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We Think You Should Be Aware Of Some Concerning Factors In Fujian Start GroupLtd's (SHSE:600734) Earnings
We Think You Should Be Aware Of Some Concerning Factors In Fujian Start GroupLtd's (SHSE:600734) Earnings
The recent earnings posted by Fujian Start Group Co.Ltd (SHSE:600734) were solid, but the stock didn't move as much as we expected. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
See our latest analysis for Fujian Start GroupLtd
SHSE:600734 Earnings and Revenue History August 5th 2022A Closer Look At Fujian Start GroupLtd's 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. 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. 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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Fujian Start GroupLtd has an accrual ratio of 2.31 for the year to June 2022. 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 CN¥28m despite its profit of CN¥777.0m, mentioned above. We also note that Fujian Start GroupLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥28m. 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. One positive for Fujian Start GroupLtd 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 Fujian Start GroupLtd.
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Fujian Start GroupLtd expanded the number of shares on issue by 250% over the last year. That means its earnings are split among a greater number of shares. 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. Check out Fujian Start GroupLtd's historical EPS growth by clicking on this link.
How Is Dilution Impacting Fujian Start GroupLtd's Earnings Per Share (EPS)?
Fujian Start GroupLtd was losing money three years ago. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. So you can see that the dilution has had a fairly significant impact on shareholders.
If Fujian Start GroupLtd's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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
Fujian Start GroupLtd's profit suffered from unusual items, which reduced profit by CN¥108m in the last twelve months. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Fujian Start GroupLtd took a rather significant hit from unusual items in the year to June 2022. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
Our Take On Fujian Start GroupLtd's Profit Performance
Summing up, Fujian Start GroupLtd's unusual items suggest that its statutory earnings were temporarily depressed, and its accrual ratio indicates a lack of free cash flow relative to profit. On top of that, the dilution means that shareholders now own less of the company. For the reasons mentioned above, we think that a perfunctory glance at Fujian Start GroupLtd's statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To that end, you should learn about the 3 warning signs we've spotted with Fujian Start GroupLtd (including 2 which are a bit unpleasant).
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 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. 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.
最近發佈的收益為福建啟達集團股份有限公司(上海證券交易所股票代碼:600734)表現穩健,但股價走勢沒有我們預期的那麼大。我們認為,這是由於投資者將目光投向了法定利潤之外,而關注的是他們所看到的。
查看我們對福建創業集團有限公司的最新分析
上海證券交易所:600734收益和收入歷史2022年8月5日近距離觀察福建創業集團有限公司的收益
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。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。這一比率向我們展示了一家公司的利潤超過其固定現金流的程度。
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。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。
福建創業集團有限公司在截至2022年6月的一年中的應計比率為2.31。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,儘管其利潤為7.77億元,但仍流出2800萬元。我們還注意到,福建創業集團去年的自由現金流實際上也是負的,所以我們可以理解股東是否因為其2800萬元的資金流出而感到困擾。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。對福建創業集團的股東來説,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。點擊此處進入我們對福建創業集團有限公司的資產負債表分析。
為了理解每股回報的潛力,考慮一家公司稀釋股東的程度是至關重要的。福建創業集團股份有限公司發行的股票數量比去年增加了250%。這意味着它的收益被分配到更多的股票中。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。點擊此鏈接,查看福建創業集團有限公司每股收益的歷史增長。
稀釋對福建創業集團有限公司的每股收益(EPS)有何影響?
三年前,福建創業集團有限公司處於虧損狀態。即使只關注過去12個月,我們也沒有有意義的增長率,因為一年前它也出現了虧損。我們所知道的是,雖然在過去12個月裏看到盈利是件好事,但如果公司不需要發行股票,每股盈利會更好。因此,你可以看到,股權稀釋對股東產生了相當大的影響。
如果福建創業集團有限公司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。但另一方面,當我們得知利潤(但不是每股收益)改善時,我們就不會那麼興奮了。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
福建創業集團有限公司的利潤受到異常項目的影響,在過去的12個月裏利潤減少了1.08億元人民幣。在這種情況下,這是一個非現金費用,它會更容易有較高的現金轉換率,所以令人驚訝的是,應計比率講述了一個不同的故事。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。我們查看了數千家上市公司,發現不尋常的項目往往是一次性的。畢竟,這正是會計術語所暗示的。在截至2022年6月的一年裏,福建創業集團有限公司因異常項目而遭受了相當大的打擊。在其他條件不變的情況下,這很可能會導致法定利潤看起來比潛在的盈利能力更糟糕。
我們對福建創業集團有限公司盈利表現的看法
綜上所述,福建創業集團有限公司的不尋常項目表明,其法定收益暫時處於低迷狀態,其應計比率表明相對於利潤缺乏自由現金流。最重要的是,稀釋意味着股東現在持有的公司股份減少了。基於上述原因,我們認為,敷衍地看一眼福建創業集團有限公司的法定利潤,可能會讓它看起來比實際情況更好。因此,如果你想更深入地研究這隻股票,考慮它面臨的任何風險是至關重要的。為此,您應該瞭解3個警示標誌我們已經發現了福建創業集團有限公司(包括兩家有點令人不快)。
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。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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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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