-
市場
-
產品
-
資訊
-
Moo社區
-
課堂
-
查看更多
-
功能介紹
-
費用費用透明,無最低余額限制
投資選擇、功能介紹、費用相關信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 淺色
We Think That There Are Issues Underlying Kindstar Globalgene Technology's (HKG:9960) Earnings
We Think That There Are Issues Underlying Kindstar Globalgene Technology's (HKG:9960) Earnings
Kindstar Globalgene Technology, Inc. (HKG:9960) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
View our latest analysis for Kindstar Globalgene Technology
SEHK:9960 Earnings and Revenue History August 22nd 2022Zooming In On Kindstar Globalgene Technology's 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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
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.
For the year to June 2022, Kindstar Globalgene Technology had an accrual ratio of 0.83. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥289m, in contrast to the aforementioned profit of CN¥109.8m. It's worth noting that Kindstar Globalgene Technology generated positive FCF of CN¥34m a year ago, so at least they've done it in the past. Having said that, there is more to consider. 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 Kindstar Globalgene Technology 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. As a result, some shareholders may be looking for stronger cash conversion in the current year.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Kindstar Globalgene Technology increased the number of shares on issue by 8.9% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Kindstar Globalgene Technology's historical EPS growth by clicking on this link.
How Is Dilution Impacting Kindstar Globalgene Technology's Earnings Per Share (EPS)?
Three years ago, Kindstar Globalgene Technology lost money. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. 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. Therefore, the dilution is having a noteworthy influence on shareholder returns.
In the long term, if Kindstar Globalgene Technology's earnings per share can increase, then the share price should too. 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.
How Do Unusual Items Influence Profit?
Unfortunately (in the short term) Kindstar Globalgene Technology saw its profit reduced by unusual items worth CN¥25m. 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. 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. In the twelve months to June 2022, Kindstar Globalgene Technology had a big unusual items expense. 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 Kindstar Globalgene Technology's Profit Performance
In conclusion, Kindstar Globalgene Technology's accrual ratio suggests that its statutory earnings are not backed by cash flow; but the fact unusual items actually weighed on profit may create upside if those unusual items to not recur. And the dilution means that per-share results are weaker than the bottom line might imply. After taking into account all the aforementioned observations we think that Kindstar Globalgene Technology's profits probably give a generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, Kindstar Globalgene Technology has 2 warning signs (and 1 which can't be ignored) we think you should know about.
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. 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.
Kindstar全球基因科技公司(HKG:9960)公佈強勁盈利,但股價停滯不前。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。
查看我們對Kindstar Globalgene Technology的最新分析
聯交所:9960盈利及收入歷史2022年8月22日放大Kindstar Globalgene Technology的收益
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。簡單地説,這個比率是從淨利潤中減去FCF,然後用這個數字除以該公司在此期間的平均運營資產。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。
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。
在截至2022年6月的一年中,Kindstar Globalgene Technology的應計比率為0.83。從統計上講,這對未來的收益是一個真正的負面影響。事實上,在此期間,該公司沒有產生任何自由現金流。在過去的一年裏,它實際上負面自由現金流為2.89億元,而前述利潤為1.098億元。值得注意的是,Kindstar Globalgene Technology一年前產生了3400萬元的正FCF,所以至少他們過去做到了。話雖如此,還有更多需要考慮的問題。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Kindstar Globalgene Technology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。因此,一些股東可能希望在本年度實現更強勁的現金轉換。
這可能會讓你想知道,分析師對未來盈利能力的預測是什麼。幸運的是,您可以單擊此處查看基於他們估計的未來盈利能力的互動圖表。
要了解一家公司盈利增長的價值,必須考慮對股東利益的任何稀釋。事實上,Kindstar Globalgene Technology通過發行新股,在過去12個月中將發行的股票數量增加了8.9%。因此,每股現在獲得的利潤份額較小。談論淨利潤,而不注意每股收益,就是被大數字分散注意力,而忽略了與之交談的較小數字每股價值。點擊此鏈接,查看Kindstar Globalgene Technology歷史上的每股收益增長。
稀釋對Kindstar Globalgene Technology的每股收益(EPS)有何影響?
三年前,Kindstar Globalgene Technology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。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,稀釋對股東回報的影響是值得注意的。
從長遠來看,如果Kindstar Globalgene Technology的收益每股可以增加,那麼股價也應該是。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。
不尋常的項目如何影響利潤?
不幸的是(在短期內)Kindstar Globalgene Technology的利潤減少了價值2500萬元人民幣的不尋常項目。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。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。在截至2022年6月的12個月裏,Kindstar Globalgene Technology有一大筆不同尋常的項目支出。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Kindstar Globalgene科技公司利潤表現的看法
總而言之,Kindstar Globalgene Technology的應計比率表明,其法定收益沒有現金流支持;但如果這些不尋常項目不再發生,實際上拖累了利潤的不尋常項目可能會產生上行效應。而稀釋意味着每股收益比底線可能暗示的要弱。在考慮了所有上述觀察之後,我們認為Kindstar Globalgene Technology的利潤可能會給人一種對其可持續盈利水平的慷慨印象。請記住,在分析一隻股票時,值得注意其中的風險。例如,Kindstar Globalgene Technology擁有2個警告標誌(還有一個不容忽視)我們認為你應該知道這一點。
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。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。
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。
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能,分享給你的好友吧