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Jiangsu Libert (SHSE:605167) Strong Profits May Be Masking Some Underlying Issues
Jiangsu Libert (SHSE:605167) Strong Profits May Be Masking Some Underlying Issues
The recent earnings posted by Jiangsu Libert INC. (SHSE:605167) were solid, but the stock didn't move as much as we expected. 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 Jiangsu Libert
SHSE:605167 Earnings and Revenue History May 6th 2022A Closer Look At Jiangsu Libert's Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Over the twelve months to March 2022, Jiangsu Libert recorded an accrual ratio of 0.32. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥146m despite its profit of CN¥110.1m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥146m, this year, indicates high risk.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jiangsu Libert.
Our Take On Jiangsu Libert's Profit Performance
As we discussed above, we think Jiangsu Libert'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 Jiangsu Libert's underlying earnings power is lower than its statutory profit. Sadly, its EPS was down over the last twelve months. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Case in point: We've spotted 3 warning signs for Jiangsu Libert you should be mindful of and 1 of these bad boys is concerning.
Today we've zoomed in on a single data point to better understand the nature of Jiangsu Libert'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.
The recent earnings posted by Jiangsu Libert INC. (SHSE:605167) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
最近發佈的收益為江蘇自由股份有限公司。(上海證券交易所股票代碼:605167)表現穩健,但股價走勢沒有我們預期的那麼大。然而,法定利潤數字並不能説明全部情況,我們發現了一些可能引起股東關注的因素。
View our latest analysis for Jiangsu Libert
查看我們對江蘇自由的最新分析
A Closer Look At Jiangsu Libert's Earnings
近距離觀察江蘇自由報的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.
衡量一家公司將利潤轉換為自由現金流(FCF)的程度的一個關鍵財務比率是應計比率。應計制比率從給定期間的利潤中減去FCF,然後將結果除以該時間段內公司的平均運營資產。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。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,負的應計比率對公司是積極的,而正的應計比率是負的。雖然應計比率為正並不是問題,這表明非現金利潤達到了一定的水平,但高的應計比率可以説是一件壞事,因為它表明賬面利潤與現金流不匹配。值得注意的是,有一些學術證據表明,一般來説,高應計比率對短期利潤來説不是一個好兆頭。
Over the twelve months to March 2022, Jiangsu Libert recorded an accrual ratio of 0.32. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥146m despite its profit of CN¥110.1m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥146m, this year, indicates high risk.
截至2022年3月的12個月內,江蘇自由錄得應計比率為0.32。因此,我們可以推斷,它的自由現金流遠遠低於其法定利潤,這表明我們在加大對後者的重視之前,可能需要三思而後行。在過去的12個月裏,它實際上有負面自由現金流,儘管其利潤為1.101億元,但仍流出1.46億元。在去年自由現金流為負的背景下,我們可以想象,一些股東可能會懷疑,該公司今年1.46億加元的現金消耗是否意味着高風險。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jiangsu Libert.
注:我們總是建議投資者檢查資產負債表的實力。點擊此處進入我們對江蘇自由的資產負債表分析。
Our Take On Jiangsu Libert's Profit Performance
我們對江蘇自由的盈利表現的看法
As we discussed above, we think Jiangsu Libert'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 Jiangsu Libert's underlying earnings power is lower than its statutory profit. Sadly, its EPS was down over the last twelve months. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Case in point: We've spotted 3 warning signs for Jiangsu Libert you should be mindful of and 1 of these bad boys is concerning.
正如我們上面討論的,我們認為江蘇自由的收益沒有得到自由現金流的支持,這可能會讓一些投資者感到擔憂。因此,我們認為江蘇自由的潛在盈利能力很可能低於其法定利潤。遺憾的是,在過去的12個月裏,它的每股收益一直在下降。當然,當談到分析其收益時,我們只是觸及了皮毛;人們還可以考慮利潤率、預測增長和投資回報等因素。考慮到這一點,除非我們對風險有透徹的瞭解,否則我們不會考慮投資股票。舉個例子:我們發現了江蘇解放的三個警示信號,你應該注意,其中一個壞男孩令人擔憂。
Today we've zoomed in on a single data point to better understand the nature of Jiangsu Libert'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,我們放大了一個數據點,以更好地瞭解江蘇自由石油的利潤性質。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。一些人認為,高股本回報率是高質量企業的良好標誌。雖然這可能需要為您做一些研究,但您可能會發現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。
本文由Simply Wall St.撰寫,具有概括性。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。Simply Wall St.對上述任何一隻股票都沒有持倉。
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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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