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Dlg Exhibitions & Events' (SHSE:600826) Performance Raises Some Questions

Dlg Exhibitions & Events' (SHSE:600826) Performance Raises Some Questions

Dlg 展覽與活動(SHSE: 600826)的表現引發了一些問題
Simply Wall St ·  04/18 06:18

Even though Dlg Exhibitions & Events Corporation Limited (SHSE:600826) posted strong earnings recently, the stock hasn't reacted in a large way. We looked deeper into the numbers and found that shareholders might be concerned with some underlying weaknesses.

儘管Dlg展覽與活動有限公司(上海證券交易所股票代碼:600826)最近公佈了強勁的收益,但該股的反應並不大。我們更深入地研究了這些數字,發現股東可能會擔心一些潛在的弱點。

earnings-and-revenue-history
SHSE:600826 Earnings and Revenue History April 17th 2024
SHSE: 600826 2024 年 4 月 17 日的收益和收入歷史記錄

A Closer Look At Dlg Exhibitions & Events' Earnings

仔細觀察 Dlg 展覽和活動的收益

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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.

在高級財務中,用於衡量公司將報告的利潤轉換爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。

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. 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。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。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 December 2023, Dlg Exhibitions & Events recorded an accrual ratio of 0.62. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of CN¥275.3m, a look at free cash flow indicates it actually burnt through CN¥731m in the last year. We saw that FCF was CN¥442m a year ago though, so Dlg Exhibitions & Events has at least been able to generate positive FCF in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. One positive for Dlg Exhibitions & Events 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2023年12月的十二個月中,Dlg展覽與活動的應計比率爲0.62。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。儘管該公司公佈了2.753億加元的利潤,但從自由現金流來看,它實際上在去年消耗了7.31億加元。但是,我們看到一年前的FCF爲4.42億元人民幣,因此Dlg展覽與活動過去至少能夠產生正的FCF。但是,這還不是要考慮的全部。應計比率至少部分反映了不尋常項目對法定利潤的影響。對於Dlg Exhibitions & Events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將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。

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

Given the accrual ratio, it's not overly surprising that Dlg Exhibitions & Events' profit was boosted by unusual items worth CN¥39m 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. If Dlg Exhibitions & Events doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.

考慮到應計比率,在過去十二個月中,價值3900萬元人民幣的不尋常物品提振了Dlg Exhibitions & Events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。如果Dlg Exhibitions & Events的捐款沒有重演,那麼在其他條件相同的情況下,我們預計其利潤將在本年度下降。

Our Take On Dlg Exhibitions & Events' Profit Performance

我們對狗展和活動的利潤表現的看法

Dlg Exhibitions & Events had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Dlg Exhibitions & Events' statutory profits might make it look better than it really is on an underlying level. 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. To help with this, we've discovered 2 warning signs (1 makes us a bit uncomfortable!) that you ought to be aware of before buying any shares in Dlg Exhibitions & Events.

Dlg Exhibitions & Events的應計比率較低,但其利潤確實得到了不尋常物品的提振。出於上述原因,我們認爲,敷衍地看一眼Dlg Exhibitions & Events的法定利潤可能會使其看起來比實際水平要好。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。爲了幫助解決這個問題,我們發現了 2 個警告信號(1 個讓我們有點不舒服!)在購買 Dlg Exhibitions & Events 的任何股票之前,你應該注意這一點。

Our examination of Dlg Exhibitions & Events 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. 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. 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Dlg Exhibitions & Events的審查側重於某些可能使其收益好於實際的因素。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。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。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。

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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.

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。


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