Statutory Profit Doesn't Reflect How Good Edensoft Holdings' (HKG:1147) Earnings Are
Statutory Profit Doesn't Reflect How Good Edensoft Holdings' (HKG:1147) Earnings Are
Even though Edensoft Holdings Limited's (HKG:1147) recent earnings release was robust, the market didn't seem to notice. Investors are probably missing some underlying factors which are encouraging for the future of the company.
虽然伊登软件控股有限公司(HKG:1147)最近的盈利发布很强劲,但市场似乎并未注意到。投资者可能忽略了一些未被注意的因素,这对公司的未来是鼓舞人心的。
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A Closer Look At Edensoft Holdings' Earnings
仔细观察伊登软件控股的盈利情况
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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如财务控制狂所知,从现金流中的应计比率是评估公司自由现金流(FCF)与其利润匹配程度的关键指标。应计比率从给定期间的FCF中减去利润,并将结果除以公司在该时间内的平均经营资产。该比率告诉我们公司利润中有多少不受自由现金流支持。
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
这意味着负的计提率是件好事,因为它表明该公司所带来的自由现金流比其利润所显示的要多。虽然高于零的计提率没有什么大碍,但我们认为当公司的计提率相对较高时值得注意。这是因为一些学术研究表明,高计提率往往导致利润更少或者更少的利润增长。
Edensoft Holdings has an accrual ratio of -1.11 for the year to June 2024. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of CN¥147m during the period, dwarfing its reported profit of CN¥7.46m. Given that Edensoft Holdings had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥147m would seem to be a step in the right direction. Importantly, we note an unusual tax situation, which we discuss below, has impacted the accruals ratio.
伊登软件控股截至2024年6月的年度应计比率为-1.11。因此,其法定盈利明显低于自由现金流。换句话说,在该期间内,它产生了1.47亿元人民币的自由现金流,而其报告利润仅为746万元人民币。考虑到伊登软件控股在上一相应期间的自由现金流为负,截至最近十二个月的结果1.47亿元人民币似乎朝着正确的方向迈进。重要的是,我们注意到一种不寻常的税收情况,这会影响应计比率,我们将在下文中讨论。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Edensoft Holdings.
注意:我们始终建议投资者检查资产负债表实力。点击这里查看我们对伊登软件控股资产负债表的分析。
An Unusual Tax Situation
一种不寻常的税务情况
Moving on from the accrual ratio, we note that Edensoft Holdings profited from a tax benefit which contributed CN¥1.8m to profit. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. The receipt of a tax benefit is obviously a good thing, on its own. And since it previously lost money, it may well simply indicate the realisation of past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.
从应计比率来看,我们注意到伊登软件控股从税收优惠中获利,为利润贡献了180万人民币。当一家公司收到税务部门的支付而不是向税务部门支付时,这总是令人值得关注的。获得税收优惠显然是一件好事,这本身就是好的。而且由于以前亏损,这可能只是实现过去税前亏损的标志。然而,我们的数据表明,税收优惠可能会在记账的那年暂时提升披露利润,但随后利润可能会回落。在没有强劲增长的情况下,如果税收优惠不再重复,我们预计会看到其披露利润水平下降。虽然我们认为公司获得税收优惠是好事,但这意味着法定利润很有可能比如果收入经过一次性因素调整后会更高。
Our Take On Edensoft Holdings' Profit Performance
我们对伊登软件控股的盈利表现的看法
In conclusion, Edensoft Holdings has strong cashflow relative to earnings, which indicates good quality earnings, but the tax benefit means its profit wasn't as sustainable as we'd like to see. Based on these factors, it's hard to tell if Edensoft Holdings' profits are a reasonable reflection of its underlying profitability. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For instance, we've identified 2 warning signs for Edensoft Holdings (1 doesn't sit too well with us) you should be familiar with.
总结一下,伊登软件控股的现金流相对于收益很强,这表明盈利的质量很好,但税收优惠意味着其利润不如我们希望看到的持久。基于这些因素,很难判断伊登软件控股的利润是否合理反映了其潜在的盈利能力。因此,如果您想深入了解这只股票,重要的是考虑它所面临的任何风险。例如,我们已经发现了2个针对伊登软件控股的警示信号(其中一个让我们不太满意),您应该熟悉这些信号。
Our examination of Edensoft Holdings has focussed on certain factors that can make its earnings look better than they are. 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 with significant insider holdings to be useful.
我们对伊登软件控股的研究重点关注了一些可能使其盈利看起来比实际情况更好的因素。但是,如果您能够专注于细枝末节,就会发现更多内容。有些人认为良好的净资产收益率是企业质量的一个好迹象。虽然这可能需要您进行一些调查研究,但您可能会发现这个免费的高净资产收益率公司收藏夹或者这个拥有重要内部持股的股票清单对您有用。
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