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Computime Group's (HKG:320) Profits Appear To Have Quality Issues
Computime Group's (HKG:320) Profits Appear To Have Quality Issues
Computime Group Limited's (HKG:320) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
See our latest analysis for Computime Group
SEHK:320 Earnings and Revenue History July 26th 2022A Closer Look At Computime Group'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. 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.
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.
For the year to March 2022, Computime Group had an accrual ratio of 0.31. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Even though it reported a profit of HK$84.2m, a look at free cash flow indicates it actually burnt through HK$254m in the last year. It's worth noting that Computime Group generated positive FCF of HK$323m a year ago, so at least they've done it 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. One positive for Computime Group shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Computime Group.
The Impact Of Unusual Items On Profit
The fact that the company had unusual items boosting profit by HK$16m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
Our Take On Computime Group's Profit Performance
Summing up, Computime Group received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue Computime Group's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Computime Group as a business, it's important to be aware of any risks it's facing. For instance, we've identified 4 warning signs for Computime Group (2 are a bit concerning) you should be familiar with.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
Computime Group Limited的(HKG:320)健康的利潤數據不會給投資者帶來任何驚喜。我們相信,股東已經注意到了法定利潤數字以外的一些令人擔憂的因素。
查看我們對Computime Group的最新分析
聯交所:320盈利及收入歷史2022年7月26日近距離觀察Computime Group的收益
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。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。
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。
在截至2022年3月的一年中,Computime Group的應計比率為0.31。不幸的是,這意味着其自由現金流遠遠低於其法定利潤,這讓我們懷疑利潤作為指導的效用。儘管該公司報告盈利8420萬港元,但看看自由現金流就會發現,該公司去年實際上燒掉了2.54億港元。值得注意的是,Computime Group一年前產生了3.23億港元的正FCF,所以至少他們過去做到了。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。對Computime Group的股東來説,一個積極的因素是,該公司去年的應計比率明顯好於去年,這提供了一個理由,讓人相信該公司未來可能會恢復更強勁的現金轉換。如果情況確實如此,股東應該期待本年度相對於利潤的現金流有所改善。
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Computime Group的資產負債表分析。
異常項目對利潤的影響
該公司去年有一些不同尋常的項目將利潤提高了1600萬港元,這一事實很可能在一定程度上解釋了其應計比率如此之低的原因。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。當我們分析了數千家上市公司的數據時,我們發現,在給定的一年中,不尋常的項目往往會帶來提振不第二年又重複了一遍。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。假設這些不同尋常的項目在本年度不會再次出現,我們因此預計明年的利潤會更弱(也就是説,在沒有業務增長的情況下)。
我們對Computime Group利潤表現的看法
綜上所述,Computime Group從不尋常的項目中獲得了不錯的利潤提振,但無法將其賬面利潤與自由現金流相匹配。考慮到這一切,我們認為Computime Group的利潤可能給人一種過於慷慨的印象,表明其可持續的盈利水平。如果你想更多地瞭解Computime Group作為一個企業,意識到它面臨的任何風險是很重要的。例如,我們已經確定Computime Group的4個警告標誌(2有點擔心)你應該熟悉。
在這篇文章中,我們研究了一些可能削弱利潤數字效用的因素,我們對此持謹慎態度。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。例如,許多人認為高股本回報率是有利的商業經濟指標,而另一些人則喜歡“跟着錢走”,尋找內部人士正在買入的股票。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。
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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