Why Goodwill E-Health Info's (SHSE:688246) Shaky Earnings Are Just The Beginning Of Its Problems
Why Goodwill E-Health Info's (SHSE:688246) Shaky Earnings Are Just The Beginning Of Its Problems
Investors were disappointed by Goodwill E-Health Info Co., Ltd.'s (SHSE:688246 ) latest earnings release. Our analysis has found some reasons to be concerned, beyond the weak headline numbers.
投资者对Goodwill E-Health Info Co., Ltd. (SHSE:688246)最新的收益发布感到失望。我们的分析发现一些令人担忧的原因,超出了薄弱的首席数字。
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The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
For anyone who wants to understand Goodwill E-Health Info's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥1.2m worth of unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. If Goodwill E-Health Info doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
对于任何想要了解Goodwill E-Health Info的盈利状况超出法定数字的人来说,值得注意的是,在过去12个月中,法定盈利中收获了价值120万人民币的飞凡项目。虽然我们乐意看到盈利增长,但当飞凡项目做出巨大贡献时,我们往往会更加谨慎。当我们分析了全球大多数上市公司时,发现重大的飞凡项目经常是不可重复的。这并不奇怪,考虑到其名称。如果Goodwill E-Health Info未见到该贡献的重复,其他条件相等的情况下,我们预计其盈利在本年度将下降。
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.
这可能会让您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基于其估计的未来盈利能力的互动图表。
An Unusual Tax Situation
一种不寻常的税务情况
Just as we noted the unusual items, we must inform you that Goodwill E-Health Info received a tax benefit which contributed CN¥7.6m to the bottom line. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. We're sure the company was pleased with its tax benefit. 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.
正如我们注意到飞凡项目一样,我们必须通知您,Goodwill E-Health Info收到了税收益,为底线贡献了760万人民币。当一家公司得到税务部门的支付而不是向税务部门支付时,这总是引人注目的。我们相信公司对其税收益感到满意。然而,细节中的魔鬼是,这类福利只影响其账面年度,往往是一次性的。在税收益不可重复的情况下,我们预计将会看到其法定盈利水平下降,至少在没有强劲增长的情况下。
Our Take On Goodwill E-Health Info's Profit Performance
我们对Goodwill E-Health Info的利润表现有所看法
In the last year Goodwill E-Health Info received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. For the reasons mentioned above, we think that a perfunctory glance at Goodwill E-Health Info's statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing Goodwill E-Health Info at this point in time. Case in point: We've spotted 1 warning sign for Goodwill E-Health Info you should be aware of.
在过去的一年中,Goodwill E-Health Info获得了税收优惠,这提高了其利润,但这种提高可能不太可持续,就像将优质农田转变成燃气场一样。此外,它还从一个正面非凡项目中获益,进一步提高了利润的结果。基于上述原因,我们认为对Goodwill E-Health Info的法定利润只是表面看起来比真实情况好。因此,虽然盈利质量很重要,但在这个时间点上考虑Goodwill E-Health Info面临的风险同样重要。例如:我们已经发现了Goodwill E-Health Info的1个预警信号,你应该注意。
Our examination of Goodwill E-Health Info 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 with significant insider holdings to be useful.
我们对Goodwill E-Health Info的审查主要集中在某些因素上,这些因素可能使其盈利看起来比实际情况好。基于这一点,我们对此持有一定的怀疑态度。但如果你能专注于细节,总会有更多发现。有些人认为资产回报率高是一个优质企业的好迹象。虽然这可能需要你做一些研究,但你可能会发现这个免费的高资产回报率企业收集,或者这个持有重大内部股权的股票清单会很有用。
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