Koal Software (SHSE:603232) Is Posting Solid Earnings, But It Is Not All Good News
Koal Software (SHSE:603232) Is Posting Solid Earnings, But It Is Not All Good News
Koal Software Co., Ltd.'s (SHSE:603232) stock performed strongly after the recent earnings report. Despite this, we feel that there are some reasons to be cautious with these earnings.
考爾軟件有限公司'在最近的業績發佈後,s(上海證券交易所代碼:603232)的股票表現強勁。儘管如此,我們認爲有一些理由對這些收益持謹慎態度。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-e133f31e1a7f1e6eff9bab78ddf01415-0-6457923f149da2e38d6d7c0ee05942f0.png/big)
Zooming In On Koal Software's Earnings
放大Koal Software的收益
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). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高金融領域,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是應計比率(來自現金流)。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以公司在此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”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. 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。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。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, Koal Software recorded an accrual ratio of 0.26. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥216m, in contrast to the aforementioned profit of CN¥27.1m. It's worth noting that Koal Software generated positive FCF of CN¥119m a year ago, so at least they've done it in the past. 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. One positive for Koal Software shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2024年3月的十二個月中,考爾軟件記錄的應計比率爲0.26。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲2.16億元人民幣,而上述利潤爲2710萬元人民幣。值得注意的是,Koal Software一年前創造了1.19億元人民幣的正FCF,因此至少他們過去曾這樣做過。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。對Koal Software股東來說,一個積極因素是,去年的應計比率明顯改善,這使人們有理由相信它未來可能會恢復更強勁的現金轉換。如果確實如此,股東應尋求在本年度的現金流相對於利潤的改善。
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。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Given the accrual ratio, it's not overly surprising that Koal Software's profit was boosted by unusual items worth CN¥28m 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 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. Koal Software had a rather significant contribution from unusual items relative to its profit to March 2024. 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2800萬元人民幣的不尋常項目提振了Koal Software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。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。考慮到這個名字,這並不奇怪。截至2024年3月,Koal Software從不尋常的項目中獲得了相當大的利潤。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 Koal Software's Profit Performance
我們對考爾軟件盈利表現的看法
Koal Software had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue Koal Software's profits probably give an overly generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've found that Koal Software has 3 warning signs (1 can't be ignored!) that deserve your attention before going any further with your analysis.
Koal Software的應計比率較低,但其利潤確實得到了不尋常項目的提振。考慮到所有這些,我們認爲Koal Software的利潤可能給人一種對其可持續盈利水平的過於慷慨的印象。請記住,在分析股票時,值得注意所涉及的風險。例如,我們發現 Koal Software 有 3 個警告信號(1 個不容忽視!)在進行進一步分析之前,這值得你注意。
Our examination of Koal Software 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 that insiders are buying to be useful.
我們對Koal Software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,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。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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。