Shaky Earnings May Not Tell The Whole Story For MLOptic (SHSE:688502)
Shaky Earnings May Not Tell The Whole Story For MLOptic (SHSE:688502)
MLOptic Corp.'s (SHSE:688502) stock wasn't much affected by its recent lackluster earnings numbers. We did some digging, and we believe that investors are missing some worrying factors underlying the profit figures.
mLOptic Corp. 's(上海證券交易所股票代碼:688502)的股票並未受到其最近疲軟的收益數字的太大影響。我們進行了一些挖掘,我們認爲投資者遺漏了構成利潤數據的一些令人擔憂的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240404/0-f1cc04040f38e532015b3c882698ed76-0-94945b346e7eaea943bfdf1234361015.png/big)
Examining Cashflow Against MLOptic's Earnings
將現金流與mLOptic的收益進行比較
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). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.
在高級財務中,用於衡量公司將報告的利潤轉換爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。
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. 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.
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。儘管應計比率爲正(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,因爲它表明紙質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,高應計比率對短期利潤來說是個壞兆頭。
Over the twelve months to December 2023, MLOptic recorded an accrual ratio of 0.50. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Over the last year it actually had negative free cash flow of CN¥222m, in contrast to the aforementioned profit of CN¥46.7m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥222m, this year, indicates high risk. 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.
在截至2023年12月的十二個月中,MLOptic的應計比率爲0.50。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。在過去的一年裏,它實際上有 負面的 自由現金流爲2.22億元人民幣,而上述利潤爲4,670萬元人民幣。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2.222億元人民幣的現金消耗是否表明存在高風險。話雖如此,故事還有更多。應計比率至少部分反映了不尋常項目對法定利潤的影響。
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。
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
Given the accrual ratio, it's not overly surprising that MLOptic's profit was boosted by unusual items worth CN¥13m 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 crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And, after all, that's exactly what the accounting terminology implies. MLOptic had a rather significant contribution from unusual items relative to its profit to December 2023. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
考慮到應計比率,在過去十二個月中,價值1300萬元人民幣的不尋常項目提振了MLOptic的利潤也就不足爲奇了。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。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。而且,畢竟,這正是會計術語的含義。相對於其截至2023年12月的利潤,MLOptic從不尋常的項目中做出了相當大的貢獻。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。
Our Take On MLOptic's Profit Performance
我們對mLOptic利潤表現的看法
MLOptic had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at MLOptic's statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. To help with this, we've discovered 3 warning signs (2 don't sit too well with us!) that you ought to be aware of before buying any shares in MLOptic.
MLOptic的應計比率較低,但其利潤確實得到了不尋常項目的提振。出於上述原因,我們認爲,敷衍地看一眼MLOptic的法定利潤可能會使其看起來比實際水平要好。請記住,在分析股票時,值得注意所涉及的風險。爲了幫助解決這個問題,我們發現了 3 個警告信號(2 個不要坐得太好!)在購買MLOptic的任何股票之前,您應該注意這一點。
Our examination of MLOptic 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 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. 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.
我們對MLOptic的審查側重於某些可能使其收益看起來好於實際的因素。而且,在此基礎上,我們有些懷疑。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。雖然可能需要你進行一些研究,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。