We Think Shareholders Should Be Aware Of Some Factors Beyond Venustech Group's (SZSE:002439) Profit
We Think Shareholders Should Be Aware Of Some Factors Beyond Venustech Group's (SZSE:002439) Profit
Even though Venustech Group Inc. (SZSE:002439) posted strong earnings recently, the stock hasn't reacted in a large way. We looked deeper into the numbers and found that shareholders might be concerned with some underlying weaknesses.
儘管Venustech Group Inc.(深圳證券交易所:002439)最近公佈了強勁的收益,但該股的反應並不大。我們更深入地研究了這些數字,發現股東可能會擔心一些潛在的弱點。
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A Closer Look At Venustech Group's Earnings
仔細研究Venustech集團的收益
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'.
正如財務愛好者已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與其利潤相匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時間內的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。你可以將現金流的應計比率視爲 “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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司未來的利潤往往會降低”。
Venustech Group has an accrual ratio of 0.25 for the year to December 2023. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥552m despite its profit of CN¥741.1m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥552m, this year, indicates high risk. However, that's not the end of the story. We can look at how unusual items in the profit and loss statement impacted its accrual ratio, as well as explore how dilution is impacting shareholders negatively.
截至2023年12月的一年中,Venustech集團的應計比率爲0.25。因此,我們知道它的自由現金流大大低於其法定利潤,這並不是一件好事。在過去的十二個月裏,它實際上有 負面的 自由現金流,儘管利潤爲7.411億元人民幣,但流出量仍爲5.52億元人民幣,如上所述。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年5.52億元人民幣的現金消耗是否表明存在高風險。但是,這還不是故事的結局。我們可以研究損益表中的不尋常項目如何影響其應計比率,並探討稀釋如何對股東產生負面影響。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. Venustech Group expanded the number of shares on issue by 29% over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Venustech Group's historical EPS growth by clicking on this link.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。與去年相比,Venustech集團將已發行股票數量增加了29%。因此,每股現在獲得的利潤比例較小。在不注意每股收益的情況下談論淨收益,就是被大數字分散注意力,而忽略與之交談的較小數字 每股 價值。點擊此鏈接,查看Venustech集團的歷史每股收益增長。
How Is Dilution Impacting Venustech Group's Earnings Per Share (EPS)?
稀釋如何影響Venustech集團的每股收益(EPS)?
Venustech Group's net profit dropped by 7.8% per year over the last three years. On the bright side, in the last twelve months it grew profit by 18%. On the other hand, earnings per share are only up 18% over the same period. So you can see that the dilution has had a fairly significant impact on shareholders.
在過去三年中,Venustech集團的淨利潤每年下降7.8%。好的一面是,在過去的十二個月中,它的利潤增長了18%。另一方面,收入 每股 同期僅上漲了18%。因此,你可以看到稀釋對股東產生了相當重大的影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Venustech Group can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
從長遠來看,股價的變化往往會反映每股收益的變化。因此,如果Venustech集團能夠持續增長每股收益,這對股東來說肯定是積極的。但是,如果其利潤增加而每股收益保持不變(甚至下降),那麼股東可能看不到太多好處。對於普通零售股東來說,每股收益是檢查您假設的公司利潤 “份額” 的好方法。
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
The fact that the company had unusual items boosting profit by CN¥109m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. If Venustech Group doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
該公司去年有不尋常的項目將利潤提高了1.09億加元,這一事實可能在某種程度上可以解釋其應計比率爲何如此疲軟。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。這正如你所預料的那樣,因爲這些增強被描述爲 “不尋常”。如果Venustech Group沒有看到這種捐款重演,那麼在其他條件相同的情況下,我們預計其利潤將在本年度下降。
Our Take On Venustech Group's Profit Performance
我們對Venustech集團利潤表現的看法
In conclusion, Venustech Group's weak accrual ratio suggested its statutory earnings have been inflated by the unusual items. Meanwhile, the new shares issued mean that shareholders now own less of the company, unless they tipped in more cash themselves. On reflection, the above-mentioned factors give us the strong impression that Venustech Group'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. If you want to do dive deeper into Venustech Group, you'd also look into what risks it is currently facing. To help with this, we've discovered 3 warning signs (1 is a bit concerning!) that you ought to be aware of before buying any shares in Venustech Group.
總之,Venustech集團疲軟的應計比率表明,這些不尋常的項目誇大了其法定收益。同時,發行的新股意味着股東現在擁有的公司股份有所減少,除非他們自己投入更多現金。經過反思,上述因素給我們留下了強烈的印象,即根據法定利潤數字,Venustech Group的潛在盈利能力並不像看起來那樣好。如果你想更深入地了解Venustech集團,你還需要研究它目前面臨的風險。爲了幫助解決這個問題,我們發現了 3 個警告信號(1 個有點令人擔憂!)在購買Venustech集團的任何股票之前,您應該注意這一點。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
在本文中,我們研究了許多可能削弱利潤數字效用的因素,我們對此持謹慎態度。但是,如果你能夠將注意力集中在細節上,總會有更多值得發現的地方。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。儘管可能需要代表你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單很有用。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。