Continental Aerospace Technologies Holding's (HKG:232) Shareholders May Want To Dig Deeper Than Statutory Profit
Continental Aerospace Technologies Holding's (HKG:232) Shareholders May Want To Dig Deeper Than Statutory Profit
Following the solid earnings report from Continental Aerospace Technologies Holding Limited (HKG:232), the market responded by bidding up the stock price. While the profit numbers were good, our analysis has found some concerning factors that shareholders should be aware of.
隨着大陸航空航天技術控股有限公司(HKG:232)發佈了堅實的收益報告,市場通過抬高股價作出了回應。儘管盈利數字表現良好,但我們的分析發現了一些讓股東應該注意的令人擔憂的因素。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
Importantly, our data indicates that Continental Aerospace Technologies Holding's profit was reduced by HK$8.7m, due to unusual items, over the last year. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Continental Aerospace Technologies Holding to produce a higher profit next year, all else being equal.
重要的是,我們的數據顯示,由於去年出現了飛凡項目,大陸航空航天技術控股的利潤減少了870萬港元。儘管由於飛凡項目而產生的扣除一開始是令人失望的,但也有一線希望。當我們分析世界上絕大多數上市公司時,我們發現重大的飛凡項目往往不會重複出現。畢竟,這正是會計術語所意味的。假設這些飛凡費用不會再次出現,那麼我們預計大陸航空航天技術控股在其他條件不變的情況下,明年將會產生更高的利潤。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Continental Aerospace Technologies Holding.
注意:我們始終建議投資者檢查資產負債表的強勢。點擊此處查看我們對大陸航空航天技術控股公司資產負債表分析。
An Unusual Tax Situation
一種不尋常的稅務情況
Having already discussed the impact of the unusual items, we should also note that Continental Aerospace Technologies Holding received a tax benefit of HK$24m. 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. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal.
在已經討論了飛凡項目的影響之後,我們還應該注意到大陸航空航天技術控股獲得了2400萬港元的稅收優惠。當一家公司收到稅務機構的支付而不是向稅務機構支付時,這總是值得關注的。獲得稅收優惠顯然是一件好事。但是,我們的數據顯示,稅收優惠可能會在入賬的那一年暫時提振法定利潤,但隨後利潤可能會回落。假設稅收優惠不會每年重複,那麼在其他條件不變的情況下,我們可能會看到其利潤能顯著下降。
Our Take On Continental Aerospace Technologies Holding's Profit Performance
關於康天航空航天技術控股的利潤表現
In the last year Continental Aerospace Technologies Holding received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. But on the other hand, it also saw an unusual item depress its profit. Having considered these factors, we don't think Continental Aerospace Technologies Holding's statutory profits give an overly harsh view of the business. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Every company has risks, and we've spotted 1 warning sign for Continental Aerospace Technologies Holding you should know about.
在過去一年裏,康天航空航天技術控股獲得了稅收優惠,這提高了其利潤,但這種增長可能並不比將主要農田變成燃料幣更加可持續。但另一方面,它也看到了一項飛凡事項減少了其利潤。考慮到這些因素,我們認爲康天航空航天技術控股的法定利潤並沒有過於苛刻地展現業務。考慮到這一點,除非我們全面了解風險,否則我們不會考慮投資於該股票。每家公司都存在風險,我們發現了康天航空航天技術控股的1個警示標誌,您應該知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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 with high insider ownership.
在本文中,我們已經探討了許多可能損害利潤數字作爲企業指導的因素。但有很多其他方法可以了解公司的情況。例如,許多人認爲高股本回報率是良好業務經濟學的一個指標,而其他人則喜歡「跟隨資金」,尋找內部人員購買的股票。因此,您可能希望查看這些高股本回報率的免費公司集合,或這些擁有高內部所有權的股票的清單。
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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。