Koal Software (SHSE:603232) Is Posting Solid Earnings, But It Is Not All Good News
Koal Software (SHSE:603232) Is Posting Solid Earnings, But It Is Not All Good News
Koal Software Co., Ltd.'s (SHSE:603232) stock performed strongly after the recent earnings report. Despite this, we feel that there are some reasons to be cautious with these earnings.
考尔软件有限公司'在最近的财报发布后,s(上海证券交易所代码:603232)的股票表现强劲。尽管如此,我们认为有一些理由对这些收益持谨慎态度。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-e133f31e1a7f1e6eff9bab78ddf01415-0-6457923f149da2e38d6d7c0ee05942f0.png/big)
Zooming In On Koal Software's Earnings
放大Koal Software的收益
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高金融领域,用于衡量公司将申报的利润转化为自由现金流(FCF)的效果的关键比率是应计比率(来自现金流)。简而言之,该比率从净利润中减去FCF,然后将该数字除以公司在此期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
Over the twelve months to March 2024, Koal Software recorded an accrual ratio of 0.26. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥216m, in contrast to the aforementioned profit of CN¥27.1m. It's worth noting that Koal Software generated positive FCF of CN¥119m a year ago, so at least they've done it in the past. 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. One positive for Koal Software shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2024年3月的十二个月中,考尔软件记录的应计比率为0.26。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为2.16亿元人民币,而上述利润为2710万元人民币。值得注意的是,Koal Software一年前创造了1.19亿元人民币的正FCF,因此至少他们过去曾这样做过。话虽如此,故事还有更多。应计比率至少部分反映了不寻常项目对法定利润的影响。对Koal Software股东来说,一个积极因素是,去年的应计比率明显改善,这使人们有理由相信它未来可能会恢复更强劲的现金转换。如果确实如此,股东应寻求在本年度的现金流相对于利润的改善。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Given the accrual ratio, it's not overly surprising that Koal Software's profit was boosted by unusual items worth CN¥28m 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 analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. Koal Software had a rather significant contribution from unusual items relative to its profit to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
考虑到应计比率,在过去十二个月中,价值2800万元人民币的不寻常项目提振了Koal Software的利润也就不足为奇了。虽然获得更高的利润总是件好事,但来自不寻常物品的巨额捐款有时会抑制我们的热情。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。考虑到这个名字,这并不奇怪。截至2024年3月,Koal Software从不寻常的项目中获得了相当大的利润。在其他条件相同的情况下,这可能会使法定利润成为衡量潜在盈利能力的不良指导。
Our Take On Koal Software's Profit Performance
我们对考尔软件盈利表现的看法
Koal Software had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue Koal Software's profits probably give an overly generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've found that Koal Software has 3 warning signs (1 can't be ignored!) that deserve your attention before going any further with your analysis.
Koal Software的应计比率较低,但其利润确实得到了不寻常项目的提振。考虑到所有这些,我们认为Koal Software的利润可能给人一种对其可持续盈利水平的过于慷慨的印象。请记住,在分析股票时,值得注意所涉及的风险。例如,我们发现 Koal Software 有 3 个警告信号(1 个不容忽视!)在进行进一步分析之前,这值得你注意。
Our examination of Koal Software 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. 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.
我们对Koal Software的审查侧重于某些可能使其收益看起来好于实际的因素。而且,在此基础上,我们有些怀疑。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。