CM Energy Tech's (HKG:206) Soft Earnings Don't Show The Whole Picture
CM Energy Tech's (HKG:206) Soft Earnings Don't Show The Whole Picture
Shareholders appeared unconcerned with CM Energy Tech Co., Ltd.'s (HKG:206) lackluster earnings report last week. We did some digging, and we believe the earnings are stronger than they seem.
股東們似乎對CM能源科技有限公司漠不關心。”s(HKG: 206)上週的收益報告乏善可陳。我們進行了一些挖掘,我們認爲收益比看起來要強勁。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-4eabc7fa5de7a1194fe71c6901af6cf4-0-03114c2d258e5caf08a01698f36c6668.png/big)
A Closer Look At CM Energy Tech's Earnings
仔細研究CM Energy Tech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. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
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過了其利潤所暗示的水平。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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長減少。
For the year to December 2023, CM Energy Tech had an accrual ratio of -0.36. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of US$54m in the last year, which was a lot more than its statutory profit of US$9.50m. CM Energy Tech's free cash flow improved over the last year, which is generally good to see.
在截至2023年12月的一年中,CM Energy Tech的應計比率爲-0.36。這意味着它的現金轉化率非常好,而且其去年的收益實際上大大低估了其自由現金流。實際上,它去年的自由現金流爲5400萬美元,遠遠超過其950萬美元的法定利潤。CM Energy Tech的自由現金流比去年有所改善,總體而言,這是值得期待的。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of CM Energy Tech.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對CM Energy Tech的資產負債表分析。
Our Take On CM Energy Tech's Profit Performance
我們對CM Energy Tech利潤表現的看法
Happily for shareholders, CM Energy Tech produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that CM Energy Tech's statutory profit actually understates its earnings potential! Unfortunately, though, its earnings per share actually fell back over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. You'd be interested to know, that we found 2 warning signs for CM Energy Tech and you'll want to know about these bad boys.
令股東高興的是,CM Energy Tech產生了充足的自由現金流來支持其法定利潤數字。基於這一觀察,我們認爲CM Energy Tech的法定利潤實際上可能低估了其盈利潛力!但不幸的是,其每股收益實際上在去年有所回落。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力,但還有很多需要考慮的地方。請記住,在分析股票時,值得注意所涉及的風險。你可能會有興趣知道,我們發現了兩個CM Energy Tech的警告信號,你會想知道這些壞孩子的情況。
This note has only looked at a single factor that sheds light on the nature of CM Energy Tech's profit. 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.
本報告僅研究了揭示CM Energy Tech利潤性質的單一因素。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份免費收藏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。
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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。