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We Think Anacle Systems' (HKG:8353) Solid Earnings Are Understated
We Think Anacle Systems' (HKG:8353) Solid Earnings Are Understated
Anacle Systems Limited's (HKG:8353) solid earnings announcement recently didn't do much to the stock price. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
See our latest analysis for Anacle Systems
SEHK:8353 Earnings and Revenue History September 1st 2022A Closer Look At Anacle Systems' 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. 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.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Anacle Systems has an accrual ratio of -1.83 for the year to May 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of S$8.2m, well over the S$2.37m it reported in profit. Anacle Systems shareholders are no doubt pleased that free cash flow improved over the last twelve months. Importantly, we note an unusual tax situation, which we discuss below, has impacted the accruals ratio.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Anacle Systems.
An Unusual Tax Situation
Moving on from the accrual ratio, we note that Anacle Systems profited from a tax benefit which contributed S$164k to profit. This is of course a bit out of the ordinary, given it is more common for companies to be paying tax than receiving tax benefits! The receipt of a tax benefit is obviously a good thing, on its own. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
Our Take On Anacle Systems' Profit Performance
In conclusion, Anacle Systems has strong cashflow relative to earnings, which indicates good quality earnings, but the tax benefit means its profit wasn't as sustainable as we'd like to see. Considering all the aforementioned, we'd venture that Anacle Systems' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. When we did our research, we found 2 warning signs for Anacle Systems (1 is potentially serious!) that we believe deserve your full attention.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
甲骨文系統有限公司(HKG:8353)最近公佈的穩健業績並沒有對股價起到多大作用。我們的分析表明,股東可能在收益報告中遺漏了一些積極的潛在因素。
請參閲我們對Oracle Systems的最新分析
聯交所:8353盈利及收入歷史2022年9月1日近距離觀察甲骨文系統公司的收益
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。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。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,負的應計比率對公司是積極的,而正的應計比率是負的。雖然應計比率為正並不是問題,這表明非現金利潤達到了一定的水平,但高的應計比率可以説是一件壞事,因為它表明賬面利潤與現金流不匹配。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5月的一年中,甲骨文系統公司的應計比率為-1.83。因此,其法定收益非常顯著地低於其自由現金流。事實上,在過去12個月中,該公司報告的自由現金流為820萬新元,遠高於其報告的237萬新元的利潤。在過去的12個月裏,自由現金流有所改善,這無疑讓AnacleSystems的股東們感到高興。重要的是,我們注意到一種不尋常的税收情況,我們在下文中討論了這一情況,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甲骨文系統的資產負債表分析。
不同尋常的税務情況
從應計比率來看,我們注意到Anacle Systems從一項税收優惠中獲利,該優惠為利潤貢獻了16.4萬新元。這當然有點不尋常,因為公司交税比享受税收優惠更常見!獲得税收優惠本身顯然是一件好事。然而,細節中的魔鬼是,這些福利只在預訂的那一年影響,而且往往是一次性的。如果税收優惠不再重複,我們預計其法定利潤水平將下降,至少在沒有強勁增長的情況下是這樣。因此,雖然我們認為獲得税收優惠是件好事,但它確實傾向於意味着增加了風險,即法定利潤誇大了企業的可持續盈利能力。
我們對甲骨文系統公司利潤表現的看法
總而言之,與盈利相比,甲骨文系統公司擁有強大的現金流,這表明其盈利質量良好,但税收優惠意味着其利潤並不像我們希望看到的那樣可持續。考慮到前面提到的一切,我們敢説,甲骨文系統公司的盈利業績是衡量其真正盈利能力的一個很好的指南,儘管有點保守。請記住,在分析一隻股票時,值得注意其中的風險。當我們做研究時,我們發現甲骨文系統的2個警告信號(%1可能很嚴重!)我們認為這值得你的全力關注。
在這篇文章中,我們研究了一些因素,這些因素可能會削弱利潤數字作為企業指南的效用。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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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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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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