Tsann Kuen (China) Enterprise's (SZSE:200512) Profits Appear To Have Quality Issues
Tsann Kuen (China) Enterprise's (SZSE:200512) Profits Appear To Have Quality Issues
Tsann Kuen (China) Enterprise Co., Ltd.'s (SZSE:200512) robust recent earnings didn't do much to move the stock. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
燦權(中國)企業有限公司's(深圳證券交易所代碼:200512)近期強勁的收益並沒有對該股產生太大影響。我們認爲這是由於投資者將目光投向了法定利潤之外並關注他們所看到的情況。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-bb2e1655d51b0d825e6ad5f12e929912-0-7411ee3c00126ea94b3d3b02e089d717.png/big)
Examining Cashflow Against Tsann Kuen (China) Enterprise's Earnings
根據贊權(中國)企業的收益研究現金流
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. The ratio shows us how much a company's profit exceeds its FCF.
許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。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。該比率向我們顯示了公司的利潤超過其FCF的程度。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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,負應計比率對公司來說是正數,而正應計比率是負數。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。
Over the twelve months to March 2024, Tsann Kuen (China) Enterprise recorded an accrual ratio of -0.12. That indicates that its free cash flow was a fair bit more than its statutory profit. In fact, it had free cash flow of CN¥156m in the last year, which was a lot more than its statutory profit of CN¥92.6m. Tsann Kuen (China) Enterprise's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2024年3月的十二個月中,贊權(中國)企業的應計比率爲-0.12。這表明其自由現金流遠超過其法定利潤。實際上,它去年的自由現金流爲1.56億元人民幣,遠遠超過其9,260萬元人民幣的法定利潤。贊權(中國)企業的自由現金流比去年有所改善,總體而言,這是值得期待的。但是,這還不是要考慮的全部。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tsann Kuen (China) Enterprise.
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贊權(中國)企業的資產負債表分析。
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
While the accrual ratio might bode well, we also note that Tsann Kuen (China) Enterprise's profit was boosted by unusual items worth CN¥18m in the last twelve months. 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, after all, that's exactly what the accounting terminology implies. If Tsann Kuen (China) Enterprise doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
儘管應計比率可能是個好兆頭,但我們還注意到,在過去的十二個月中,價值1800萬元人民幣的不尋常項目提振了贊權(中國)企業的利潤。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。而且,畢竟,這正是會計術語的含義。如果贊權(中國)企業認爲這一貢獻不會重演,那麼在其他條件相同的情況下,我們預計其本年度的利潤將下降。
Our Take On Tsann Kuen (China) Enterprise's Profit Performance
我們對贊權(中國)企業盈利表現的看法
Tsann Kuen (China) Enterprise's 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. Given the contrasting considerations, we don't have a strong view as to whether Tsann Kuen (China) Enterprise's profits are an apt reflection of its underlying potential for profit. If you want to do dive deeper into Tsann Kuen (China) Enterprise, you'd also look into what risks it is currently facing. Be aware that Tsann Kuen (China) Enterprise is showing 3 warning signs in our investment analysis and 1 of those can't be ignored...
贊權(中國)企業的利潤因不尋常的項目而得到提振,這表明這些利潤可能無法持續下去,但其應計比率仍顯示出穩健的現金轉換,這令人鼓舞。鑑於截然不同的考慮,我們對贊權(中國)企業的利潤是否恰當地反映了其潛在的盈利潛力沒有強烈的看法。如果你想更深入地了解贊權(中國)企業,你還需要研究它目前面臨的風險。請注意,贊權(中國)企業在我們的投資分析中顯示了3個警告信號,其中一個不容忽視...
Our examination of Tsann Kuen (China) Enterprise has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. 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. 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.
我們對贊權(中國)企業的審查側重於某些可能使其盈利看起來好於實際的因素。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。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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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。