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China Bright Culture Group (HKG:1859) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Bright Culture Group (HKG:1859) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Bright Culture Group's (HKG:1859) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.
See our latest analysis for China Bright Culture Group
SEHK:1859 Earnings and Revenue History August 29th 2022Zooming In On China Bright Culture Group'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. 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.
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to June 2022, China Bright Culture Group had an accrual ratio of -0.14. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥182m, well over the CN¥12.6m it reported in profit. Given that China Bright Culture Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥182m would seem to be a step in the right direction. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Bright Culture Group.
How Do Unusual Items Influence Profit?
China Bright Culture Group's profit was reduced by unusual items worth CN¥4.3m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If China Bright Culture Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
Our Take On China Bright Culture Group's Profit Performance
In conclusion, both China Bright Culture Group's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Looking at all these factors, we'd say that China Bright Culture Group's underlying earnings power is at least as good as the statutory numbers would make it seem. If you want to do dive deeper into China Bright Culture Group, you'd also look into what risks it is currently facing. Case in point: We've spotted 2 warning signs for China Bright Culture Group you should be mindful of and 1 of these is a bit concerning.
After our examination into the nature of China Bright Culture Group's profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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.
中國光明文化集團旗下 (HKG: 1859) 最近的收益報告並沒有帶來任何意外,該股在上週保持不變。我們做了一些挖掘,我們認爲投資者在基礎數字中遺漏了一些令人鼓舞的因素。
查看我們對中國光明文化集團的最新分析
聯交所:1859 收益及收入記錄 2022年8月29日聚焦中國光明文化集團的財報
正如金融愛好者已經知道的那樣, 現金流應計比率 是評估公司的自由現金流(FCF)與利潤相匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。這個比率告訴我們,公司有多少利潤沒有自由現金流的支持。
這意味着負應計比率是一件好事,因爲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爲正,但值得注意的是,應計比率相當高的地方。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司將來的利潤往往會降低”。
截至2022年6月的一年中,中國光明文化集團的應計比率爲-0.14。這表明其自由現金流遠高於其法定利潤。事實上,在過去的十二個月中,該公司公佈的自由現金流爲1.82億元人民幣,遠高於其公佈的利潤1,260萬元人民幣。鑑於中國光明文化集團在前一同期的自由現金流爲負,過去十二個月的1.82億元人民幣的收益似乎是朝着正確方向邁出的一步。話雖如此,故事還有更多。應計比率反映了不尋常項目對法定利潤的影響,至少部分是如此。
注意: 我們總是建議投資者查看資產負債表的實力。點擊此處查看我們對中國光明文化集團的資產負債表分析。
不尋常的物品如何影響利潤?
在過去的十二個月中,China Bright Culture Group的利潤因價值430萬元人民幣的不尋常物品而減少,這幫助其實現了高現金轉換,其不尋常的物品就反映了這一點。在這些不尋常的項目包括非現金費用的情況下,我們預計會看到強勁的應計比率,而這正是本案中發生的情況。雖然不尋常物品造成的扣除首先令人失望,但有一線希望。我們調查了成千上萬的上市公司,發現不尋常的物品本質上通常是一次性的。考慮到這些細列項目被認爲是不尋常的,這也就不足爲奇了。如果China Bright Culture Group沒有看到這些不尋常的支出重演,那麼在其他條件相同的情況下,我們預計其利潤將在來年增加。
我們對中國光明文化集團盈利表現的看法
總之,中國光明文化集團的應計比率及其不尋常的項目都表明其法定收益可能相當保守。從所有這些因素來看,我們可以說,中國光明文化集團的潛在盈利能力至少與法定數字一樣好。如果你想更深入地瞭解China Bright Culture Group,你還可以看看它目前面臨的風險。一個很好的例子:我們發現了 中國光明文化集團有兩個警告標誌 你應該注意,其中 1 個有點令人擔憂。
在我們研究了中國光明文化集團利潤的性質之後,我們對該公司持樂觀態度。但是,如果你能夠將注意力集中在細節上,總會有更多東西要發現。有些人認爲,高股本回報率是高質量業務的好兆頭。雖然可能需要代表你進行一些研究,但你可能會發現這個 免費的 一系列擁有高股本回報率的公司,或者這份內部人士爲了有用而買入的股票清單。
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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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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