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We Think That There Are Issues Underlying China East Education Holdings' (HKG:667) Earnings

We Think That There Are Issues Underlying China East Education Holdings' (HKG:667) Earnings

我们认为华东教育控股(HKG: 667)的收益存在问题
Simply Wall St ·  2022/04/28 08:12

China East Education Holdings Limited (HKG:667) announced strong profits, but the stock was stagnant. We did some digging, and we found some concerning factors in the details.

中国东方教育控股有限公司 (HKG: 667) 宣布盈利强劲,但该股停滞不前。我们进行了一些挖掘,在细节中发现了一些令人担忧的因素。

View our latest analysis for China East Education Holdings

查看我们对中国东方教育控股的最新分析

SEHK:667 Earnings and Revenue History April 27th 2022
联交所:667 盈利及收入记录 2022年4月27日

A Closer Look At China East Education Holdings' Earnings

近距离观察华东教育控股的收益

Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

许多投资者还没有听说过 现金流应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。应计比率从给定时期的利润中减去FCF,然后将结果除以公司在此期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

因此,负应计比率对公司来说是正数,而正应计比率是负数。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。

China East Education Holdings has an accrual ratio of 0.20 for the year to December 2021. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In fact, it had free cash flow of CN¥186m in the last year, which was a lot less than its statutory profit of CN¥302.2m. China East Education Holdings' free cash flow actually declined over the last year, but it may bounce back next year, since free cash flow is often more volatile than accounting profits.

截至2021年12月的一年中,中国东方教育控股的应计比率为0.20。因此,我们知道它的自由现金流大大低于其法定利润,这并不是一件好事。实际上,它去年的自由现金流为1.86亿元人民币,远低于其3.022亿元的法定利润。华东教育控股的自由现金流实际上比去年有所下降,但明年可能会反弹,因为自由现金流通常比会计利润更具波动性。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

Our Take On China East Education Holdings' Profit Performance

我们对华东教育控股盈利表现的看法

China East Education Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Because of this, we think that it may be that China East Education Holdings' statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 32% per annum growth in EPS for the last three. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For example - China East Education Holdings has 2 warning signs we think you should be aware of.

去年,华东教育控股没有将其大部分利润转换为自由现金流,一些投资者可能认为这相当不理想。因此,我们认为华东教育控股的法定利润可能好于其基础盈利能力。但至少持有人可以从过去三年的每股收益每年增长32%中得到一些安慰。当然,在分析其收益时,我们只是浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。有鉴于此,如果您想对公司进行更多分析,了解所涉及的风险至关重要。例如,中国东方教育控股有两个警告信号,我们认为你应该注意。

Today we've zoomed in on a single data point to better understand the nature of China East Education Holdings' profit. 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.

今天,我们放大了单个数据点,以更好地了解中国东方教育控股的利润性质。但是,如果你能够将注意力集中在细节上,总会有更多东西要发现。有些人认为,高股本回报率是高质量业务的好兆头。虽然可能需要代表你进行一些研究,但你可能会发现这个 免费的 一系列拥有高股本回报率的公司,或者这份内部人士为了有用而买入的股票清单。

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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 的这篇文章本质上是笼统的。 我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。

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