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We Think You Should Be Aware Of Some Concerning Factors In Cheer Holding's (NASDAQ:CHR) Earnings

We Think You Should Be Aware Of Some Concerning Factors In Cheer Holding's (NASDAQ:CHR) Earnings

我們認爲您應該注意Cheer Holding(納斯達克股票代碼:CHR)收益中的一些令人擔憂的因素
Simply Wall St ·  03/22 19:02

Cheer Holding, Inc. (NASDAQ:CHR) just released a solid earnings report, and the stock displayed some strength. Despite this, our analysis suggests that there are some factors weakening the foundations of those good profit numbers.

Cheer Holding, Inc.(納斯達克股票代碼:CHR)剛剛發佈了一份穩健的收益報告,該股表現出一定的走強。儘管如此,我們的分析表明,有一些因素削弱了這些良好利潤數字的基礎。

earnings-and-revenue-history
NasdaqCM:CHR Earnings and Revenue History March 22nd 2024
納斯達克股票代碼:CHR 收益和收入歷史記錄 2024 年 3 月 22 日

Zooming In On Cheer Holding's Earnings

放大Cheer Holding的收益

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.

用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。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”。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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.

因此,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。儘管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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。

Over the twelve months to December 2023, Cheer Holding recorded an accrual ratio of -0.12. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. Indeed, in the last twelve months it reported free cash flow of US$42m, well over the US$30.5m it reported in profit. Notably, Cheer Holding had negative free cash flow last year, so the US$42m it produced this year was a welcome improvement. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings.

在截至2023年12月的十二個月中,Cheer Holding的應計比率爲-0.12。這意味着它具有良好的現金轉化率,也意味着其去年的自由現金流穩步超過了利潤。事實上,在過去的十二個月中,它報告的自由現金流爲4200萬美元,遠遠超過其公佈的3,050萬美元的利潤。值得注意的是,Cheer Holding去年的自由現金流爲負,因此其今年產生的4200萬美元是一個可喜的改善。對於股東來說,不幸的是,該公司也一直在發行新股,稀釋了他們在未來收益中所佔的份額。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Cheer Holding.

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Cheer Holding的資產負債表分析。

One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. Cheer Holding expanded the number of shares on issue by 48% over the last year. As a result, its net income is now split between a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. Check out Cheer Holding's historical EPS growth by clicking on this link.

評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。與去年相比,Cheer Holding將已發行股票數量增加了48%。結果,其淨收入現在分成了更多的股票。每股收益等每股指標可以幫助我們了解實際股東從公司的利潤中受益的程度,而淨收入水平則使我們能夠更好地了解公司的絕對規模。點擊此鏈接,查看Cheer Holding的歷史每股收益增長情況。

A Look At The Impact Of Cheer Holding's Dilution On Its Earnings Per Share (EPS)

看看Cheer Holding的稀釋對其每股收益(EPS)的影響

Unfortunately, Cheer Holding's profit is down 38% per year over three years. The good news is that profit was up 13% in the last twelve months. But EPS was far less impressive, dropping 11% in that time. This shows how dangerous it is to rely on net income alone, when measuring growth. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.

不幸的是,Cheer Holding的利潤在三年內每年下降38%。好消息是,在過去的十二個月中,利潤增長了13%。但是每股收益遠沒有那麼令人印象深刻,當時下降了11%。這表明在衡量增長時僅依靠淨收入是多麼危險。因此,你可以清楚地看到,稀釋對股東產生了相當大的影響。

In the long term, if Cheer Holding's earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.

從長遠來看,如果Cheer Holding的收益 每股 可以上漲,那麼股價也應該上漲。但是,如果其利潤增加而每股收益保持不變(甚至下降),那麼股東可能看不到太多好處。出於這個原因,你可以說從長遠來看,每股收益比淨收入更重要,前提是目標是評估公司的股價是否可能上漲。

Our Take On Cheer Holding's Profit Performance

我們對Cheer Holding的盈利表現的看法

In conclusion, Cheer Holding has a strong cashflow relative to earnings, which indicates good quality earnings, but the dilution means its earnings per share are dropping faster than its profit. Based on these factors, we think it's very unlikely that Cheer Holding's statutory profits make it seem much weaker than it is. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of Cheer Holding.

總之,Cheer Holding相對於收益有強勁的現金流,這表明收益質量良好,但稀釋意味着其每股收益的下降速度快於利潤的下降速度。基於這些因素,我們認爲Cheer Holding的法定利潤不太可能使其看起來比現在疲軟得多。請記住,在分析股票時,值得注意所涉及的風險。例如,我們發現了 3 個警告信號,爲了更好地了解 Cheer Holding 的情況,你應該仔細看看。

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 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. 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.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,以此作爲企業的指南。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。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。

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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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