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We Think China Starch Holdings' (HKG:3838) Profit Is Only A Baseline For What They Can Achieve
We Think China Starch Holdings' (HKG:3838) Profit Is Only A Baseline For What They Can Achieve
China Starch Holdings Limited (HKG:3838) recently posted some strong earnings, and the market responded positively. We did some digging and found some further encouraging factors that investors will like.
See our latest analysis for China Starch Holdings
SEHK:3838 Earnings and Revenue History April 21st 2022Examining Cashflow Against China Starch Holdings' 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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.
Over the twelve months to December 2021, China Starch Holdings recorded an accrual ratio of -0.13. Therefore, its statutory earnings were quite a lot less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥712m, well over the CN¥345.6m it reported in profit. Given that China Starch Holdings had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥712m 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 Starch Holdings.
The Impact Of Unusual Items On Profit
Surprisingly, given China Starch Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥34m in unusual items. 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. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
Our Take On China Starch Holdings' Profit Performance
China Starch Holdings' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Considering the aforementioned, we think that China Starch Holdings' profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. If you'd like to know more about China Starch Holdings as a business, it's important to be aware of any risks it's facing. To that end, you should learn about the 3 warning signs we've spotted with China Starch Holdings (including 1 which is significant).
Our examination of China Starch Holdings has focussed on certain factors that can make its earnings look better than they are. 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. 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.
China Starch Holdings Limited (HKG:3838) recently posted some strong earnings, and the market responded positively. We did some digging and found some further encouraging factors that investors will like.
中國澱粉控股有限公司(HKG:3838)最近公佈了一些強勁的收益,市場反應積極。我們做了一些挖掘,發現了一些投資者會喜歡的進一步鼓舞人心的因素。
See our latest analysis for China Starch Holdings
查看我們對中國澱粉控股的最新分析
Examining Cashflow Against China Starch Holdings' Earnings
考察現金流與中國澱粉控股的收益
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如金融書呆子們已經知道的那樣,現金流應計比率是評估一家公司的自由現金流(FCF)與利潤匹配程度的關鍵指標。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。你可以把來自現金流的應計比率看作是‘非FCF利潤率’。
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.
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。
Over the twelve months to December 2021, China Starch Holdings recorded an accrual ratio of -0.13. Therefore, its statutory earnings were quite a lot less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥712m, well over the CN¥345.6m it reported in profit. Given that China Starch Holdings had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥712m 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.
在截至2021年12月的12個月內,中國澱粉控股的應計比率為-0.13。因此,它的法定收益比自由現金流要少得多。事實上,在過去的12個月裏,該公司報告的自由現金流為7.12億加元,遠高於其報告的3.456億加元的利潤。鑑於此前同期中國澱粉控股的自由現金流為負,後續12個月7.12億元的業績似乎是朝着正確方向邁出的一步。話雖如此,故事中還有更多的東西。應計比率反映了不尋常項目對法定利潤的影響,至少在一定程度上是這樣。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Starch Holdings.
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中國澱粉控股的資產負債表分析。
The Impact Of Unusual Items On Profit
異常項目對利潤的影響
Surprisingly, given China Starch Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥34m in unusual items. 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. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
令人意外的是,鑑於中國澱粉控股的應計比率意味着強勁的現金轉換,其賬面利潤實際上得到了3400萬加元不尋常項目的提振。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。考慮到這個名字,這並不令人驚訝。假設這些不同尋常的項目在本年度不會再次出現,我們因此預計明年的利潤會更弱(也就是説,在沒有業務增長的情況下)。
Our Take On China Starch Holdings' Profit Performance
我們對中國澱粉控股公司盈利表現的看法
China Starch Holdings' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Considering the aforementioned, we think that China Starch Holdings' profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. If you'd like to know more about China Starch Holdings as a business, it's important to be aware of any risks it's facing. To that end, you should learn about the 3 warning signs we've spotted with China Starch Holdings (including 1 which is significant).
中國澱粉控股的利潤從不尋常的項目中獲得提振,這表明它們可能無法持續,但其應計比率仍顯示出穩健的現金轉換,這是有希望的。考慮到上述情況,我們認為中國澱粉控股的利潤可能合理地反映了其潛在的盈利能力;儘管如果我們看到一套更乾淨的業績,我們會對這一結論充滿信心。如果你想更多地瞭解中國澱粉控股作為一家企業,瞭解它面臨的任何風險是很重要的。為此,你應該瞭解一下我們發現的中國澱粉控股的3個警告信號(包括1個重要的警告信號)。
Our examination of China Starch Holdings has focussed on certain factors that can make its earnings look better than they are. 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. 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.
我們對中國澱粉控股的審查集中在某些因素上,這些因素可能會讓該公司的收益看起來比實際情況更好。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。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。
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.
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。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。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。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
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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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