Environmental Technology (Shanghai)
SZSE:301070 Earnings and Revenue History May 2nd 2022Zooming In On Kale Environmental Technology (Shanghai)'s 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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. 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. 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. 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 March 2022, Kale Environmental Technology (Shanghai) had an accrual ratio of 0.41. 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. Even though it reported a profit of CN¥45.6m, a look at free cash flow indicates it actually burnt through CN¥63m in the last year. It's worth noting that Kale Environmental Technology (Shanghai) generated positive FCF of CN¥18m a year ago, so at least they've done it in the past.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Kale Environmental Technology (Shanghai).
Our Take On Kale Environmental Technology (Shanghai)'s Profit Performance
As we discussed above, we think Kale Environmental Technology (Shanghai)'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 Kale Environmental Technology (Shanghai)'s underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in the last year. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Be aware that Kale Environmental Technology (Shanghai) is showing 3 warning signs in our investment analysis and 1 of those is concerning...
Today we've zoomed in on a single data point to better understand the nature of Kale Environmental Technology (Shanghai)'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.
Kale Environmental Technology (Shanghai) Corporation's (SZSE:301070) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
羽衣甘藍環境技術(上海)有限公司[SZSE:301070]近期疲弱的盈利報告並未導致股市大幅波動。我們的分析表明,除了疲軟的利潤數據外,投資者還應該意識到數字中的其他一些潛在弱點。
See our latest analysis for Kale Environmental Technology (Shanghai)
查看我們對凱爾環境技術(上海)的最新分析
Zooming In On Kale Environmental Technology (Shanghai)'s Earnings
放大凱爾環境科技(上海)的收益
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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高端金融領域,衡量一家公司將報告利潤轉換為自由現金流(FCF)的程度的關鍵比率是應計比率(來自現金流)。為了得到應計比率,我們首先從一個時期的利潤中減去FCF,然後用這個數字除以該時期的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少不是由自由現金流支持的。
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負的應計比率是一件好事,因為它表明該公司帶來的自由現金流比其利潤所暗示的要多。這並不意味着我們應該擔心應計比率為正,但值得注意的是,在應計比率相當高的地方。這是因為一些學術研究表明,高應計制比率往往會導致較低的利潤或較低的利潤增長。
For the year to March 2022, Kale Environmental Technology (Shanghai) had an accrual ratio of 0.41. 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. Even though it reported a profit of CN¥45.6m, a look at free cash flow indicates it actually burnt through CN¥63m in the last year. It's worth noting that Kale Environmental Technology (Shanghai) generated positive FCF of CN¥18m a year ago, so at least they've done it in the past.
截至2022年3月的一年,凱爾環境科技(上海)的應計比率為0.41。一般來説,這對未來的盈利能力來説是個不好的預兆。事實上,在此期間,該公司沒有產生任何自由現金流。儘管該公司報告利潤為4560萬加元,但看看自由現金流就會發現,該公司去年實際上燒掉了6300萬加元。值得注意的是,凱爾環境科技(上海)一年前產生了1800萬元的正FCF,所以至少他們過去做到了。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Kale Environmental Technology (Shanghai).
注:我們總是建議投資者檢查資產負債表的實力。點擊此處查看我們對凱爾環境科技(上海)的資產負債表分析。
Our Take On Kale Environmental Technology (Shanghai)'s Profit Performance
我們對凱爾環境科技(上海)盈利表現的看法
As we discussed above, we think Kale Environmental Technology (Shanghai)'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 Kale Environmental Technology (Shanghai)'s underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in the last year. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Be aware that Kale Environmental Technology (Shanghai) is showing 3 warning signs in our investment analysis and 1 of those is concerning...
正如我們上面討論的,我們認為凱爾環境科技(上海)的收益不是由自由現金流支持的,這可能會讓一些投資者感到擔憂。因此,我們認為,凱樂環境科技(上海)的潛在盈利能力很可能低於其法定利潤。更壞的消息是,該公司去年的每股收益有所下降。本文的目的是評估我們可以在多大程度上依賴法定收益來反映公司的潛力,但還有很多東西需要考慮。因此,如果你想更深入地研究這隻股票,考慮它面臨的任何風險是至關重要的。請注意,凱爾環境技術(上海)在我們的投資分析中顯示出3個警告信號,其中1個與...
Today we've zoomed in on a single data point to better understand the nature of Kale Environmental Technology (Shanghai)'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.
今天,為了更好地瞭解凱爾環境科技(上海)的利潤性質,我們只關注了一個數據點。但如果你有能力將注意力集中在細節上,那麼總會有更多的數據需要你去發現。有些人認為高股本回報率是高質量企業的良好標誌。雖然你可能需要做一些研究,但你可能會發現這一點。免費擁有高股本回報率的公司的集合,或者是內部人士購買的有用的股票清單。
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.
對這篇文章有什麼反饋嗎?擔心內容嗎?保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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