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Jintai Energy Holdings' (HKG:2728) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Jintai Energy Holdings' (HKG:2728) Sluggish Earnings Might Be Just The Beginning Of Its Problems
A lackluster earnings announcement from Jintai Energy Holdings Limited (HKG:2728) 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 Jintai Energy Holdings
SEHK:2728 Earnings and Revenue History June 3rd 2022Zooming In On Jintai Energy Holdings' 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. 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.
Over the twelve months to December 2021, Jintai Energy Holdings recorded an accrual ratio of 0.41. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of HK$101m despite its profit of HK$94.3m, mentioned above. It's worth noting that Jintai Energy Holdings generated positive FCF of HK$304m a year ago, so at least they've done it in the past. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jintai Energy Holdings.
The Impact Of Unusual Items On Profit
Unfortunately (in the short term) Jintai Energy Holdings saw its profit reduced by unusual items worth HK$64m. 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. 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. Assuming those unusual expenses don't come up again, we'd therefore expect Jintai Energy Holdings to produce a higher profit next year, all else being equal.
Our Take On Jintai Energy Holdings' Profit Performance
Jintai Energy Holdings 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. Based on these factors, we think it's very unlikely that Jintai Energy Holdings' statutory profits make it seem much weaker than it is. If you'd like to know more about Jintai Energy Holdings as a business, it's important to be aware of any risks it's facing. To help with this, we've discovered 5 warning signs (2 can't be ignored!) that you ought to be aware of before buying any shares in Jintai Energy Holdings.
Our examination of Jintai Energy Holdings has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. 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.
A lackluster earnings announcement from Jintai Energy Holdings Limited (HKG:2728) 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.
一份平淡無奇的財報金泰能源控股有限公司(HKG:2728)上週股價並未下跌。然而,我們認為投資者應該意識到一些可能令人擔憂的潛在因素。
Check out our latest analysis for Jintai Energy Holdings
查看我們對金泰能源控股的最新分析
Zooming In On Jintai Energy Holdings' Earnings
放大金泰能源控股公司的收益
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. 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.
正如金融書呆子們已經知道的那樣,現金流應計比率是評估一家公司的自由現金流(FCF)與利潤匹配程度的關鍵指標。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。
Over the twelve months to December 2021, Jintai Energy Holdings recorded an accrual ratio of 0.41. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of HK$101m despite its profit of HK$94.3m, mentioned above. It's worth noting that Jintai Energy Holdings generated positive FCF of HK$304m a year ago, so at least they've done it in the past. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2021年12月的12個月內,金泰能源控股錄得0.41的應計比率。一般來説,這對未來的盈利能力來説是個不好的預兆。換句話説,該公司在那段時間沒有產生一分錢的自由現金流。在過去的12個月裏,它實際上有負面自由現金流,儘管其盈利為9,430萬港元,但仍有1.01億港元的流出。值得注意的是,金泰能源控股一年前產生了3.04億港元的正FCF,所以至少他們過去做到了。話雖如此,故事中還有更多的東西。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jintai Energy Holdings.
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金泰能源控股的資產負債表分析。
The Impact Of Unusual Items On Profit
異常項目對利潤的影響
Unfortunately (in the short term) Jintai Energy Holdings saw its profit reduced by unusual items worth HK$64m. 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. 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. Assuming those unusual expenses don't come up again, we'd therefore expect Jintai Energy Holdings to produce a higher profit next year, all else being equal.
不幸的是(在短期內),金泰能源控股的利潤減少了價值6400萬港元的不尋常項目。如果這是一項非現金費用,如果現金流保持強勁,它會使應計比率更好,所以與一個沒有激勵作用的應計比率結合在一起並不是很好。看到不尋常的項目讓公司損失利潤從來都不是件好事,但從好的方面來看,情況可能很快就會改善。當我們分析全球絕大多數上市公司時,我們發現重大的不尋常項目往往不會重複。考慮到這些項目被認為是不尋常的,這並不令人驚訝。假設這些不尋常的支出不會再次出現,我們因此預計,在其他條件不變的情況下,金泰能源控股明年將產生更高的利潤。
Our Take On Jintai Energy Holdings' Profit Performance
我們對金泰能源控股公司利潤表現的看法
Jintai Energy Holdings 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. Based on these factors, we think it's very unlikely that Jintai Energy Holdings' statutory profits make it seem much weaker than it is. If you'd like to know more about Jintai Energy Holdings as a business, it's important to be aware of any risks it's facing. To help with this, we've discovered 5 warning signs (2 can't be ignored!) that you ought to be aware of before buying any shares in Jintai Energy Holdings.
金泰能源控股的利潤受到不尋常項目的拖累,根據其應計制比率,這本應更容易顯示出高現金轉換率,但它並沒有這麼做。基於這些因素,我們認為金泰能源控股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金泰能源控股作為一家企業,瞭解它面臨的任何風險是很重要的。為了幫助解決這個問題,我們發現5個警告標誌(2不可忽視!)在購買金泰能源控股的任何股票之前,你應該意識到這一點。
Our examination of Jintai Energy Holdings has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. 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.
我們對金泰能源控股的審查集中在某些因素上,這些因素可能會讓金泰能源的收益看起來比實際情況更好。但還有很多其他方式可以讓你瞭解一家公司的看法。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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