Weak Statutory Earnings May Not Tell The Whole Story For CBL International (NASDAQ:BANL)
Weak Statutory Earnings May Not Tell The Whole Story For CBL International (NASDAQ:BANL)
CBL International Limited's (NASDAQ:BANL) stock showed strength, with investors undeterred by its weak earnings report. We think that shareholders might be missing some concerning factors that our analysis found.
CBL國際有限公司（納斯達克股票代碼：BANL）的股票表現強勁，投資者並未被其疲軟的收益報告嚇倒。我們認爲，股東可能遺漏了我們的分析發現的一些相關因素。
A Closer Look At CBL International's Earnings
仔細研究CBL International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. 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'.
許多投資者還沒有聽說過現金流的應計比率，但它實際上是衡量公司在給定時期內自由現金流（FCF）在多大程度上支持利潤的有用指標。簡而言之，該比率從淨利潤中減去FCF，然後將該數字除以該時期公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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。雖然正應計比率表明非現金利潤達到一定水平不是問題，但高應計比率可以說是一件壞事，因爲它表明紙面利潤與現金流不匹配。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, CBL International recorded an accrual ratio of 3.29. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of US$11m despite its profit of US$1.14m, mentioned above. We saw that FCF was US$3.1m a year ago though, so CBL International has at least been able to generate positive FCF in the past.
在截至2023年12月的十二個月中，CBL International的應計比率爲3.29。從統計學上講，這對未來的收益來說確實是負面的。事實上，在此期間，該公司沒有產生任何自由現金流。在過去的十二個月裏，它實際上有 負面的 自由現金流，儘管利潤爲114萬美元，但流出量爲11萬美元，如上所述。但是，我們看到一年前的FCF爲310萬美元，因此CBL International過去至少能夠產生正的FCF。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of CBL International.
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CBL International的資產負債表分析。
Our Take On CBL International's Profit Performance
我們對CBL International盈利表現的看法
As we have made quite clear, we're a bit worried that CBL International didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that CBL International's underlying earnings power is lower than its statutory profit. Sadly, its EPS was down over the last twelve months. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Be aware that CBL International is showing 4 warning signs in our investment analysis and 2 of those are a bit unpleasant...
正如我們已經明確指出的那樣，我們有點擔心CBL International沒有用自由現金流來支持去年的利潤。因此，我們認爲CBL International的基礎盈利能力很可能低於其法定利潤。不幸的是，在過去的十二個月中，其每股收益有所下降。當然，我們只是在分析其收益時才浮出水面；人們還可以考慮利潤率、預測增長和投資回報率等因素。請記住，在分析股票時，值得注意所涉及的風險。請注意，CBL International在我們的投資分析中顯示了4個警告信號，其中2個有點令人不快...
Today we've zoomed in on a single data point to better understand the nature of CBL International's 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，我們放大了單一數據點，以更好地了解CBL International利潤的性質。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。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.
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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。