Bar Pacific Group Holdings' (HKG:8432) Earnings May Just Be The Starting Point
Bar Pacific Group Holdings' (HKG:8432) Earnings May Just Be The Starting Point
Bar Pacific Group Holdings Limited (HKG:8432) just reported healthy earnings but the stock price didn't move much. Investors are probably missing some underlying factors which are encouraging for the future of the company.
太平洋酒吧集团控股有限公司(HKG:8432)刚刚公布了可观的收益,但股价没有太大波动。投资者可能错过了一些对公司未来感到鼓舞的潜在因素。
Check out our latest analysis for Bar Pacific Group Holdings
查看我们对太平洋酒吧集团控股的最新分析
Zooming In On Bar Pacific Group Holdings' Earnings
放大太平洋酒吧集团控股公司的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者尚未听说过现金流的应计比率,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,然后将结果除以该时间内公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
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 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,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
For the year to September 2023, Bar Pacific Group Holdings had an accrual ratio of -0.42. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of HK$43m in the last year, which was a lot more than its statutory profit of HK$9.69m. Bar Pacific Group Holdings shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2023年9月的一年中,太平洋酒吧集团控股公司的应计比率为-0.42。这意味着它的现金转换率非常好,而且其去年的收益实际上大大低估了其自由现金流。实际上,它去年的自由现金流为4300万港元,远远超过其969万港元的法定利润。毫无疑问,太平洋银行集团控股公司的股东对自由现金流在过去十二个月中有所改善感到高兴。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Bar Pacific Group Holdings.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对太平洋酒吧集团控股公司的资产负债表分析。
Our Take On Bar Pacific Group Holdings' Profit Performance
我们对太平洋酒吧集团控股公司盈利表现的看法
Happily for shareholders, Bar Pacific Group Holdings produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Bar Pacific Group Holdings' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And it's also positive that the company showed enough improvement to book a profit this year, after losing money last year. 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. If you'd like to know more about Bar Pacific Group Holdings as a business, it's important to be aware of any risks it's facing. When we did our research, we found 2 warning signs for Bar Pacific Group Holdings (1 can't be ignored!) that we believe deserve your full attention.
令股东高兴的是,太平洋酒吧集团控股公司创造了充足的自由现金流来支持其法定利润数字。正因为如此,我们认为泛太平洋集团控股公司的潜在盈利潜力与法定利润看起来一样好,甚至可能更好!同样令人欣慰的是,该公司在去年出现亏损之后,表现出足够的进步,今年实现了盈利。当然,在分析其收益时,我们才刚刚浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。如果您想进一步了解太平洋酒吧集团控股公司作为一家企业,请务必意识到其面临的任何风险。当我们进行研究时,我们发现了酒吧太平洋集团控股的两个警告信号(其中一个不容忽视!)我们认为值得你充分关注。
Today we've zoomed in on a single data point to better understand the nature of Bar Pacific Group Holdings' profit. 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 that insiders are buying.
今天,我们放大了单个数据点,以更好地了解酒吧太平洋集团控股公司利润的性质。但是,还有很多其他方法可以告知你对公司的看法。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。因此,你可能希望看到这批拥有高股本回报率的免费公司,或者这份内部人士正在购买的股票清单。
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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,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本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型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。