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Shareholders Will Be Pleased With The Quality of China Tangshang Holdings' (HKG:674) Earnings
Shareholders Will Be Pleased With The Quality of China Tangshang Holdings' (HKG:674) Earnings
Investors were underwhelmed by the solid earnings posted by China Tangshang Holdings Limited (HKG:674) recently. We have done some analysis and have found some comforting factors beneath the profit numbers.
See our latest analysis for China Tangshang Holdings
SEHK:674 Earnings and Revenue History July 29th 2022Examining Cashflow Against China Tangshang 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. 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 March 2022, China Tangshang Holdings recorded an accrual ratio of -0.61. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of HK$355m during the period, dwarfing its reported profit of HK$8.02m. Notably, China Tangshang Holdings had negative free cash flow last year, so the HK$355m it produced this year was a welcome improvement. However, that's not the end of the story. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Tangshang Holdings.
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, China Tangshang Holdings issued 25% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of China Tangshang Holdings' EPS by clicking here.
A Look At The Impact Of China Tangshang Holdings' Dilution On Its Earnings Per Share (EPS)
Three years ago, China Tangshang Holdings lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.
If China Tangshang Holdings' EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
The Impact Of Unusual Items On Profit
China Tangshang Holdings' profit was reduced by unusual items worth HK$21m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect China Tangshang Holdings to produce a higher profit next year, all else being equal.
Our Take On China Tangshang Holdings' Profit Performance
Summing up, China Tangshang Holdings' accrual ratio and its unusual items suggest that its statutory earnings were temporarily depressed (and could bounce back), while the dilution is a negative for shareholders. Looking at all these factors, we'd say that China Tangshang Holdings' underlying earnings power is at least as good as the statutory numbers would make it seem. So while earnings quality is important, it's equally important to consider the risks facing China Tangshang Holdings at this point in time. For example, China Tangshang Holdings has 4 warning signs (and 1 which is concerning) we think you should know about.
Our examination of China Tangshang Holdings has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there are plenty of other ways to inform your opinion of a company. 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. 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.
投資者對該公司公佈的穩健收益並不滿意中國唐商控股有限公司(HKG:674)最近。我們做了一些分析,發現了利潤數字背後的一些令人欣慰的因素。
查看我們對中國唐商控股的最新分析
聯交所:674盈利及收入歷史2022年7月29日考察現金流與中國唐商控股收益的關係
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。你可以把來自現金流的應計比率看作是‘非FCF利潤率’。
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。雖然應計比率高於零並不令人擔憂,但我們確實認為,當一家公司的應計比率相對較高時,這一點值得注意。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”。
在截至2022年3月的12個月內,中國唐商控股的應計比率為-0.61。因此,其法定收益非常顯著地低於其自由現金流。換言之,該公司在此期間產生了3.55億港元的自由現金流,令其報告的802萬港元利潤相形見絀。值得注意的是,中國唐商控股去年的自由現金流為負,因此其今年3.55億港元的收入是一個可喜的改善。然而,這並不是故事的結束。我們還必須考慮不尋常項目對法定利潤(從而對應計比率)的影響,以及公司發行新股的影響。
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中國唐商控股的資產負債表分析。
評估收益質量的一個重要方面是看一家公司在多大程度上稀釋了股東的權益。碰巧的是,中國唐商控股去年增發了25%的新股。因此,每股現在獲得的利潤份額較小。在慶祝淨利潤的同時忽視稀釋,就像是因為你只有一片更大的披薩而感到高興,但忽略了披薩現在被切成更多片的事實。點擊此處可以看到中國唐商控股每股收益圖表。
中國唐商控股稀釋對其每股收益(EPS)的影響
三年前,中國唐商控股虧損。回到去年,我們仍然不能連貫地談論增長率,因為它去年出現了虧損。但拋開算術不談,看到一項以前不盈利的業務何時好轉總是一件好事(儘管我們承認,如果不要求攤薄,利潤會更高)。因此,人們可以觀察到,稀釋正在對股東回報產生相當深遠的影響。
如果中國唐商控股的每股收益能夠隨着時間的推移而增長,那麼這將極大地提高股價向同一方向變動的可能性。然而,如果其利潤增加,而每股收益持平(甚至下降),那麼股東可能看不到太多好處。對於普通散户股東來説,EPS是檢查你假設的公司利潤份額的一個很好的措施。
異常項目對利潤的影響
過去12個月,中國唐商控股的利潤因價值2100萬港元的不尋常項目而減少,這幫助其產生了較高的現金轉換率,這一點從其不尋常項目中可見一斑。這就是你會看到的,一家公司的非現金費用減少了賬面利潤。雖然最初由於不尋常的項目而扣除的金額令人失望,但也有一線希望。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。畢竟,這正是會計術語所暗示的。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,中國唐商控股明年將產生更高的利潤。
我們對中國唐商控股盈利表現的看法
綜上所述,中國唐商控股的權責發生比率及其不尋常的項目表明,其法定收益暫時受到抑制(並可能反彈),而稀釋對股東來説是一個負面影響。考慮到所有這些因素,我們會説,中國唐商控股的潛在盈利能力至少像法定數字所顯示的那樣好。因此,儘管盈利質量很重要,但考慮到中國唐商控股目前面臨的風險也同樣重要。例如,中國唐商控股擁有4個警示標誌(還有一條是關於的)我們認為你應該知道。
我們對中國唐商控股的調查集中在某些因素上,這些因素可能會讓其收益看起來比實際情況更好。而且它已經以優異的成績通過了。但還有很多其他方式可以讓你瞭解一家公司的看法。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。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。
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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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。
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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。
風險及免責聲明
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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