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Guorui Properties' (HKG:2329) Earnings Are Weaker Than They Seem
Guorui Properties' (HKG:2329) Earnings Are Weaker Than They Seem
Guorui Properties Limited's (HKG:2329) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
See our latest analysis for Guorui Properties
SEHK:2329 Earnings and Revenue History May 9th 2022A Closer Look At Guorui Properties' Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. The ratio shows us how much a company's profit exceeds its FCF.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Over the twelve months to December 2021, Guorui Properties recorded an accrual ratio of -0.11. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of CN¥4.1b during the period, dwarfing its reported profit of CN¥228.3m. Guorui Properties' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guorui Properties.
The Impact Of Unusual Items On Profit
Surprisingly, given Guorui Properties' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥406m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Guorui Properties' positive unusual items were quite significant relative to its profit in the year to December 2021. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Guorui Properties' Profit Performance
Guorui Properties' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think it's very unlikely that Guorui Properties' statutory profits make it seem much weaker than it is. If you'd like to know more about Guorui Properties as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 4 warning signs for Guorui Properties you should be mindful of and 2 of these are potentially serious.
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 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. 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.
Guorui Properties Limited's (HKG:2329) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
國瑞置業有限公司(HKG:2329)強勁的盈利報告未能推動其股票的市場走勢。我們的分析表明,這可能是因為股東注意到了一些潛在的因素。
See our latest analysis for Guorui Properties
查看我們對國瑞地產的最新分析
A Closer Look At Guorui Properties' Earnings
仔細看看國瑞地產的盈利情況
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. The ratio shows us how much a company's profit exceeds its FCF.
許多投資者都沒有聽説過現金流應計比率但它實際上是衡量一家公司在給定時期內自由現金流(FCF)支持公司利潤的程度的有用指標。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。這個比率向我們展示了一家公司的利潤超過了它的FCF的多少。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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。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。引用勒維倫和雷蘇泰克2014年的一篇論文,“應計利潤較高的公司未來的利潤往往較低”。
Over the twelve months to December 2021, Guorui Properties recorded an accrual ratio of -0.11. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of CN¥4.1b during the period, dwarfing its reported profit of CN¥228.3m. Guorui Properties' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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.
在截至2021年12月的12個月內,國瑞地產錄得-0.11的應計比率。這意味着它有很好的現金轉換率,並意味着它的自由現金流穩步超過了去年的利潤。換言之,該公司在此期間產生了41億加元的自由現金流,令其公佈的2.283億加元的利潤相形見絀。國瑞地產的自由現金流實際上在去年有所下降,這令人失望,就像不可生物降解的氣球一樣。然而,這並不是需要考慮的全部問題。應計比率反映了不尋常項目對法定利潤的影響,至少在一定程度上是這樣。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guorui Properties.
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國瑞地產的資產負債表分析。
The Impact Of Unusual Items On Profit
異常項目對利潤的影響
Surprisingly, given Guorui Properties' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥406m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Guorui Properties' positive unusual items were quite significant relative to its profit in the year to December 2021. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
令人意外的是,鑑於國瑞地產的應計比率意味着強勁的現金轉換,其賬面利潤實際上得到了4.06億加元的異常項目的提振。雖然有更高的利潤總是好事,但不尋常的東西帶來的巨大貢獻有時會挫傷我們的熱情。我們對全球大多數上市公司進行了統計,不尋常的項目在性質上是一次性的,這是非常常見的。考慮到這些提振被描述為“不尋常的”,這正如你所預期的那樣。我們可以看到,在截至2021年12月的一年中,國瑞地產的積極異常項目相對於其利潤來説相當重要。因此,我們可以推測,這些不尋常的項目使其法定利潤比其他情況下要強勁得多。
Our Take On Guorui Properties' Profit Performance
我們對國瑞地產盈利表現的看法
Guorui Properties' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think it's very unlikely that Guorui Properties' statutory profits make it seem much weaker than it is. If you'd like to know more about Guorui Properties as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 4 warning signs for Guorui Properties you should be mindful of and 2 of these are potentially serious.
國瑞地產的利潤得到了不尋常項目的提振,這表明它們可能無法持續,但其應計比率仍顯示出穩健的現金轉換,這是有希望的。基於這些因素,我們認為國瑞地產的法定利潤不太可能讓它看起來比實際情況弱得多。如果你想更多地瞭解國瑞地產作為一項業務,瞭解它面臨的任何風險是很重要的。一個恰當的例子:我們發現了國瑞物業的4個警告標誌你應該注意,其中兩個是潛在的嚴重問題。
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 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. 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.
在這篇文章中,我們研究了一些因素,這些因素可能會削弱利潤數字作為企業指南的效用。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。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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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