Weak Statutory Earnings May Not Tell The Whole Story For DYNAM JAPAN HOLDINGS (HKG:6889)
Weak Statutory Earnings May Not Tell The Whole Story For DYNAM JAPAN HOLDINGS (HKG:6889)
Despite DYNAM JAPAN HOLDINGS Co., Ltd.'s (HKG:6889) recent earnings report having lackluster headline numbers, the market responded positively. While shareholders may be willing to overlook soft profit numbers, we believe that they should also be taking into account some other factors which may be cause for concern.
尽管DYNAM JAPAN控股有限公司's (HKG: 6889) 最近的财报显示标题数据乏善可陈，市场反应积极。尽管股东可能愿意忽视疲软的利润数字，但我们认为他们还应考虑其他一些可能令人担忧的因素。
Check out our latest analysis for DYNAM JAPAN HOLDINGS
查看我们对DYNAM JAPAN HOLDINGS的最新分析
Zooming In On DYNAM JAPAN HOLDINGS' Earnings
放大DYNAM JAPAN HOLDINGS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. 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'.
用于衡量公司将其利润转化为自由现金流（FCF）的效果的一个关键财务比率是应计比率。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该时期内的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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.
这意味着负应计比率是一件好事，因为它表明该公司带来的自由现金流比其利润所暗示的还要多。尽管应计比率高于零并不令人担忧，但我们确实认为，当公司的应计比率相对较高时，值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长减少。
DYNAM JAPAN HOLDINGS has an accrual ratio of 0.22 for the year to September 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of JP¥31b, in contrast to the aforementioned profit of JP¥2.49b. We saw that FCF was JP¥5.2b a year ago though, so DYNAM JAPAN HOLDINGS has at least been able to generate positive FCF in the past. One positive for DYNAM JAPAN HOLDINGS 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.
截至2023年9月的一年中，DYNAM JAPAN HOLDINGS的应计比率为0.22。因此，我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里，它实际上有 负面的 自由现金流为310亿日元，而上述利润为24.9亿日元。但是，我们看到一年前的FCF为52亿日元，因此DYNAM JAPAN HOLDINGS过去至少能够产生正的FCF。对DYNAM JAPAN HOLDINGS股东来说，一个积极因素是，去年的应计比率明显改善，这使人们有理由相信它将来可能会恢复更强劲的现金转换。如果确实如此，股东应寻求在本年度的现金流相对于利润的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of DYNAM JAPAN 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DYNAM JAPAN HOLDINGS的资产负债表分析。
Our Take On DYNAM JAPAN HOLDINGS' Profit Performance
我们对DYNAM JAPAN HOLDINGS盈利表现的看法
DYNAM JAPAN HOLDINGS didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that DYNAM JAPAN HOLDINGS' true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased in the 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. So while earnings quality is important, it's equally important to consider the risks facing DYNAM JAPAN HOLDINGS at this point in time. While conducting our analysis, we found that DYNAM JAPAN HOLDINGS has 3 warning signs and it would be unwise to ignore them.
去年，DYNAM JAPAN HOLDINGS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种情况相当不理想。因此，在我们看来，DYNAM JAPAN HOLDINGS的真正潜在盈利能力实际上可能低于其法定利润。另一个坏消息是，其每股收益在去年有所下降。当然，我们只是在分析其收益时才浮出水面；人们还可以考虑利润率、预测增长和投资回报率等因素。因此，尽管收益质量很重要，但考虑DYNAM JAPAN HOLDINGS目前面临的风险同样重要。在进行分析时，我们发现DYNAM JAPAN HOLDINGS有3个警告信号，忽视它们是不明智的。
Today we've zoomed in on a single data point to better understand the nature of DYNAM JAPAN HOLDINGS' profit. 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.
今天，我们放大了单一数据点，以更好地了解DYNAM JAPAN HOLDINGS利润的性质。但是，如果你能够将注意力集中在细节上，总会有更多的事情需要发现。例如，许多人认为高股本回报率是有利的商业经济的标志，而另一些人则喜欢 “关注资金”，寻找内部人士正在买入的股票。虽然可能需要你进行一些研究，但你可能会发现这份免费收集的拥有高股本回报率的公司，或者这份内部人士正在购买的股票清单很有用。
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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提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。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，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。