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There Are Some Reasons To Suggest That Ximei Resources Holding's (HKG:9936) Earnings A Poor Reflection Of Profitability
There Are Some Reasons To Suggest That Ximei Resources Holding's (HKG:9936) Earnings A Poor Reflection Of Profitability
Ximei Resources Holding Limited (HKG:9936) posted some decent earnings, but shareholders didn't react strongly. We think that they might be concerned about some underlying details that our analysis found.
View our latest analysis for Ximei Resources Holding
SEHK:9936 Earnings and Revenue History September 20th 2022A Closer Look At Ximei Resources Holding's Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. 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. 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".
Over the twelve months to June 2022, Ximei Resources Holding recorded an accrual ratio of 0.47. Statistically speaking, that's a real negative for future earnings. 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¥294m despite its profit of CN¥115.0m, mentioned above. It's worth noting that Ximei Resources Holding generated positive FCF of CN¥17m a year ago, so at least they've done it in the past. Notably, the company has issued new shares, thus diluting existing shareholders and reducing their share of future earnings.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Ximei Resources Holding.
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, Ximei Resources Holding increased the number of shares on issue by 20% over the last twelve months by issuing new shares. As a result, its net income is now split between 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 Ximei Resources Holding's historical EPS growth by clicking on this link.
A Look At The Impact Of Ximei Resources Holding's Dilution On Its Earnings Per Share (EPS)
As you can see above, Ximei Resources Holding has been growing its net income over the last few years, with an annualized gain of 57% over three years. But EPS was only up 18% per year, in the exact same period. And at a glance the 37% gain in profit over the last year impresses. On the other hand, earnings per share are only up 37% in that time. Therefore, the dilution is having a noteworthy influence on shareholder returns.
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So Ximei Resources Holding shareholders will want to see that EPS figure continue to increase. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
Our Take On Ximei Resources Holding's Profit Performance
As it turns out, Ximei Resources Holding couldn't match its profit with cashflow and its dilution means that earnings per share growth is lagging net income growth. For the reasons mentioned above, we think that a perfunctory glance at Ximei Resources Holding's statutory profits might make it look better than it really is on an underlying level. If you want to do dive deeper into Ximei Resources Holding, you'd also look into what risks it is currently facing. For instance, we've identified 3 warning signs for Ximei Resources Holding (2 are a bit unpleasant) you should be familiar with.
Our examination of Ximei Resources Holding 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. Some people consider a high return on equity to be a good sign of a quality business. 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.
錫美資源控股有限公司(HKG:9936)公佈了一些不錯的收益,但股東反應並不強烈。我們認為,他們可能對我們分析發現的一些潛在細節感到擔憂。
查看我們對錫美資源控股的最新分析
聯交所:9936盈利及收入歷史2022年9月20日細看錫美資源控股的收益
衡量一家公司將利潤轉換為自由現金流(FCF)的程度的一個關鍵財務比率是應計比率。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。這個比率向我們展示了一家公司的利潤超過了它的FCF的多少。
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。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。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6月的12個月內,熙美資源控股錄得0.47的應計比率。從統計上講,這對未來的收益是一個真正的負面影響。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1.15億元,但仍流出2.94億元。值得注意的是,熙美資源控股一年前產生了1700萬元的正FCF,所以至少他們過去做到了。值得注意的是,該公司發行了新股,從而稀釋了現有股東的股份,並減少了他們在未來收益中的份額。
注:我們總是建議投資者檢查資產負債表的實力。點擊這裏可以看到我們對錫美資源控股的資產負債表分析。
評估收益質量的一個重要方面是看一家公司在多大程度上稀釋了股東的權益。事實上,錫美資源控股通過發行新股,在過去12個月中將發行的股票數量增加了20%。因此,它的淨利潤現在被更多的股票瓜分。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,查看錫美資源控股的歷史每股收益增長。
西美資源控股稀釋對其每股收益(EPS)的影響
正如你在上面看到的,錫美資源控股在過去幾年中一直在增長其淨收入,三年來的年化收益為57%。但在同一時期,每股收益僅增長了18%。乍一看,去年37%的利潤增長令人印象深刻。另一方面,收益每股在這段時間裏只上漲了37%。因此,稀釋對股東回報的影響是值得注意的。
從長遠來看,股價的變化確實傾向於反映每股收益的變化。因此,熙美資源控股股東將希望看到每股收益數字繼續增加。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。出於這個原因,你可以説,從長遠來看,每股收益比淨利潤更重要,假設目標是評估一家公司的股價是否可能增長。
我們對錫美資源控股盈利表現的看法
事實證明,錫美資源控股無法將其利潤與現金流相匹配,其稀釋意味着每股收益增長落後於淨利潤增長。基於上述原因,我們認為,敷衍地看一眼熙美資源控股的法定利潤,可能會讓它在潛在層面上看起來比實際情況更好。如果你真的想更深入地調查熙美資源控股,你還應該調查它目前面臨的風險。例如,我們已經確定錫美資源控股的3個警示標誌(2有點不愉快)你應該熟悉。
我們對熙美資源控股的調查集中在某些因素上,這些因素可能會讓它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。一些人認為,高股本回報率是高質量企業的良好標誌。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 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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