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We Believe Changmao Biochemical Engineering's (HKG:954) Earnings Are A Poor Guide For Its Profitability
We Believe Changmao Biochemical Engineering's (HKG:954) Earnings Are A Poor Guide For Its Profitability
Despite posting strong earnings, Changmao Biochemical Engineering Company Limited's (HKG:954) stock didn't move much over the last week. We think that investors might be worried about the foundations the earnings are built on.
View our latest analysis for Changmao Biochemical Engineering
SEHK:954 Earnings and Revenue History August 25th 2022A Closer Look At Changmao Biochemical Engineering'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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Over the twelve months to June 2022, Changmao Biochemical Engineering recorded an accrual ratio of 0.32. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥142m despite its profit of CN¥99.0m, mentioned above. We also note that Changmao Biochemical Engineering's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥142m. However, that's not all there is to consider. 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 Changmao Biochemical Engineering.
How Do Unusual Items Influence Profit?
Given the accrual ratio, it's not overly surprising that Changmao Biochemical Engineering's profit was boosted by unusual items worth CN¥121m in the last twelve months. 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, after all, that's exactly what the accounting terminology implies. Changmao Biochemical Engineering had a rather significant contribution from unusual items relative to its profit to June 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On Changmao Biochemical Engineering's Profit Performance
Changmao Biochemical Engineering had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Changmao Biochemical Engineering's statutory profits might make it look better than it really is on an underlying level. If you want to do dive deeper into Changmao Biochemical Engineering, you'd also look into what risks it is currently facing. For example, we've found that Changmao Biochemical Engineering has 2 warning signs (1 is significant!) that deserve your attention before going any further with your analysis.
Our examination of Changmao Biochemical Engineering has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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.
儘管公佈了強勁的收益,長茂生化工程有限公司(HKG:954)過去一週,股票沒有太大變動。我們認為,投資者可能擔心盈利的基礎。
查看我們對長茂生化工程的最新分析
聯交所:954盈利及收入歷史2022年8月25日細看長茂生化工程的盈利情況
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。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,當一家公司的應計比率為負時,它實際上被認為是一件好事,但如果它的應計比率為正,那就是一件壞事。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。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。
截至2022年6月的12個月內,長茂生化工程錄得0.32的權責發生比率。因此,我們知道它的自由現金流明顯低於其法定利潤,這引發了人們對這個利潤數字到底有多大用處的疑問。在過去的12個月裏,它實際上有負面自由現金流,儘管如上所述利潤為9900萬元,但仍流出1.42億元。我們還注意到,長茂生化工程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對其流出的1.42億元人民幣感到困擾。然而,這並不是需要考慮的全部問題。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。
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昌茂生化工程的資產負債表分析。
不尋常的項目如何影響利潤?
考慮到應計比率,昌茂生化工程的利潤在過去12個月裏被價值1.21億元人民幣的不尋常項目提振也就不足為奇了。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。畢竟,這正是會計術語所暗示的。相對於截至2022年6月的利潤,長茂生化工程的異常項目做出了相當大的貢獻。在其他條件不變的情況下,這可能會使法定利潤成為衡量潛在盈利能力的糟糕指標。
我們對長茂生化工程盈利業績的看法
長茂生化工程的應計比率較低,但它的利潤確實得到了非常項目的提振。基於上述原因,我們認為,敷衍地看一眼昌茂生化工程的法定利潤,可能會讓它看起來比實際情況更好。如果你想更深入地研究長茂生化工程,你還應該看看它目前面臨的風險是什麼。比如,我們發現長茂生化工程已經2個警告標誌(1很重要!)在進一步分析之前,這一點值得你注意。
我們對長茂生化工程的審查集中在某些因素上,這些因素可能會讓公司的收益看起來比實際情況更好。在此基礎上,我們對此持懷疑態度。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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